The National Accounts Committee (NAC) has approved the economic targets of FY2023-24, showing improvement in GDP growth rate of Pakistan, ARY News reported, citing sources.
The approval was granted during a 109th meeting of the National Accounts Committee (NAC) here today in Islamabad.
Pakistan’s Gross Domestic Product (GDP) growth rate remained 2.38 per cent against the set target of 3.5 per cent in FY2023-24.
The economy has posted a stable growth of 2.09% during Q3 of FY 2023-24. The growth in agriculture, industry and services stands at 3.94%, 3.84%, and 0.83% respectively.
During Q3, all the constituents of agriculture have contributed positively e.g. important crops (2.89% due to wheat), other crops (1.14%), cotton ginning (61.75%), and livestock (4.20%). Despite negative growth of the construction industry (-15.75%), the industrial growth of 3.84% is attributable to mining & quarrying (0.63), large-scale manufacturing (1.47%), and electricity, gas and water supply (37.3%).
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The growth rate of the Industrial sector remained 1.21% in the FY2023-24. The mining & quarrying industry has witnessed a growth of 4.85% because of an increase in the production of crude oil (1.51%), coal (37.72%), other minerals (7.57%) e.g. limestone (7.95%), marble (23.22%).
Large-scale manufacturing, which is based on the Quantum Index of Manufacturing (QIM), has witnessed a nominal growth of 0.07% with mixed trend in the production of various groups e.g. Food (+1.69%), Beverages (-3.43%), Textile (-8.27%), Tobacco (-33.59%), Non-metallic mineral products (-3.89%), Wood (+12.09%), Coke & Petroleum (+4.85%), and Pharmaceuticals (+23.19%).
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