Chapter 01

Growth and Investment

In FY 2024, especially in the third quarter, headline inflation reached its lowest point in 30
Pakistan’s economy began to show signs of months. On a year-on-year basis, CPI inflation
resilience and stability after facing significant was 11.8 percent in May 2024, a significant
challenges during FY 2023. The economy was decrease from 38.0 percent in May 2023. This
hit by international supply shocks and domestic decline can be attributed to several factors, such
natural disasters (floods) in FY 2023. These as monetary tightening, fiscal consolidation,
events increased the country's vulnerabilities as smooth supplies of food items, favorable global
it was recovering from the pandemic, leading to commodity prices, and exchange rate stability.
a negative GDP growth rate. GDP growth started The government's efforts to manage these factors
to rise, while inflation continued to trend have played a significant role in containing
downward. These positive developments were inflation, demonstrating its commitment to
attributed to the government's resilient policy maintaining price stability.
management and renewed support from both
The government is implementing a
multilateral and bilateral partners. Despite the
comprehensive set of administrative, policy, and
challenges, the government successfully
relief measures to address inflation and
completed the IMF Stand-By Arrangement
proactively help the vulnerable members of
(SBA) program. Looking ahead, the government
society. This approach is reflected in the recent
anticipates a new 3-year IMF program to support
decrease in inflation. From an administrative
the external sector further and encourage
standpoint, the government has implemented
investment flows, aiming to steer the economy
structural reforms to stabilize the foreign
toward its potential growth. Amid these positive
exchange rate and ensure the availability of
developments, GDP growth reached 2.38
essential goods by targeting illegal activities
percent in FY 2024.
such as foreign exchange malpractices,
While the global economy has stabilized with smuggling, and hoarding. Initiatives like Sasta
signs of moderate recovery, it's crucial to remain Bazaars and Utility Stores are also being
vigilant about potential risks. Geopolitical expanded to improve the availability of daily
tensions arising from conflicts in Ukraine and necessities. Regarding policy, government is
Gaza, and differing inflation rates among major working diligently to maintain the stability and
economies are factors that could impact global availability of crucial goods, supported by
prices, leading to currency depreciation, programs like the Kissan Package, which
commodity price changes, and increased provides subsidies and technological
production costs in Pakistan. However, the advancements to support agriculture. The State
government's proactive measures and strategic Bank of Pakistan maintained a high policy rate
planning are aimed to mitigate these risks and to manage inflation and economic demand
boost economic stability. effectively. Through relief measures,
government is providing subsidized essentials
The inflationary pressure that has been a concern
through Utility Stores and increasing the budget
started to ease in FY 2024. In May 2024,

3
Pakistan Economic Survey 2023-24

of the Benazir Income Support Programme, On the external front, the current account
which supports millions through the BISP showed improvement, with the current account
Kafalat Program. These coordinated efforts aim deficit decreasing from US $ 3.9 billion last year
to provide immediate relief to the masses. to US $ 0.2 billion in July-April FY 2024. This
improvement was due to a 10.6 percent increase
The agriculture sector is recognized as a key
in exports and a 5.3 percent drop in imports of
driver of economic growth in FY 2024, with a
goods. According to the SBP data, remittances
robust growth rate of 6.25 percent. The quarterly
increased by 3.5 percent to US $ 23.8 billion,
growth rates have been observed at 8.6 percent,
contributing to the current account balance
5.8 percent, and 3.9 percent in Q1, Q2, and Q3
improvement. Additionally, Pakistan's financial
of FY 2024, respectively. The sector's recovery
account performance improved as the country
is attributed to government initiatives, improved
successfully increased its foreign reserves and
input supply, and increased credit disbursement
achieved stability in the exchange rate, which is
to farmers. Important crops like cotton, rice, and
crucial for overall economic stability.
wheat observed healthy growth, while sugarcane
and maize experienced negative growth. On the fiscal front, revenue growth exceeded
However, the negative impact of sugarcane and expenditure growth during the first nine months
maize was offset by the high growth of wheat, of FY 2024. Both tax and non-tax collections
cotton, and rice. Livestock, a significant portion saw significant increases of 29.3 percent and
of the agriculture sector, showed resilience and 90.7 percent, respectively. Additionally, efforts
maintained average growth. This positive to limit non-mark-up spending led to an
growth in the agriculture sector is a promising improvement in the primary surplus to Rs 1615.4
sign for Pakistan's overall economic recovery. billion (1.5 percent of GDP) during July-March
FY 2024, up from Rs 503.8 billion (0.6 percent
Industrial Sector grew by 1.21 percent in FY
of GDP) last year. The overall fiscal deficit
2024 compared to contraction of 3.74 percent
remained at 3.7 percent of GDP, consistent with
last year. The sub-sector large-scale
the previous year's figure.
manufacturing (LSM), representing domestic
industrial production, has been consistently Managing supply and demand and effectively
recovering. It experienced a slight decline of 0.1 implementing sectoral reforms are crucial to
percent during July-March FY 2024, compared achieve sustainable and inclusive growth. On the
to a significant contraction of 7.0 percent during supply-side, government is focusing on
the same period last year. After consecutive expanding production capacity, increase
negative growth in Q1 and Q2 of FY 2024, the domestic and foreign investment and
LSM sector is now showing a V-shaped recovery participating more actively in global value chain.
in Q3 of FY 2024, with a growth of 1.47 percent. This approach also involves creating an
Almost 50 percent of sub-sectors have recovered investment-friendly environment to encourage
and posted positive growth. Factors such as high long-term commitments from potential
inflation, prolonged tight monetary policy, and investors. Enhanced production capacity,
the low recovery process in major trading productivity and competitiveness will lead to
partners have contributed to the contraction of increase in goods available for export and import
the LSM sector. substitution, thereby improving trade
performance. The government recognizes the
Despite the slow recovery in LSM, the
importance of prioritizing infrastructure
Commodity Sector posted a growth of 4.02
investments over consumption and promoting
percent, which also supported the services
youth entrepreneurship, which is essential for
sector. The services sector posted a growth of 1.2
sustainable growth and increasing per capita
percent based on significant growth in
income. This will help the economy to boost
subsectors of services like Education, Human
domestic production, substitute imports, and
Health, Social Work Activities, and Other
expand supply to international markets. These
Private Services.
4
 Growth and Investment

improvements are vital for increasing the also spur productivity in the major trading
country's potential output and employment rates. partners ahead.
The government is fully committed to
1.1-a Global Economic Growth and Pakistan
maintaining stability and fostering economic
Economy
confidence.
Despite limited integration into the global value
1.1 Global Perspective
chain, Pakistan's economy remains sensitive to
In the latest World Economic Outlook April economic fluctuations in its major trading
2024, the IMF revised the global growth forecast partners. The economic condition of these
upward slightly due to the better performance in partners is assessed using the weighted average
advanced economies and receded inflation at the of their Composite Leading Indicators (CLI).
global level. Global growth, estimated at 3.2 Since the second half of 2023, the CLI positions
percent in 2023, is projected to continue at the of Pakistan’s main export markets, including the
same pace in 2024 and 2025. This resilience is UK, US, China, and Euro Area countries, have
attributed to positive supply developments, a consistently expanded.
rebound in labour supply, and effective
The cyclical nature of Pakistan's manufacturing
monetary policies. Growth in emerging markets
sector plays a pivotal role in shaping the overall
and developing economies is expected to be
economy, as it is closely linked to the CLI of its
stable at 4.2 percent in 2024 and 2025.
major trading partners. Fluctuations in
Moderation in emerging and developing Asia
manufacturing output have a cascading effect on
will be offset mainly by the rising growth of
other economic sectors. In FY 2024, despite
economies in the Middle East, Central Asia, and
minor positive growth, the LSM sector showed
sub-Saharan Africa.
resilience and signs of recovery compared to last
Although risks to the global outlook are now year, leaving no offsetting impact on the overall
broadly balanced, on the downside, new price economic growth.
spikes could arise from several sources. First,
The global economic downturn is dissipating,
geopolitical tensions, including those from the
and international growth is showing signs of
Russia-Ukraine and Gaza conflict. Second, a
recovery, according to IMF's World Economic
divergence in disinflation speeds among major
Outlook for 2024. However, significant risks
economies could also cause currency
persist due to geopolitical tensions, such as the
movements that put financial sectors under
ongoing conflicts in Ukraine and Gaza, coupled
pressure. Third, growth could weaken in China
with differences in reduction in inflation across
without a comprehensive response to the
major trading partners. These factors will likely
troubled property sector, hurting trading
affect the external sector and growth prospects in
partners. Fourth, amid high government debt in
Pakistan. Despite a slight decrease in global
many economies, a disruptive turn to tax hikes
inflation, these risks could exacerbate pressures
and spending cuts could weaken activity, erode
on international prices, potentially leading to
confidence, and sap support for reform and
currency depreciation, fluctuations in
spending to reduce risks from climate change.
commodity prices, and increase in production
Nonetheless, on the upside, loose fiscal policy cost. Moreover, stringent financial conditions
than necessary along with optimistic projections globally, particularly in key trading partners,
could raise economic activity in short term but may lead to heightened capital outflows from the
would have ramifications for growth in the country.
future. Inflation could fall faster than expected
Technological advancements are occurring
amid further gains in labor force participation,
rapidly in advanced economies, particularly in
allowing central banks to implement easing
the major trading partners. The role of AI in
plans. Artificial intelligence (AI) and more
boosting productivity and economic growth is
robust structural reforms than anticipated could
widely discussed to spur its actual benefits.

5
Pakistan Economic Survey 2023-24

Though emerging economies lag in this race, intelligence for productivity and economic
Box-I highlights the implications of artificial growth in the context of Pakistan.

