Economic growth revision: Agriculture soars as industries plummet

ISLAMABAD: The federal government unveiled the updated economic growth statistics for the fiscal year (FY) 2023-2024, incorporating the final data from the fourth quarter.

The Ministry of Planning, Development and Special Initiatives reported an improvement in the growth rates of both, the agricultural and services sectors.

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The National Accounts Committee sanctioned the revised economic figures, revealing that the total economic growth rate for the previous fiscal year stood at 2.52 per cent, which is well below the initial target of 3.5 per cent established for that period.

Sector-wise analysis showed that the agricultural sector experienced significant growth, record at 6.35 per cent. This saw an increase from the earlier approved figure of 6.25 per cent.

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The target for the agricultural growth for the fiscal year 2023-2024 remains at 3.5 per cent.

In contrast, the industrial sector encountered difficulties, reporting a decline of 1.15 per cent.

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Meanwhile, the services sector displayed a positive performance, achieving a growth rate of 2.15 per cent.

The growth targets for the industrial and services sectors were set at 3.4 per cent and 3.6 per cent, respectively.

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The revised statistics also indicates a minor decrease in the economic growth rate from the negative 0.21 per cent to negative 0.22 per cent during the last fiscal year under the coalition government.