Govt finalizes FY2024–25 economic survey; visible growth, but target eludes

ISLAMABAD: The Economic Survey for the current fiscal year (FY2024-25) has been finalized. It will be presented tomorrow (Monday), ahead of the announcement of Annual Budget (FY2025-26) on June 10, 2025 (Tuesday).

As per reports, the economic survey shows that the government could not achieve the economic growth target. As per sources, the interim growth rate of the economy in the current fiscal year was 2.68 per cent, while the target was 3.6 per cent.

The overall size of the economy in the current fiscal year increased was $410.96 billion, up $39.3 billion, as compared to last fiscal year’s $371.66 billion. In Pakistani Rupees, this would amount to approximately Rs 9,600 billion increase with the overall size of the economy becoming Rs 114.7 trillion, last year the size of the country’s economy was Rs 105.1 trillion.

While these numbers are not yet verified, they do show a marked improvement as compared to last fiscal year, despite falling short of the targets set for the current fiscal year. For instance, per capita income for FY25 stood at Rs 509,174, falling short by Rs 34,794 from targeted Rs 543,968. In USD terms, this translates roughly to $144 increase to clock in at $1,680 for this year.

Sources say that the agricultural sector especially fell short of the target, which is also tracked by the tax collection, as well as demand for fertilizer as reported previously by the government statistics. Similarly, the growth of forestry and fisheries sectors is reportedly lower than expected. The industrial sector, however, seems to have surpassed the predicted growth rate, clocking marginally higher than expected.

A breakdown of the sector shows that manufacturing sector’s growth was less than optimal, while large industries recorded negative trend. Small industries surpassed the expectations along with slaughterhouses, which posted nearly twice the predicted growth numbers.

Electricity, gas and water supply sectors, as well as the construction sector also performed better than the government had initially predicted. However, the services sector felt short of expectations.

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