Box - I: Artificial Intelligence, Productivity, and Economic Growth

The world stands on the edge of a technological revolution poised to boost productivity, stimulate global
economic growth, and elevate income levels worldwide. This new era is driven by the emergence of Artificial
Intelligence (AI). AI is broadly defined as the capability of a machine or an agent to mimic human intelligence,
achieve goals in a variety of environments, and perform complex tasks traditionally carried out by humans. AI
encompasses various technologies designed to enable machines to perceive, interpret, act, and learn to replicate
human cognitive abilities.
Integrating AI into the economic system is expected to unleash productivity gains soon. These gains in
productivity could lead to high growth and higher incomes. AI is being integrated around the world at a
remarkable speed. Capital deepening and a surge in productivity could raise worker productivity and incomes,
contributing to overall economic growth (Cazzaniga, 2024). It promises to boost productivity and transform all
sectors, including manufacturing, finance, retail, agriculture, healthcare, education, transportation, logistics,
and energy.
In this technological transformation process, many actors can play The Artificial Intelligence Preparedness Index 2024
a pivotal role in affecting the direction of AI integration. Major
corporations have to make important decisions about how they
choose to integrate AI into their workforce. The largest of these
companies will also develop in-house AI. AI/computer science
labs at universities will also develop AI models, some of which
they will make open-source. Federal legislators and policymakers
will have a significant impact through innovative policy
interventions that help shape the future of technology and the
economy.
The full harnessing of AI's potential depends on each country's
development level. Therefore, it is crucial to focus on
foundational infrastructure development and the creation of a
digitally skilled labour force. Additionally, it is important to
prioritize AI innovation and integration and establish adequate
regulatory frameworks to maximize the benefits of increased AI
use.
AI and Pakistan
Pakistan's economy has the potential to benefit from the
technological revolution, which could significantly increase
productivity and growth in various sectors. However, Pakistan
needs to adequately prepared for this global change. Pakistan
Source: IMF
should focuss on digital infrastructure development, innovation,
integration, and human capital development, which are crucial for harnessing the potential of artificial
intelligence (AI). There is strong realization in Pakistan that digital infrastructure development, regulations,
and policies be integrated into national policy. Such strategic policy interventions can shape the future of
technology and the economy, focusing on developing digital infrastructure and skills and incentivizing research
and development across all sectors of the economy. Without these measures, sectors heavily reliant on manual
and traditional roles may miss out on the early benefits of AI, leading to further economic divergence.

1.2 Pakistan Economy in Quarters FY 2024 FY 2023, as evident from Fig-1. Quarter by
quarter, the impact on agriculture was not as
GDP-Quarterly Growth
large as that experienced by the services and
The economic journey in FY 2024 has been industry sectors. Over four quarters, the steep
optimistic. External shocks and the adverse fall in service and industry growth led to
effects of floods disrupted economic activity in negative growth in FY 2023.

6
 Growth and Investment

However, the economic sectors experienced a reaching 31.44 million tonnes in FY 2024, up
'V-shaped' recovery in FY 2024, as was from 28.16 million tonnes the previous year.
historically expected post-flood; the agriculture Other crops also experienced positive growth of
sector increased in the first quarter. This increase 1.14 percent compared to a decline of 0.99
in growth was attributed to government percent in Q3 of the last year, derived from the
initiatives through improved input supply and increased production of vegetables and fruits.
increased credit disbursement to farmers. Along These crops have maintained growth of around 1
with improving important crops, the recovery of percent over the quarters throughout FY 2024.
major trading partners and prudent measures led Similarly, livestock, forestry, and fishing have
to a pickup in the industry and services sectors
also grown at normal pace.
since Q1 of FY 2024. In Q3, GDP grew by 2.09
percent due to a 3.94 percent growth in Fig-2: Agriculture (% Growth)
agriculture, 3.84 percent in industry, and 0.83 20
percent in the services sector. Through the
quarters, the economic sectors reflected the 15
short-term economic performance and provided
a basis for the economy’s future trajectory. 10

5
Fig-1: Quarterly GDP (% Growth)
10
0
8
Agriculture
6 -5 Crops
4 Livestock

2 -10
Q1 Q2 Q3 Q4 Q1 Q2 Q3
0
-2 FY2023 FY2024

-4 Source: PBS
-6 Agriculture
-8 Industry Industry-Quarterly Growth
Services
-10 GDP
-12
After facing negative growth in Q3 and Q4 of FY
Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 and Q1 of FY 2024, the industry has started
FY2023 FY2024 to recover, showing positive growth of 0.09
Source: PBS percent and 3.84 percent in Q2 and Q3 of FY
2024, respectively. This marks a 'V-shaped'
Agriculture-Quarterly Growth recovery, as indicated in Fig-3. The mining and
The FY 2024 is marked as the fiscal year of quarrying sector also reported a positive growth
agriculture-led GDP growth. In FY 2023, due to of 0.63 percent, with significant increases in coal
flash floods in Q1, the agriculture sector showed production (23.73 percent) and marble (5.87
moderate growth across the quarters. However, percent). In large-scale manufacturing, there was
it exhibited a pronounced increase in Q1 of FY a growth of 1.47 percent, driven by higher
2024, indicating a healthy start to the fiscal year. production of yarn, towels, garments, paper &
board, fertilizer, tractors, and footballs. Small-
The agriculture sector showcased a growth of scale industries and slaughtering reported steady
3.94 percent in Q3 compared to last year's
growth. The electricity, gas, and water supply
period; this growth is driven by a 3.74 percent
industry experienced a remarkable growth of
growth in important crops due to increased
37.30 percent due to increased outputs from
wheat, rice, and cotton production. The
WAPDA, various companies, and DISCOs, also
important crops showed an outstanding increase
benefiting from a low base effect of the previous
in Q1 and Q2 of FY 2024 compared to last year.
year and an increase in gas production in Q3.
This robust growth is attributed mainly to a
However, the construction industry witnessed a
bumper wheat crop, with wheat production

7
Pakistan Economic Survey 2023-24

sharp decline of -15.75 percent in Q3, mainly Fig-4: Services (% Growth)

due to falls in cement (-15.42 percent) and iron Services
Transport& Storage
Wholesale & Retail Trade
Information and Communication

& steel production (-2.83 percent). 6

4
Fig-3: Industry (% Growth) 2
Industry Manufacturing LSM 0

10 -2
-4
5
-6
0 -8
-5 -10
-12
-10 Q1 Q2 Q3 Q4 Q1 Q2 Q3
-15 FY2023 FY2024

-20 Source: PBS

-25
Q1 Q2 Q3 Q4 Q1 Q2 Q3 1.3 Pakistan Economic Performance FY2024
FY2023 FY2024
Pakistan's economy rebounded the aggregate
Source: PBS
demand in the post-COVID period, with the
opening up of international trade and sizeable
Services-Quarterly Growth
growth in workers’ remittances in FY 2022; this
After consecutive negative growth in Q3 and Q4 led to an increase in consumption as a percent of
of FY 2023, the services sector showed GDP. The significant contribution of the total
resilience with moderate growth in FY 2024. consumption to aggregate demand in FY 2022
The services sector observed growth of 0.83 overheated the economy (Fig-5A). The net
percent in Q3 of FY 2024 compared to 2.02 exports and CAD increased steeply, and the
percent and 0.75 percent in Q1 and Q2 of FY Financial Account was insufficient to offset the
2024, respectively. The most extensive CAD, which increased financing requirements
wholesale and retail trade sector, which and exerted severe pressure on the exchange rate
experienced sizeable negative growth until Q4 of (Fig-5B). Deteriorating external account
FY 2023, also observed a positive but meager position, flood damages, and an increase in
growth of 0.38 percent in Q3 of FY 2024 on the international prices deteriorated the economy.
backdrop of positive growth in agricultural Consequently, the government stabilization
output and LSM. Although there was a decline policy and the contractionary monetary and
in imports, the negative impact was offset by the fiscal policy pursued to contain the aggregate
increase in agriculture and industry output. The demand were inevitable in improving the
transport and storage industry’s growth balance of payment issues, which has played a
increased by 0.91 percent because of increased role in the contraction of economic activity in
production from Karachi Port Trust, Karachi FY 2023.
International Container Terminal, Qasim
International Container Terminal in Karachi, and The net exports improved, and the current
railways. Information and communication badly account posted a deficit of $ 0.2 billion in Jul-
affected by high inflation. After a ‘V-shaped’ Apr FY 2024 against a deficit of $ 3.9 billion last
recovery in Q1 of FY 2024, it could not maintain year, narrowed down by 94.8 percent. The
the growth trajectory and observed negative reduction in net exports and current account
growth in Q2 and Q3 of FY 2024. Quarter by balance did not bar the boost in aggregate
quarter, a mixed trend is observed in all other demand. With external sector resilience,
sub-sectors of services due to high inflation and aggregate demand has picked up on the back of
tight monetary policy, despite improvements in domestic economic activity (Fig-5A).
the commodities sector.

8
 Growth and Investment

Fig-5A: Contribution in Aggergate Demand Fig-5B: Exports And Imports As % Of GDP

Total Consumption [C] Total Investment [I]
Exports (G&S) Imports (G&S)
Net Exports [X-M] Aggregate Demand
Contribution of Consumption, Investment and NX

23.7
23.2
22.8
10 10
9
8
8
6 7
in AD

10.5
4

10.2
AD

9.7
5
2 4
0 3
2
-2
1
-4 0
FY2021 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024
Source: PBS Source: PBS

Aggregate Demand Analysis to travel restrictions. During July-April FY

2024, workers’ remittances posted a positive
In FY 2024, the GDP at current market prices
growth of 3.5 percent on the back of the recovery
increased by 26.4 percent compared to 25.8
in the global economy and better economic
percent last year. It stands at Rs 106,045 billion
performance in the main remit corridors such as
compared to Rs 83,875 billion the previous year.
the USA, UK, and EU. In comparison, GNI in
rupee term posted a 25.9 percent growth in FY
Gross National Income (GNI) is primarily used
2024, up from 25.1 percent last year (Fig-6A).
to measure the wealth of the country, which is
Similarly, the per capita income in dollar terms
calculated by adding net primary income (NPI)
vis-à-vis PKR witnessed a rebound in this fiscal
to GDP (MP). However, the movement of GNI
year, standing at US $ 1680 compared to US $
and GDP (MP) follow a similar pattern.
1551 last year; the stability in exchange rate and
However, since FY 2019, significant growth has
surge in economic activity increased the per
been observed in NPI, mainly due to a
capita income by 8.3 percent (Fig-6B).
substantial increase in workers’ remittances due

Fig-6A: Performance of Economy at Current Fig-6B: GDP per capita

Prices (% Growth) 2000 500000
GDP (MP)
GNI (MP)
30 Net primary income from abroad 50 1800 450000
45 1600 400000
25
GNI (MP) & Net Primary Income

40 1400 350000
35
20 1200 300000
30
PCI,US $

PCI PKR
GDP(MP)

25 1000 250000
15
20 800 200000
15
10 600 150000
10 Per Capita Income(US $)
400 100000
5 5 Per Capita Income(Rs)
0 200 50000
0 -5 0 0

Source: PBS Source: PBS

Consumption: Household consumption and short-term economic growth. Since FY

consistently holds a large share of the GDP and 2016, the increased share of household spending
remains unaffected by inflationary pressures. led to a surge in imports, as domestic production
The decision to consume is crucial for long-term could not keep up with the rising consumer

