Pakistan’s per capita income rises to $1680 in FY23-24

ISLAMABAD: During the current fiscal year 2023-2024, the per capita income of Pakistanis witnessed an increase and reached $1680, ARY News reported on Wednesday.

According to the data released by PBS, the size of the national economy has increased from $341 billion to $375 billion during the ongoing fiscal year.

The annual per capital income of Pakistanis also witnessed an increase of Rs 90,534 this fiscal year, while on a monthly basis the increase was Rs7,544.

The official document further stated that Pakistan’s annual per capita income was Rs 475,281, as compared to last year’s Rs 384,747.

In terms of US dollars, the increase was $129 in per capita annual income.

In the current fiscal year, the per capita income of Pakistanis was $1,680 in dollar terms, against last fiscal year’s $1,551.

The size of the national economy increased by Rs22,170 billion in local currency.

The report highlighted double-digit inflation as one of the reasons for a significant increase in the size of the economy.

In April, Federal Minister for Planning and Reforms Ahsan Iqbal said that Pakistan aimed to reach $3 trillion economy by 2047 and called for enhanced public-private collaboration and a streamlined regulatory framework.

“Pakistan is poised to become a $3 trillion economy by 2047, bolstered by a targeted growth rate of 9%,” he said while emphasising the current opportune moment for international investments in Pakistan, including significant commitments from China and Saudi Arabia.