9
Pakistan Economic Survey 2023-24

demand. This situation has amplified the role of high international prices have slightly altered the
international prices in domestic inflation and consumption pattern in FY 2023 and FY 2024.
uncertainty in currency value. This private consumption expenditure may not
be changed because of the workers’ remittances
Table 1.1 presents the components of Aggregate
and cash transfers to the low segment of society
Demand. The final consumption expenditure
through relief packages. The private
covers private consumption, Non-Profit
consumption share is up by 0.6 percent, while
Institutions Serving Households (NPISH), and
the share of public consumption is slightly
General Government Consumption. Regarding
decreased due to contractionary public
household private consumption expenditures, it
expenditures in the same period.
has been observed that tight monetary policy and

Table 1.1: Composition of GDP (at Current Prices): Expenditure Approach

FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024
As percent of GDP (MP) Growth Rates (%) Point Contribution
Household Consumption 85.01 82.38 83.06 23.02 21.94 27.48 18.99 18.65 22.64
NPISH Consumption 0.89 0.82 0.78 9.81 16.23 20.43 0.10 0.14 0.17
General Government 10.49 10.32 9.31 14.60 23.76 14.01 1.60 2.49 1.45
Consumption
Total Consumption [C] 96.39 93.52 93.15 21.91 22.08 25.93 20.68 21.29 24.25
Gross Fixed Investment 13.85 12.42 11.43 28.93 12.80 16.40 3.71 1.77 2.04
Private 10.36 9.46 8.67 25.48 14.93 15.81 2.51 1.55 1.50
The public, including the 3.49 2.96 2.77 40.38 6.50 18.28 1.20 0.23 0.54
General Public
Changes in Stock + 1.71 1.71 1.71 19.38 25.83 26.43 0.33 0.44 0.45
Valuables
Total Investment [I] 15.56 14.13 13.14 27.81 14.24 17.61 4.04 2.22 2.49
Exports (Goods & 10.54 10.49 10.31 39.02 25.23 24.32 3.53 2.66 2.55
Services) [X]
Imports (Goods & 22.49 18.14 16.61 49.34 1.48 15.76 8.87 0.33 2.86
Services) (M]
Net Exports [X-M] -11.95 -7.65 -6.29 59.81 -19.47 4.02 -5.34 2.33 -0.31
Aggregate Demand 122.49 118.14 116.61 23.95 21.36 24.79 28.25 26.16 29.29
[C+I+X]
Domestic Demand 111.95 107.65 106.29 22.69 20.99 24.84 24.72 23.50 26.74
[C+I]
GDP (MP) 100.00 100.00 100.00 19.38 25.83 26.43 19.38 25.83 26.43
NPISH: Non-profit institutions serving households
Source: Pakistan Bureau of Statistics

Investment: The national income accounts balance can be assessed by analyzing their
define net capital outflows that must satisfy the effects on domestic saving and investment.
identity in which net exports must equal the Policies that boost investment or reduce saving
difference between its national saving and generally lead to a trade deficit, while those that
investment. If the net capital outflow is negative, decrease investment or enhance saving typically
the economy is experiencing a capital inflow result in a trade surplus (Fig-7A & Fig-8).
where investment exceeds saving, and the
The current tight monetary policy stance, tight
economy borrows from abroad in the form of
credit conditions, and fiscal measures resulted in
foreign savings. In Pakistan, the investment-to-
an increase of 5.6 percent in primary income, the
GDP ratio is stagnant at around 14 percent, the
trade balance improved in FY 2024 (Fig-7A). In
lowest among the regional countries. The
this scenario, investment and national savings as
investment contribution to real GDP is shown in
ratios of GDP slightly declined in FY 2024, and
(Fig – 7A).
consumption as a percent of GDP also contracted
The influence of economic policies on the trade somewhat from 93.5 to 93.2 percent.

10
 Growth and Investment

Fig-7A: Contribution in Real GDP Fig-7B: Inverse Of Incremental Capital Output

Ratio (ICOR)
Total Consumption [C] Total Investment [I]
Net Exports [X-M] GDP (mp)
0.50
10 7

6 0.40
8
5
6 0.30
4
GDP (MP)

C, I, NX
3 0.20

2 2
0.10
1
0
0 -
-2
-1
(0.10)

FY 2017

FY 2018

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024
-4 -2

The inverse of incremental capital output ratio hovered around 12.7 percent, while Gross Fixed
(ICOR) represents the production efficiency or Capital Formation remained around 13.5 percent
addition of investment to produce the additional of GDP. In contrast, foreign savings were
unit of GDP. The trend of Inverse ICOR suggests observed to either increase or decrease with an
that, despite achieving high GDP growth, increase or decrease in GDP growth, implying
investment is not showing as the driver of reduced or increased national and domestic
growth. Over the years, the marginal increase in savings in Pakistan (Fig-8). It is mentionable
investment has fallen or is at a low level, which that, the current state of savings and investment
is required to produce the additional unit of GDP rate is not adequate to boost sustainable growth.
(Fig-7B). The government realized this fact and thus,
approved the establishment of the Special
In Pakistan, like some other countries, for Investment Facilitation Council (SIFC) on 20
Household Final Consumption Expenditure, June 2023.
PBS applies an assessment of this aggregate as
the residual of GDP because of the non- The SIFC is supervised by the Prime Minister
availability of the income approach to measure and is composed of all provincial and federal
GDP. Thus, given the data for investment and ministers, secretaries, and high-ranking
current account balance, National Savings are representatives from the Pakistan Armed Forces.
worked out as a residual from the identity, which The primary objective of the Council is to
says “savings and investment gap is always facilitate large-scale investments at the
equal to the current account balance and which government level in the lucrative industries of
is also termed as Foreign Saving in FY 2024, mining and minerals, energy, agriculture,
Foreign Savings reduced to 0.1 percent of GDP. livestock, information technology, and defence
It has been observed historically that, high production. These sectors have enormous profit
growth was correlated with high foreign savings and development potential on a mutually
(CAD), and therefore with low domestic and beneficial basis. The Pakistani government
national savings. For instance, in FY 2022, welcomes investments from all nations in the
Foreign Saving remained at 4.2 percent of GDP region and beyond in these sectors. Such
while National Savings and Domestic Savings investments will be prioritized, expedited, and
remained at 10.9 and 4.2 percent respectively facilitated at the Prime Minister's office under
during the same period. For the last ten years, on the supervision of SIFC.
average, the National Savings rate in Pakistan

11
Pakistan Economic Survey 2023-24

Fig-8: Investment and Saving as % of GDP

18

16

14

13.7
13.3

13.2
12

13
12.7

11.7

11.3
10

10.9
8
8.6

5.4
7.8

7.6

4.7

7.3
6

4.2

6.7

7.0
3.6

6.4
4

1.5

4.2
0.8
2

0.1
0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

National Savings Domestic Savings Foreign Savings Total Investment

Soruce: PBS

The total investment contains three components: 27.0 percent due to the rise in imported
Gross Fixed Capital Formation (GFCF), changes agriculture machinery as well as additions in
in inventories, and net acquisition of valuables. stock of livestock. The GFCF in the mining and
The GFCF is a change in fixed assets used in the quarrying industry during FY 2024 has been
production process for more than one year. estimated at Rs 85.2 billion as against Rs 77.2
Whereas the changes in inventories are billion in FY 2023, registering an increase of
calculated as a change in the value of physical 10.4 percent due to higher expenditure on
stocks of raw material, work-in-progress, and exploration costs incurred by companies.
finished goods held by industries and producers
of government services. Finally, Valuables are The GFCF estimate in LSM comprises in-
not used primarily for production or production, i.e., listed and non-listed companies
consumption but are held as stores of value over covered through census and survey,
time to keep the production process smooth. respectively, and under-construction units
estimated through financing by financial
The GFCF for the FY 2024 recorded at Rs institutions. The provisional GFCF during FY
12,122.5 billion, showing an increase of 16.4 2024 in LSM is estimated at Rs 868.4 billion
percent compared to 12.8 percent growth in FY against Rs 891.6 billion during FY 2023,
2023. During the same period, The GFCF of the showing a decline of 2.6 percent due to
private sector is estimated at Rs 9189.3 billion as conservative reporting by private companies.
against Rs 7934.6 billion in FY 2023, witnessing The provisional GFCF in small-scale
an increase of 15.8 percent. The GFCF of the manufacturing (including slaughtering) is
Public Sector is estimated at Rs 508.8 billion estimated at Rs 199.3 billion using
against Rs 545.4 billion during FY 2023, manufacturing SME financing as an indicator,
registering a decline of 6.7 percent. Likewise, showing a modest decline of 0.2 percent over the
Estimates of GFCF in the General Government previous year. Expenditures on GFCF in the
sector are based on federal, provincial, and Electricity, Gas & Water Supply industry stands
district government budgetary data. The overall at Rs 157.1 billion during FY 2024 against Rs
provisional GFCF for this sector has been 281.0 billion in FY 2023, registering a decline of
estimated at Rs 2424.4 billion during FY 2024, 44.1 percent because of lower expenditure
with an increase of 25.3 percent compared to Rs reported by IPPs. The construction industry has
1934.6 billion in FY 2023. registered an increase of 13 percent in GFCF
during FY 2024.
Private Sector GFCF: The estimates of GFCF
in agriculture, forestry, and fishing industries The private sector enterprises engaged in most
stand at Rs 2976.0 billion in FY 2024 as against service-related industries i.e. wholesale & retail
Rs 2342.9 billion in FY 2023 with an increase of trade (21.7 percent), accommodation and food

12
 Growth and Investment

service activities (32.8 percent),transportation & General Government GFCF: Estimates of

storage (4.6 percent), finance & insurance (31.2 GFCF in the General Government sector are
percent), real estate activities (20.5 percent), based on federal, provincial, and district
education (19.6 percent), human health & social government budgetary data. The overall
work (32.0 percent) and other private services provisional GFCF for this sector during FY 2024
(22.3 percent)have registered positive growth in has been estimated at Rs 2424.4 billion, with an
the provisional estimates of FY 2024 except for increase of 25.3 percent over the revised
information & communication industry (-8.7 estimates of Rs 1934.6 billion during FY 2023.
percent). While the GFCF-related expenditure by the
federal government has registered a modest
Public Sector Enterprises GFCF: During FY growth of 0.5 percent, the same has increased by
2024, except for a few, most industries showed a 32.2 percent and 62.7 percent in provincial and
decrease in GFCF compared to FY 2023. GFCF district governments, respectively. Further,
during FY 2024 in the Public Sector is estimated industry-wise disaggregation of the general
at Rs 508.8 billion against Rs 545.4 billion government's GFCF suggests an increase of
during FY 2023, registering a decline of 6.7 23.7percent, 35.9 percent, and 52.8 percent in
percent. The major industries with negative public administration and social security,
growth in FY 2024 over FY 2023 are mining and education, and human health and social work,
quarrying (27.5 percent due to OGDC), respectively.
electricity, gas & water supply (7.5 percent due
to WAPDA), construction (25.2 percent due to Investment is a primary driver of economic
development authorities) and information and growth in any country. In Pakistan, the
communication (11.5 percent due to PTCL and investment rate is not only relatively low but also
Ufone on machinery & equipment). However, on a declining trend. To enhance investment and
public sector enterprises engaged in stimulate economic growth, it is essential to
manufacturing (48.0 percent due to National identify potential areas that can boost
Radio & Telecommunication Corporation and investment. The blue economy represents a
National Refinery) and transportation & storage promising new arena for investment that could
(2.2 percent due to PNSC, PARCO, NHA, and efficiently utilize natural resources. Box-II
CAA) have reported growth in provisional provides some insight into the blue economy in
estimates. the context of Pakistan.

Box-II: Blue Economy-Marine Resources: Potential Avenue of Investment and Growth

In the wake of the pandemic's devastating impact on livelihoods, employment, and supply chains, the Blue Economy has
emerged as a critical focus for sustainable economic activity. The Blue Economy encompasses a wide range of areas, such
as marine affairs, offshore hydrocarbons, renewable energy, food security, energy security, climate change, ocean
conservation, refugees at sea, oil spills and the environment, gender equality, tourism, maritime law, shipping regulations,
sustainable development goals, international maritime organizations, shipyards, desalination, coastal wastewater
treatment, inland waterways, port and shipping digitization, geopolitics, economic zones, water sports, healthcare, and
fishing. The global value of the blue economy currently exceeds $ 1.5 trillion annually and is projected to double to $ 3
trillion by 2030 potentially. In Pakistan, the Ministry of Maritime Affairs (MoMA) is leading the country's blue economy
development. MoMA is working with stakeholders, emphasizing the crucial role of each, to create a comprehensive Blue
Economy Roadmap to promote and sustain blue sectors in Pakistan.
Blue Economy of Pakistan
Pakistan's extensive coastline of 1,046 kilometers and its 240,000-square-kilometer Exclusive Economic Zone (EEZ) in
the Arabian Sea provide abundant marine biodiversity, offering significant opportunities for sustainable development and
economic prosperity through the blue economy. The blue economy of Pakistan is a diverse landscape, encompassing
sectors such as fishing, aquaculture, shipping, ports, and ship recycling. These sectors have the potential to enhance the
livelihoods of coastal communities, improve food security, and create employment opportunities. The China-Pakistan
Economic Corridor (CPEC) designed to promote maritime trade and connectivity, further supporting the blue economy.
However, addressing challenges such as overfishing, pollution, and maritime security requires collaborative efforts.
Strategic planning, infrastructure development, advanced technology, marine tourism, renewable energy, and establishing
maritime commerce routes are essential for the growth of Pakistan's blue economy.

13
Pakistan Economic Survey 2023-24

 Fisheries Sector: Aquaculture has significantly expanded in Pakistan, with freshwater fish cultivation being the
predominant practice. The main species cultivated in aquaculture are carp, including silver carp, Rohu, Catlamori,
bighead carp, and grass carp, which comprise most aquaculture output. However, aquaculture activities have the
potential for further expansion and diversification, including cultivating economically valuable species such as trout,
tilapia, and shrimp. Fishing is crucial for the livelihoods of coastal communities, and while inland fishing is also
essential, maritime fisheries hold significant value. The fishing sector makes a small contribution to the GDP, but its
exports can potentially increase national income. An overview of fisheries production is given as follows:

Fish production (Metric tonne)

850,000

800,000

750,000

700,000

650,000

600,000
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2021-23 2023-24

Soruce: Marine Fisheries Department

The export of fish and fishery products has witnessed a positive trend, with a 4.04 percent increase in value during
July-March FY 2024 compared to last year.
 Ports Management Sector: The port management sector of Pakistan plays a crucial role in facilitating trade, maritime
transportation, and, thus, economic growth. Pakistan has three major ports: Karachi Port, Port Qasim, and Gwadar.
These ports are vital to import-export operations. These ports must improve infrastructure, optimize operations, handle
goods well, and follow the best international norms and laws. Security, customs clearance, and logistical coordination
are also crucial in port management. Pakistan must invest in port infrastructure, technology, and human resources to
compete, attract investment, and become a significant regional and global trade player.
 Shipping Sector: The Pakistan National Shipping Corporation (PNSC) is a state-owned maritime organization that
plays a crucial role in facilitating the transportation of Pakistan's imports and exports. PNSC operates various vessels,
such as bulk carriers, oil tankers, container ships, and gas carriers, to meet different cargo needs and trade routes. The
PNSC fleet consists of twelve vessels of various types and sizes. These include five bulk carriers, five Aframax tankers,
and two LR-1 Clean Product tankers. The total deadweight capacity, which refers to the cargo carrying capacity, is
938,876 metric tonnes.
 Ship Recycling: Pakistan was the first Asian country to separate ship dismantling from shipbuilding, making Gadani
one of the world's top shipbreaking facilities. This industry employed 20,000–25,000 people at its peak and benefited
another 100,000, including transporters, traders, resellers, and retailers.
In a nutshell, the 'Blue Economy' concept is becoming more popular as it advocates for better management of oceanic
resources. For countries like Pakistan, embracing the blue economy has the potential to boost economic growth and create
job opportunities. The blue economy involves more than just economic prospects; it also focuses on protecting and
enhancing intangible 'blue' resources.

Net Exports: In the aggregate demand, the role of 15.8 percent in FY 2024.Generally, trade
of net capital outflow in the form of net exports openness is frequently used to measure the
is crucial due to the consistent gap in investment importance of international transactions relative
and saving. The net exports remained negative in to domestic transactions. It is defined as the ratio
FY 2024, mainly due to the massive decline in of exports plus imports over GDP. Pakistan’s
imports due to the international economic openness to trade improved little after 2005,
slowdown and domestic demand. According to hovering around 25 percent. Trade openness is
National Accounts data, Exports of Goods and more closely linked to financing and trade
Services posted a growth of 24.4 percent, while balance.
Imports of Goods and Services posted a growth

14
 Growth and Investment

Fig-9: Net Exports, Oppeness and Exchange Rate Net Exports [X-M] Openness Exchange Rate
35 300
30
250
25
20
200
15
10 150
5
100
0
-5
50
-10
-15 0

Source: PBS

Over the years, imports have significantly estimated at 2.38 percent compared to -0.21
increased, decreasing the share of Net exports in percent last year. The growth estimates revealed
GDP (Fig-9). This indicates a substantial that the agriculture sector has witnessed a
increase in consumption in both government and healthy growth of 6.25 percent compared to 2.27
private households, which has aggravated the percent last year. The industry has moved from
a negative zone to a positive zone by posting a
recent BOP crises.
growth of 1.21 percent against -3.74 percent last
1.4 Sectoral Growth Analysis-Production year. The services sector has also entered a
Side positive growth trajectory with a growth of 1.21
percent against -0.01 percent last year. Sectoral
The provisional GDP for FY 2024 has been point contribution is given in Table 1.2.

Box-III: Revised GDP for FY 2023

▪ The provisional GDP estimates for FY 2023 have been updated based on the latest available data.
▪ The revised GDP growth rate for FY 2023 stands at -0.21 percent, lower than the provisional estimate of
-0.17percent.
▪ The growth of the agriculture sector has improved from 2.25 percent to 2.27 percent. The crops sub-
sector has declined from 0.9 percent to -1.03 percent because of a decline in important crops from 0.42
percent to 0.34 percent mainly due to an increase in inputs, i.e., fertilizer offtake and pesticides.
▪ No significant change has been observed in the industry as the growth remained at the same level, i.e.,
from -3.76 percent to -3.74 percent.
▪ The services sector has declined from 0.07 percent to -0.01 percent due to a decline in education from
9.94 percent to 5.15 percent and human health and social work activities from 10.57 percent to 8.87
percent. Both these industries have witnessed downward revisions because of final budget numbers.
Other private services have decreased from 5.02 percent to 4.27 percent due to updated revised data from
the sources.

Table 1.2: Sectoral Point Contribution at Constant Prices 2015-16

FY2022 FY2023 FY2024 FY2022 FY2023 FY2024 FY2022 FY2023 FY2024
As percent of GDP Growth Rates (%) Point Contribution
A. Agriculture 22.60 23.16 24.04 4.21 2.27 6.25 0.97 0.51 1.45
B. Industry 19.11 18.43 18.22 7.01 -3.74 1.21 1.33 -0.71 0.22
Commodity Producing 41.71 41.59 42.26 5.47 -0.48 4.02 2.30 -0.20 1.67
Sector (A+B)
C. Services Sector 58.29 58.41 57.74 6.69 -0.01 1.21 3.88 0.00 0.70
GDP (GVA) 100.00 100.00 100.00 6.18 -0.21 2.38 6.18 -0.21 2.38
Source: Pakistan Bureau of Statistics

15
Pakistan Economic Survey 2023-24

Agricultural Sector: The agriculture sector cotton, rice, and wheat. Sub-sectors of
grew by 6.25 percent in FY 2024 due to healthy agriculture sector with respective shares in
growth of 16.82 percent in important crops i.e. agriculture and GDP in Table 1.3.

Table 1.3: Components of Agriculture Sector FY 2024

Share in Agriculture Share in GDP Growth Rate (%)
Agriculture, Forestry and Fishing 24.04 6.25
1. Crops 35.52 8.54 11.03
i) Important Crops 20.67 4.97 16.82
ii) Other Crops 13.51 3.25 0.90
iii) Cotton Ginning 1.34 0.32 47.23
2. Livestock 60.85 14.63 3.89
3. Forestry 2.33 0.56 3.05
4. Fishing 1.30 0.31 0.81
Source: Pakistan Bureau of Statistics

Wheat production recorded 31.44 million tonnes ginning & miscellaneous components have
compared to 28.16 million tons last year, posting registered a growth of 47.23 percent because of
a growth of 11.6 percent. The cotton crop grew high growth in cotton crops. Finally, the
by 108.2 percent and produced 10.22 million livestock, forestry and fishing have retained their
bales in FY 2024 compared to 4.91 million bales normal growth.
last year which was severely damaged because
Industrial Sector: After experiencing a
of floods and rains. Similarly, rice witnessed a
downturn in FY 2023, the industrial sector has
high production of 9.87 million tonnes in FY
rebounded, recording a growth of 1.21 percent in
2024 compared to 7.32 million tonnes last year,
FY 2024. The sector's performance heavily
which registered a growth of 34.8 percent this
relies on manufacturing, which constitutes 65.3
year.
percent of the industry.
Sugarcane posted negative growth of 0.39
The mining and quarrying sector, which makes
percent during FY 2024, with a production of
up 9.1 percent of the industry, observed a growth
87.64 million tonnes against 87.98 million
of 4.85 percent, contrasting with its decline in
tonnes last year. Maize has also been declined by
the previous year. A rise in crude oil, coal,
10.4 percent this year, with 9.84 million tonnes
marble, limestone, and laterite production during
of production compared to 10.99 million tonnes
FY 2024 fueled this increase. Furthermore, the
last year. The impact of the negative growth of
GFCF of private sector in mining and quarrying
sugarcane and maize has been offset by the
achieved a significant growth of 10.5 percent in
substantial growth of wheat, cotton, and rice.
FY 2024 over the positive growth in FY 2023,
Other crops have also shown a positive growth
indicating a support to overall positive growth in
of 0.90 percent compared to -0.92 percent last
this sector. Sub-sectors of industrial sector with
year because of positive growth in fruits (9
respective shares in industry and GDP are given
percent) and vegetables (7 percent). Cotton
in Table 1.4.

Table 1.4: Components of Industry FY 2024

Share in Industry Share in GDP Growth Rate (%)
Industrial Activities 18.22 1.21
1. Mining and Quarrying 9.13 1.66 4.85
2. Manufacturing 65.25 11.89 2.42
i) Large Scale 45.24 8.24 0.07
ii) Small Scale 12.65 2.30 9.08
iii) Slaughtering 7.37 1.34 6.63
3 Electricity, Gas and Water supply 12.61 2.30 -10.55
4. Construction 13.01 2.37 5.86
Source: Pakistan Bureau of Statistics

16
 Growth and Investment

During FY 2023, the Manufacturing sector, percent in FY 2023, mainly due to a decline in
which contains LSM, small-scale subsidies (in real terms) from Rs 464.8 billion in
manufacturing, and slaughtering, remained FY 2023 to Rs 298.5 billion in FY 2024 as well
negative mainly because of the prolonged as the high deflator, which increased from 194.8
growth of LSM, measured through QIM. Based to 299.5. The construction industry has
on the nine-month QIM (January to March), the witnessed positive growth of 5.86 percent as
LSM growth has been estimated at 0.07 percent compared to -9.25 percent last year. A shallow
in FY 2024 compared to -9.87 percent last year. base and increased private sector expenditure on
This slow growth is attributable to mixed trends construction have resulted in positive growth in
within the LSM among various groups such as the construction industry this year.
Food (1.69 percent), Beverages (-3.43 percent),
Textile (-8.27 percent), Tobacco (-33.59 Services Sector
percent), Wearing Apparel (5.41 percent), Non- The services sector has constituted the largest
metallic mineral products (-3.89 percent), Wood share of GDP, 58 percent, for the last several
(12.09 percent), Coke & Petroleum (4.85 years. It has posted modest growth of 1.21
percent), and Pharmaceuticals (23.19 percent). percent during FY 2024, compared to -0.01
percent last year, but with mixed industry trends.
Finally, the Electricity, Gas, and Water supply
Sub-sectors of services with respective shares in
industry has shown a growth of -10.55 percent
services and GDP are given in Table 1.5.
during FY 2024 as compared to growth of 9.95

Table 1.5: Components of Services FY 2024

Share in Services Share in GDP Growth Rate (%)
1. Wholesale & Retail Trade 30.8 17.78 0.32
2. Transport & Storage 18.2 10.53 1.19
3. Accommodation and Food Services Activities (Hotels 2.6 1.48 4.10
& Restaurants)
4. Information and Communication 4.7 2.73 -3.02
5. Finance and Insurance Activities 2.6 1.51 -9.64
6. Real Estate Activities (OD) 10.1 5.85 3.78
7. Public Administration and Social Security (General 7.1 4.11 -5.25
Government)
8. Education 5.4 3.13 10.30
9. Human Health and Social Work Activities 3.0 1.76 6.80
10.Other Private Services 15.4 8.86 3.58
Source: Pakistan Bureau of Statistics

The wholesale & retail trade sector, which was Containers Terminal. Road transport showed
significantly negative last year because of the growth of 1.15 percent, which has been below
low output of the agriculture and manufacturing the normal trend because of the abnormal
industry, has shifted to a positive trajectory by increase in automobile prices, non-issuance of
recording growth of 0.32 percent. The main letters of credit to auto assemblers, and high
contributors to the positive growth have been the interest rates, as reported by the sources. The
increase in the output of crops in the agriculture decline in air transport (-6.44 percent) has been
sector. Although there was a decline in imports, observed because of the high deflator.
the negative impact was offset by the increase in
agriculture and industry output. The transport The information and communication industry
and storage industry has posted a growth of 1.19 demonstrated growth of -3.02 percent because of
percent. The main contributors have been a decline in telecommunication (Spectrum fee
Railways 9.73 percent, and water transport 8.01 was down by Rs 75 billion in FY 2024 compared
percent because of the increase in output of to FY 2023). High deflator (increase from
Karachi Port Trust, Karachi International 117.24 to 131.61 in CPI communication) also
Containers Terminal, and Qasim International resulted in negative growth in this sector.

17
Pakistan Economic Survey 2023-24

Finance and Insurance sector, which was percent in May 2023.

negative last year, is still negative in FY 2024
because of a high deflator (increase in CPI The government is aware of macroeconomic
general from 199.4 to 248.4) and a decline in the trends and is fully committed to ensuring
output of insurance companies. Public sustainable economic growth in the medium
administration and social security, which is term. To achieve this, sector-specific measures
based on the budget of federal, provincial, in agriculture, industries, and services, along
district, and local/TMAs (which constitutes with fiscal consolidation, energy sector reforms,
general government), has been estimated at -5.25 state-owned enterprises, and governance
percent. The education sector is showing a reforms, are being implemented to move the
growth of 10.30 percent compared to last year, economy towards higher and sustainable growth.
and human health & social work activities are Both federal and provincial governments are
showing a growth of 6.80 percent in FY 2024. working together to achieve medium-term
Other private services have posted a growth of growth targets with price stability,
3.58 percent because of increased subsectors demonstrating a dedication to sustainable
such as professional scientific & technical economic growth.
activities, architectural & engineering activities,
etc. The world economy is bouncing back from the
challenges brought on by the pandemic and the
Concluding Remarks Russia-Ukraine conflict. Key trading partners
are experiencing economic growth, and global
The government is focused on maintaining a
supply chain disruptions are anticipated to
stable economy by prioritizing exports and
diminish by 2024. Consequently, the industrial
investment. Through continued policy and
sector is expected to witness improvements in
reform implementation, growth is anticipated to
FY 2025. Thus, improvement in the commodity-
reach its medium-term potential of 5.5 percent
producing sector will be translated into the
by FY 2027 gradually. A critical part of this
strategy is to increase openness in trade and services sector with its backward and forward
investment flows to ensure industries have linkages. In addition, improved business
access to the required raw materials. The confidence from different government initiatives
government has taken steps to control along with a stable exchange rate will enhance
speculation in the foreign exchange market to domestic production reducing supply chain
reduce uncertainty in the external sector. It is distortion and therefore help in maintaining price
notable that by following suitable policy stability. The inflation rate is projected to
measures, improved agricultural output, and normalize due to the high base effect,
administrative actions, inflation decreased to improvements in the agricultural sector, and
11.8 percent in May 2024 from its peak of 38.0 favorable global conditions.

18
TABLE 1.1
GROSS NATIONAL PRODUCT AT CONSTANT BASIC PRICES OF 2015-16
Rs million
% Change
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
Sectors
F R P 2021-22 2022-23
A. AGRICULTURE 7,758,432 7,831,296 8,137,860 8,424,041 8,778,647 8,977,824 9,539,130 2.27 6.25
1. Crops 2,648,128 2,532,070 2,692,121 2,849,148 3,083,439 3,051,587 3,388,088 -1.03 11.03
i). Important Crops 1,565,723 1,431,198 1,506,263 1,593,985 1,681,708 1,687,411 1,971,304 0.34 16.82
ii). Other Crops 943,042 977,166 1,067,179 1,152,009 1,289,069 1,277,242 1,288,795 -0.92 0.90
iii). Cotton Ginning 139,363 123,706 118,679 103,154 112,662 86,934 127,989 -22.84 47.23
2. Livestock 4,830,324 5,006,731 5,146,701 5,269,009 5,387,611 5,587,125 5,804,348 3.70 3.89
3. Forestry 160,541 172,129 177,917 183,877 185,162 215,946 222,532 16.63 3.05
4. Fishing 119,439 120,366 121,121 122,007 122,435 123,166 124,162 0.60 0.81
B. INDUSTRIAL SECTOR 6,783,864 6,800,675 6,409,967 6,935,438 7,421,583 7,144,225 7,231,017 -3.74 1.21
1. Mining & Quarrying 734,818 738,791 685,844 697,669 651,208 629,670 660,187 -3.31 4.85
2. Manufacturing 4,119,706 4,305,977 3,970,246 4,388,024 4,864,350 4,606,868 4,718,573 -5.29 2.42
i). Large Scale 3,162,576 3,274,235 2,906,578 3,240,794 3,626,559 3,268,778 3,271,208 -9.87 0.07
ii). Small Scale 585,867 638,626 647,374 705,485 768,249 838,435 914,568 9.14 9.08
iii). Slaughtering 371,263 393,116 416,293 441,745 469,542 499,655 532,797 6.41 6.63
3. Electricity, Gas and Water Supply 745,548 786,907 814,703 888,101 926,804 1,019,017 911,531 9.95 -10.55
4. Construction 1,183,792 969,000 939,174 961,644 979,221 888,670 940,726 -9.25 5.86
COMMODITY PRODUCING SECTOR (A+B) 14,542,296 14,631,971 14,547,827 15,359,479 16,200,230 16,122,049 16,770,147 -0.48 4.02
C. SERVICES SECTOR 19,317,324 20,284,070 20,038,838 21,223,003 22,643,030 22,641,272 22,914,547 -0.01 1.21
1. Wholesale & Retail Trade 6,114,661 6,331,734 5,998,707 6,647,199 7,325,882 7,033,762 7,056,017 -3.99 0.32
2. Transport & Storage 3,707,938 3,990,773 3,634,152 3,811,190 3,980,936 4,130,519 4,179,877 3.76 1.19
3. Accommodation and Food Services Activities (Hotels
& Restaurants) 460,952 479,936 499,522 520,024 541,222 563,604 586,712 4.14 4.10
4. Information and Communication 703,443 763,216 868,338 953,818 1,125,119 1,115,886 1,082,157 -0.82 -3.02
5. Finance and Insurance Activities 624,079 662,149 647,435 682,988 730,220 661,448 597,710 -9.42 -9.64
6. Real Estate Activities (OD) 1,863,846 1,932,853 2,006,873 2,080,095 2,156,942 2,235,936 2,320,396 3.66 3.78
7. Public Administration and Social Security (General
Government) 1,717,130 1,776,775 1,830,153 1,820,093 1,853,122 1,722,958 1,632,551 -7.02 -5.25
8. Education 972,853 991,899 1,024,760 1,012,428 1,071,646 1,126,861 1,242,936 5.15 10.30
9. Human Health and Social Work Activities 497,098 535,541 568,638 585,137 600,835 654,153 698,613 8.87 6.80
10. Other Private Services 2,655,324 2,819,194 2,960,260 3,110,031 3,257,106 3,396,145 3,517,578 4.27 3.58
GDP {Total of GVA at bp (A + B + C)} 33,859,620 34,916,041 34,586,665 36,582,482 38,843,260 38,763,321 39,684,694 -0.21 2.38
Indirect Taxes 2,610,793 2,555,422 2,449,628 2,894,190 2,906,476 2,828,010 2,829,209 -2.70 0.04
Subsidies 192,402 287,359 325,947 375,056 779,803 632,838 427,553 -18.85 -32.44
GDP {GVA + T - S} 36,278,011 37,184,104 36,710,346 39,101,616 40,969,933 40,958,493 42,086,350 -0.03 2.75
Net Primary Income (NPI) 1,484,165 1,934,448 2,424,050 3,275,406 2,806,550 3,236,045 3,448,377 15.30 6.56
Gross National Income 37,762,176 39,118,552 39,134,396 42,377,022 43,776,483 44,194,538 45,534,727 0.95 3.03
Population (in million) 209.75 213.95 218.24 222.59 227.00 231.45 235.95 1.96 1.94
Per Capita Income (Rs) 180,034 182,840 179,318 190,382 192,848 190,946 192,985 -0.99 1.07
F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

11
TABLE 1.2

SECTORAL SHARE IN GDP

%
Sector 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
F R P
A. AGRICULTURE 22.91 22.43 23.53 23.0 22.6 23.2 24.0
1. Crops 7.82 7.25 7.78 7.8 7.9 7.9 8.5
Important Crops 4.62 4.10 4.36 4.4 4.3 4.4 5.0
Other Crops 2.79 2.80 3.09 3.1 3.3 3.3 3.2
Cotton Ginning 0.41 0.35 0.34 0.3 0.3 0.2 0.3
2. Livestock 14.27 14.34 14.88 14.4 13.9 14.4 14.6
3. Forestry 0.47 0.49 0.51 0.5 0.5 0.6 0.6
4. Fishing 0.35 0.34 0.35 0.3 0.3 0.3 0.3
B. INDUSTRIAL SECTOR 20.04 19.48 18.53 19.0 19.1 18.4 18.2
1. Mining & Quarrying 2.17 2.12 1.98 1.9 1.7 1.6 1.7
2. Manufacturing 12.17 12.33 11.48 12.0 12.5 11.9 11.9
Large Scale 9.34 9.38 8.40 8.9 9.3 8.4 8.2
Small Scale 1.73 1.83 1.87 1.9 2.0 2.2 2.3
Slaughtering 1.10 1.13 1.20 1.2 1.2 1.3 1.3
3. Electricity, Gas & Water Supply 2.20 2.25 2.36 2.4 2.4 2.6 2.3
4. Construction 3.50 2.78 2.72 2.6 2.5 2.3 2.4
COMMODITY PRODUCING SECTOR (A+B) 42.95 41.91 42.06 42.0 41.7 41.6 42.3
C. SERVICES SECTOR 57.05 58.09 57.94 58.0 58.3 58.4 57.7
1. Wholesale & Retail Trade 18.06 18.13 17.34 18.2 18.9 18.1 17.8
2. Transport & Storage 10.95 11.43 10.51 10.4 10.2 10.7 10.5
3. Accommodation and Food Services Activities (Hotels &
Restaurants) 1.36 1.37 1.44 1.4 1.4 1.5 1.5
4. Information and Communication 2.08 2.19 2.51 2.6 2.9 2.9 2.7
5. Finance and Insurance Activities 1.84 1.90 1.87 1.9 1.9 1.7 1.5
6. Real Estate Activities (OD) 5.50 5.54 5.80 5.7 5.6 5.8 5.8
7. Public Administration and Social Security (General
Government) 5.07 5.09 5.29 5.0 4.8 4.4 4.1
8. Education 2.87 2.84 2.96 2.8 2.8 2.9 3.1
9. Human Health and Social Work Activities 1.47 1.53 1.64 1.6 1.5 1.7 1.8
10. Other Private Services 7.84 8.07 8.56 8.5 8.4 8.8 8.9
GDP {Total of GVA at bp (A + B + C)} 100.00 100.00 100.00 100.0 100.0 100.0 100.0

F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

12
TABLE 1.3
GROWTH RATES
%
2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24
Sector
F R P
A. Agriculture 3.88 0.94 3.91 3.52 4.21 2.27 6.25
1. Crops 4.61 -4.38 6.32 5.83 8.22 -1.03 11.03
Important Crops 4.27 -8.59 5.24 5.82 5.50 0.34 16.82
Other Crops 4.65 3.62 9.21 7.95 11.90 -0.92 0.90
Cotton Ginning 8.27 -11.23 -4.06 -13.08 9.22 -22.84 47.23
2. Livestock 3.59 3.65 2.80 2.38 2.25 3.70 3.89
3. Forestry 2.24 7.22 3.36 3.35 0.70 16.63 3.05
4. Fishing 1.57 0.78 0.63 0.73 0.35 0.60 0.81
B. INDUSTRIAL SECTOR 9.18 0.25 -5.75 8.20 7.01 -3.74 1.21
1. Mining & Quarrying 7.26 0.54 -7.17 1.72 -6.66 -3.31 4.85
2. Manufacturing 7.08 4.52 -7.80 10.52 10.86 -5.29 2.42
Large Scale 6.92 3.53 -11.23 11.50 11.90 -9.87 0.07
Small Scale 8.82 9.01 1.37 8.98 8.90 9.14 9.08
Slaughtering 5.76 5.89 5.90 6.11 6.29 6.41 6.63
3. Electricity, Gas & Water Supply 7.95 5.55 3.53 9.01 4.36 9.95 -10.55
4. Construction 19.55 -18.14 -3.08 2.39 1.83 -9.25 5.86
COMMODITY PRODUCING SECTOR (A+B) 6.29 0.62 -0.58 5.58 5.47 -0.48 4.02
C. SERVICES SECTOR 5.95 5.00 -1.21 5.91 6.69 -0.01 1.21
1. Wholesale & Retail Trade 6.76 3.55 -5.26 10.81 10.21 -3.99 0.32
2. Transport & Storage 3.31 7.63 -8.94 4.87 4.45 3.76 1.19
3. Accommodation and Food Services Activities (Hotels &
Restaurants) 4.10 4.12 4.08 4.10 4.08 4.14 4.10
4. Information and Communication 4.19 8.50 13.77 9.84 17.96 -0.82 -3.02
5. Finance and Insurance Activities 8.76 6.10 -2.22 5.49 6.92 -9.42 -9.64
6. Real Estate Activities (OD) 3.62 3.70 3.83 3.65 3.69 3.66 3.78
7. Public Administration and Social Security (General
Government) 10.93 3.47 3.00 -0.55 1.81 -7.02 -5.25
8. Education 3.54 1.96 3.31 -1.20 5.85 5.15 10.30
9. Human Health and Social Work Activities 5.69 7.73 6.18 2.90 2.68 8.87 6.80
10. Other Private Services 7.63 6.17 5.00 5.06 4.73 4.27 3.58
GDP {Total of GVA at bp (A + B + C)} 6.10 3.12 -0.94 5.77 6.18 -0.21 2.38

F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

13
TABLE 1.4

EXPENDITURE ON GROSS NATIONAL PRODUCT AT CONSTANT PRICES OF 2015-16

Rs million
% Change
Flows 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R p 2021-22 2022-23

Household Final Consumption Expenditure 29,915,812 31,583,262 30,674,157 33,595,078 35,968,918 36,928,198 38,999,838 2.67 5.61
NPISH Final Consumption Expenditure 352,015 370,679 374,912 384,937 378,011 346,375 334,834 -8.37 -3.33

General Government Final Consumption Expenditure 3,826,636 3,766,290 4,086,774 4,161,026 4,105,674 3,947,187 3,780,552 -3.86 -4.22

Total Investment 6,153,971 5,557,257 5,220,581 5,429,828 5,679,486 4,937,043 4,852,728 -13.07 -1.71
Gross Fixed Capital Formation 5,533,617 4,921,409 4,592,834 4,761,190 4,978,900 4,236,653 4,133,052 -14.91 -2.45
A. Private Sector 3,879,013 3,812,927 3,627,468 3,681,814 3,758,192 3,279,414 3,196,757 -12.74 -2.52
B. Public Sector 418,721 404,028 257,481 272,571 285,204 199,322 149,124 -30.11 -25.18
C. General Govt. 1,235,883 704,454 707,885 806,805 935,504 757,917 787,171 -18.98 3.86
Change in Inventories 580,448 594,946 587,366 625,626 655,519 655,336 673,382 -0.03 2.75
Valuable 39,906 40,903 40,381 43,012 45,067 45,054 46,295 -0.03 2.75

Export of Goods and

Non-Factor Services 3,223,918 3,648,583 3,703,874 3,945,411 4,179,734 4,313,189 4,078,326 3.19 -5.45
Less Imports of Goods
and Non-Factor Services 7,194,340 7,741,968 7,349,952 8,414,664 9,341,889 9,513,500 9,959,929 1.84 4.69

Expenditure on GDP at 36,278,011 37,184,104 36,710,346 39,101,616 40,969,933 40,958,493 42,086,350 -0.03 2.75
Market Prices
Plus
Net Primary Income 1,484,165 1,934,448 2,424,050 3,275,406 2,806,550 3,236,045 3,448,377 15.30 6.56
Expenditure on GNP at
at Market Prices 37,762,176 39,118,552 39,134,396 42,377,022 43,776,483 44,194,538 45,534,727 0.95 3.03

Less Indirect Taxes 2,610,793 2,555,422 2,449,628 2,894,190 2,906,476 2,828,010 2,829,209 -2.70 0.04
Plus Subsidies 192,402 287,359 325,947 375,056 779,803 632,838 427,553 -18.85 -32.44
GNP at Factor Cost 35,343,785 36,850,489 37,010,715 39,857,888 41,649,810 41,999,366 43,133,071 0.84 2.70
F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

14
TABLE 1.5

GROSS NATIONAL PRODUCT AT CURRENT PRICES

Rs million
% Change
Sectors 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

A. Agriculture 8,485,078 9,056,577 10,389,544 12,653,889 14,882,612 19,521,207 25,234,412 31.2 29.3
1. Crops 2,997,673 3,026,409 3,704,256 4,720,729 5,791,412 7,728,433 10,915,816 33.4 41.2
Important Crops 1,724,508 1,692,431 2,015,035 2,730,576 3,278,811 4,519,486 6,910,120 37.8 52.9
Other Crops 1,096,907 1,152,141 1,502,853 1,798,827 2,194,185 2,932,041 3,519,165 33.6 20.0
Cotton Ginning 176,258 181,837 186,368 191,326 318,416 276,906 486,531 -13.0 75.7
2. Livestock 5,163,098 5,681,368 6,301,160 7,504,838 8,644,011 11,210,426 13,638,919 29.7 21.7
3. Forestry 165,288 184,508 197,771 236,197 252,747 361,206 423,506 42.9 17.2
4. Fishing 159,019 164,292 186,357 192,125 194,442 221,142 256,171 13.7 15.8
B. INDUSTRIAL SECTOR 7,285,014 8,568,673 8,837,507 10,551,041 13,606,601 17,359,458 21,917,871 27.6 26.3
1. Mining & Quarrying 847,753 1,156,829 1,230,493 1,264,280 1,488,638 1,788,325 2,454,816 20.1 37.3
2. Manufacturing 4,547,093 5,513,025 5,427,248 6,663,895 9,171,212 11,415,333 13,796,102 24.5 20.9
Large Scale 3,499,175 4,266,145 4,026,236 4,933,633 7,040,683 8,535,776 10,060,936 21.2 17.9
Small Scale 633,065 772,543 851,921 1,038,496 1,286,555 1,732,168 2,260,679 34.6 30.5
Slaughtering 414,852 474,337 549,090 691,765 843,974 1,147,389 1,474,487 36.0 28.5
3. Electricity, Gas & Water Supply 601,438 723,614 936,384 1,239,849 1,096,839 1,971,331 2,979,690 79.7 51.2
4. Construction 1,288,730 1,175,205 1,243,382 1,383,017 1,849,912 2,184,469 2,687,263 18.1 23.0
COMMODITY PRODUCING SECTOR (A+B) 15,770,092 17,625,250 19,227,051 23,204,930 28,489,213 36,880,665 47,152,283 29.5 27.9
C. SERVICES SECTOR 20,744,074 23,484,914 25,519,825 29,049,079 34,816,267 42,596,626 53,079,751 22.3 24.6
1. Wholesale & Retail Trade 6,647,619 7,719,369 7,827,884 9,587,513 13,067,848 15,845,040 18,966,349 21.3 19.7
2. Transport & Storage 3,413,093 3,663,539 3,976,118 4,668,572 4,399,679 4,292,278 7,029,522 -2.4 63.8
3. Accommodation and Food Services Activities (Hotels &
Restaurants) 537,789 587,976 620,711 726,385 822,966 1,202,169 1,526,571 46.1 27.0
4. Information and Communication 687,372 764,469 929,777 1,019,851 1,229,714 1,319,742 1,480,809 7.3 12.2
5. Finance and Insurance Activities 673,401 904,881 1,088,992 925,285 1,514,327 3,194,092 3,779,711 110.9 18.3
6. Real Estate Activities (OD) 2,133,802 2,356,250 2,572,654 2,806,288 3,083,508 3,365,626 3,705,312 9.1 10.1
7. Public Administration and Social Security (General
Government) 1,891,699 2,102,445 2,385,741 2,567,759 2,942,698 3,474,295 4,097,731 18.1 17.9
8. Education 1,228,677 1,373,330 1,494,309 1,488,542 1,646,706 1,876,166 2,253,371 13.9 20.1
9. Human Health and Social Work Activities 608,073 701,212 792,130 882,244 982,782 1,217,425 1,502,649 23.9 23.4
10. Other Private Services 2,922,549 3,311,443 3,831,509 4,376,640 5,126,039 6,809,793 8,737,726 32.8 28.3
GDP {Total of GVA at bp (A + B + C)} 36,514,166 41,110,164 44,746,876 52,254,009 63,305,480 79,477,291 100,232,034 25.5 26.1
Indirest Taxes 2,876,571 3,015,143 3,184,272 4,068,363 4,568,689 5,638,746 7,027,621 23.4 24.6
Subsidies 200,927 326,906 390,739 486,147 1,216,301 1,241,114 1,214,562 2.0 -2.1
GDP {GVA + T - S} 39,189,810 43,798,401 47,540,409 55,836,225 66,657,868 83,874,923 106,045,093 25.8 26.4
Net Primary Income (NPI) 1,539,673 2,135,631 2,730,935 3,907,559 4,503,951 5,174,759 6,097,420 14.9 17.8
Gross National Income 40,729,483 45,934,032 50,271,344 59,743,784 71,161,819 89,049,682 112,142,513 25.1 25.9
Population (in million) 209.75 213.95 218.24 222.59 227.00 231.45 235.95 2.0 1.9
Per Capita Income (Rs) 194,181 214,695 230,349 268,403 313,488 384,747 475,281 22.7 23.5
Per Capita Income (US $) 1,767.9 1,577.6 1,457.6 1,677.3 1,766.6 1,551.2 1,680.3 -12.2 8.3
GDP Deflator Index 107.84 117.74 129.38 142.84 162.98 205.03 252.57 25.8 23.2
GDP Deflator (Growth %) 3.74 9.18 9.88 10.41 14.10 25.80 23.19
F: Final R: Revised P: Provisional Source : Pakistan Bureau of Statistics

15
TABLE 1.6

EXPENDITURE ON GROSS NATIONAL PRODUCT AT CURRENT PRICES

Rs Million
% Change
Sectors 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

Household Final Consumption Expenditure 31,906,384 36,301,307 38,265,131 46,061,461 56,663,411 69,094,338 88,081,739 21.94 27.48
NPISH Final Consumption Expenditure 386,231 434,362 487,348 541,106 594,195 690,637 831,728 16.23 20.43
General Government Final Consumption Expenditure 4,308,381 4,708,220 5,604,444 6,102,658 6,993,667 8,655,671 9,868,400 23.76 14.01

Total Investment 6,689,031 6,788,597 7,043,368 8,115,623 10,372,326 11,848,839 13,935,893 14.24 17.61
Gross Fixed Capital Formation 6,018,885 6,039,644 6,230,427 7,160,824 9,232,476 10,414,578 12,122,522 12.80 16.40
A. Private Sector 4,211,187 4,665,930 4,885,372 5,502,024 6,903,875 7,934,648 9,189,324 14.93 15.81
B. Public Sector 448,598 475,183 349,556 417,382 530,539 545,360 508,820 2.79 -6.70
C. General Govt. 1,359,100 898,531 995,499 1,241,418 1,798,062 1,934,570 2,424,378 7.59 25.32
Change in Inventories 627,037 700,774 760,647 893,380 1,066,526 1,341,999 1,696,721 25.83 26.43
Valuables 43,109 48,178 52,294 61,420 73,324 92,262 116,650 25.83 26.43

Export of Goods and 3,363,191 4,113,048 4,420,573 5,054,072 7,026,133 8,798,475 10,938,479 25.23 24.32
Non-Factor Services
Less Imports of Goods 7,463,408 8,547,132 8,280,456 10,038,695 14,991,863 15,213,037 17,611,146 1.48 15.76
and Non-Factor Services

Expenditure on GDP at
Market Prices 39,189,810 43,798,401 47,540,409 55,836,225 66,657,868 83,874,923 106,045,093 25.83 26.43
Plus
Net Primary Income 1,539,673 2,135,631 2,730,935 3,907,559 4,503,951 5,174,759 6,097,420 14.89 17.83
Expenditure on GNP at
at Market Prices 40,729,483 45,934,032 50,271,344 59,743,784 71,161,819 89,049,682 112,142,513 25.14 25.93

Less Indirect Taxes 2,876,571 3,015,143 3,184,272 4,068,363 4,568,689 5,638,746 7,027,621 23.42 24.63
Plus Subsidies 200,927 326,906 390,739 486,147 1,216,301 1,241,114 1,214,562 2.04 -2.14
GDP at Factor Cost 36,514,166 41,110,164 44,746,876 52,254,009 63,305,480 79,477,291 100,232,034 25.55 26.11
F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

16
TABLE 1.7
GROSS FIXED CAPITAL FORMATION (GFCF) IN PRIVATE, PUBLIC, AND GENERAL GOVERNMENT SECTORS BY ECONOMIC ACTIVITY
AT CURRENT MARKET PRICES
Rs million
% Change
Sector 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

Total GFCF (A+B+C) 6,018,885 6,039,644 6,230,427 7,160,824 9,232,476 10,414,578 12,122,522 12.80 16.40
A. Private Sector 4,211,187 4,665,930 4,885,372 5,502,024 6,903,875 7,934,648 9,189,324 14.93 15.81
B. Public Sector 448,598 475,183 349,556 417,382 530,539 545,360 508,820 2.79 -6.70
C. General Govt. 1,359,100 898,531 995,499 1,241,418 1,798,062 1,934,570 2,424,378 7.59 25.32
Private & Public (A+B) 4,659,785 5,141,113 5,234,928 5,919,406 7,434,414 8,480,008 9,698,144 14.06 14.36
SECTOR-WISE:
1. Agriculture, forestry and fishing 1,050,711 1,138,639 1,251,854 1,523,084 1,825,742 2,343,500 2,977,268 28.36 27.04
2. Mining and quarrying 71,969 73,327 90,144 62,148 69,707 100,909 102,387 44.76 1.46
3. Manufacturing 810,934 891,741 870,779 958,082 1,134,483 1,099,453 1,079,661 -3.09 -1.80
i. Large Scale 694,141 749,597 699,962 772,726 913,781 899,691 880,370 -1.54 -2.15
ii. Small Scale (including Slaughtering) 116,793 142,144 170,817 185,356 220,702 199,762 199,291 -9.49 -0.24
4. Electricity, gas, and water supply 387,511 461,987 314,993 336,502 367,600 582,758 436,115 58.53 -25.16
5. Construction 84,984 44,489 50,961 50,710 95,807 76,967 71,502 -19.66 -7.10
6. Wholesale and retail trade 301,783 430,297 408,671 458,047 470,201 402,591 489,775 -14.38 21.66
7. Accommodation and food service activities (Hotels and
Restaurants) 85,589 85,772 57,994 57,050 58,629 48,220 64,041 -17.75 32.81
8. Transportation and storage 610,512 558,132 364,876 604,019 829,445 647,832 674,976 -21.90 4.19
9. Information and communication 143,185 155,142 368,840 231,062 412,601 236,984 214,942 -42.56 -9.30
10. Financial and insurance activities 61,650 72,956 78,146 95,648 119,339 140,880 180,141 18.05 27.87
11. Real estate activities (Ownership of Dwellings) 613,462 709,639 803,990 901,130 1,230,687 1,676,199 2,020,296 36.20 20.53
12. Public Administration and Social Security (General
Government) 1,229,418 804,220 888,918 1,070,774 1,634,531 1,777,696 2,199,182 8.76 23.71
13. Education 190,376 198,774 217,294 271,247 312,379 397,217 489,027 27.16 23.11
14. Human health and social work activities 128,714 118,991 146,936 181,159 230,726 287,566 394,476 24.64 37.18
15. Other Private Services 248,085 295,537 316,032 360,161 440,599 595,806 728,733 35.23 22.31
F: Final R: Revised P: Provisional (Contd.)

17
TABLE 1.7 a

GROSS FIXED CAPITAL FORMATION (GFCF) IN PRIVATE SECTOR BY ECONOMIC ACTIVITYAT CURRENT MARKET PRICES
Rs million
% Change
Sector 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

Private Sector 4,211,187 4,665,930 4,885,372 5,502,024 6,903,875 7,934,648 9,189,324 14.93 15.81
1. Agriculture, forestry and fishing 1,050,469 1,138,425 1,251,552 1,522,821 1,825,428 2,342,931 2,975,965 28.35 27.02
Crops 233,258 237,615 240,929 314,441 409,345 513,044 716,261 25.33 39.61
Cotton Ginning 1,150 1,274 1,487 1,748 2,128 3,530 4,574 65.88 29.58
Livestock 776,275 855,920 958,893 1,148,439 1,344,047 1,711,993 2,108,969 27.38 23.19
Forestry 1,542 1,712 2,000 2,355 2,872 4,772 6,194 66.16 29.80
Fishing 38,244 41,904 48,243 55,838 67,036 109,592 139,967 63.48 27.72
2. Mining and quarrying 47,723 55,204 65,017 36,853 45,096 77,177 85,190 71.14 10.38
3. Manufacturing 802,299 889,976 862,159 943,687 1,112,402 1,091,377 1,067,710 -1.89 -2.17
i. Large Scale 685,506 747,832 691,342 758,331 891,700 891,615 868,419 -0.01 -2.60
ii. Small Scale (including Slaughtering) 116,793 142,144 170,817 185,356 220,702 199,762 199,291 -9.49 -0.24
4. Electricity, gas, and water supply 126,854 86,747 78,541 71,544 102,146 281,035 157,061 175.13 -44.11
5. Construction 78,378 43,519 46,805 40,935 59,687 36,644 41,357 -38.61 12.86
6. Wholesale and retail trade 301,783 430,297 408,671 458,047 470,201 402,591 489,775 -14.38 21.66
7. Accommodation and food service activities (Hotels and Restaurants) 85,589 85,772 57,994 57,050 58,629 48,220 64,041 -17.75 32.81
8. Transportation and storage 495,270 515,888 340,198 547,769 772,818 545,796 570,707 -29.38 4.56
9. Information and communication 116,808 126,389 326,496 196,051 311,841 188,331 171,871 -39.61 -8.74
10. Financial and insurance activities 55,057 65,082 70,269 84,213 94,767 120,632 158,311 27.29 31.23
11. Real estate activities (Ownership of Dwellings) 613,462 709,639 803,990 901,130 1,230,687 1,676,199 2,020,296 36.20 20.53
12. Education 121,144 139,770 160,611 169,452 230,595 311,399 372,424 35.04 19.60
13. Human health and social work activities 68,266 83,685 97,037 112,311 148,979 216,510 285,883 45.33 32.04
14. Other Private Services 248,085 295,537 316,032 360,161 440,599 595,806 728,733 35.23 22.31
F: Final R: Revised P: Provisional (Contd.)

18
TABLE 1.7 b

GROSS FIXED CAPITAL FORMATION (GFCF) IN PUBLIC AND GENERAL GOVERNMENT SECTORS BY ECONOMIC ACTIVITY AT CURRENT MARKET PRICES

Rs million
% Change
Sector 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

Public Sector and

General Govt. (B+C) 1,119,929 1,453,100 1,807,698 1,373,714 1,345,055 1,658,800 2,328,601 2,479,930 2,933,198 6.5 18.3
B. Public Sector (Autonomous & Semi Auto-Bodies) 252,053 363,686 448,598 475,183 349,556 417,382 530,539 545,360 508,820 2.8 -6.7
1. Agriculture, Forestry & Fishing 205 183 242 214 302 263 314 569 1,303 81.2 129.0
2. Mining and Quarrying 28,053 62,529 24,246 18,123 25,127 25,295 24,611 23,732 17,197 -3.6 -27.5
3. Manufacturing (Large Scale) 1,333 28,205 8,635 1,765 8,620 14,395 22,081 8,076 11,951 -63.4 48.0
4. Electricity Generation & Water Supply 155,108 146,619 260,657 375,240 236,452 264,958 265,454 301,723 279,054 13.7 -7.5
5. Construction 5,178 5,812 6,606 970 4,156 9,775 36,120 40,323 30,145 11.6 -25.2
6. Transport & Storage 26,905 69,745 115,242 42,244 24,678 56,250 56,627 102,036 104,269 80.2 2.2
Railways 5,825 39,407 8,627 14,612 6,261 4,239 7,177 18,266 7,111 154.5 -61.1
Post Office & PTCL 0 1 0 997 1,539 2 -1 -1 -1 0.0 0.0
Others 21,080 30,337 106,615 26,635 16,878 52,009 49,451 83,771 97,159 69.4 16.0
7. Information and Communication 28,307 33,644 26,377 28,753 42,344 35,011 100,760 48,653 43,071 -51.7 -11.5
8. Financial and insurance activities 6,964 16,949 6,593 7,874 7,877 11,435 24,572 20,248 21,830 -17.6 7.8

C. General Govt. 867,876 1,089,414 1,359,100 898,531 995,499 1,241,418 1,798,062 1,934,570 2,424,378 7.6 25.3
Federal 235,406 314,376 359,047 354,495 387,225 477,178 542,267 591,344 594,568 9.1 0.5
Provincial 527,461 686,665 909,116 463,854 527,970 653,800 1,086,307 1,164,239 1,538,598 7.2 32.2
District Governments 105,009 88,373 90,937 80,182 80,304 110,440 169,488 178,987 291,212 5.6 62.7

General Government (By industries)

867,876 1,089,414 1,359,098 898,530 995,500 1,241,418 1,798,062 1,934,570 2,424,378 7.6 25.3
i) Public Administration and Social Security
(General Government) 750,084 967,642 1,229,418 804,220 888,918 1,070,774 1,634,531 1,777,696 2,199,182 8.8 23.7
ii) Education
80,403 74,026 69,232 59,004 56,683 101,795 81,784 85,818 116,603 4.9 35.9
iii) Human health and social work activities
37,389 47,746 60,448 35,306 49,899 68,848 81,747 71,056 108,593 -13.1 52.8
F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

19
TABLE 1.8
GROSS FIXED CAPITAL FORMATION (GFCF) IN PRIVATE, PUBLIC, AND GENERAL GOVERNMENT SECTORS
BY ECONOMIC ACTIVITY AT CONSTANT PRICES (2015-16)
Rs million
% Change
Sector 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

Total GFCF(A+B+C) 5,533,617 4,921,409 4,592,834 4,761,190 4,978,900 4,236,653 4,133,052 -14.9 -2.4
Private Sector 3,879,013 3,812,927 3,627,468 3,681,814 3,758,192 3,279,414 3,196,757 -12.7 -2.5
Public Sector 418,721 404,028 257,481 272,571 285,204 199,322 149,124 -30.1 -25.2
General Government 1,235,883 704,454 707,885 806,805 935,504 757,917 787,171 -19.0 3.9
Private & Public Sector (A+B) 4,297,734 4,216,955 3,884,949 3,954,385 4,043,396 3,478,736 3,345,881 -14.0 -3.8
(Sector wise total)
1. Agriculture, forestry and fishing 988,985 996,522 996,479 1,043,770 1,087,897 1,051,754 1,104,766 -3.3 5.0
2. Mining and quarrying 71,341 57,706 55,167 37,088 37,983 44,584 30,130 17.4 -32.4
3. Manufacturing 739,446 706,175 627,453 625,998 599,711 441,553 361,847 -26.4 -18.1
i. Large Scale 631,209 587,689 497,732 502,193 475,433 352,474 285,843 -25.9 -18.9
ii. Small Scale (including Slaughtering) 108,237 118,486 129,721 123,805 124,278 89,079 76,004 -28.3 -14.7
4. Electricity, gas, and water supply 363,600 399,832 239,057 220,800 205,300 214,334 140,265 4.4 -34.6
5. Construction 78,075 36,618 38,333 35,276 50,595 30,937 24,728 -38.9 -20.1
6. Wholesale and retail trade 274,423 337,356 290,600 297,684 244,641 157,724 159,023 -35.5 0.8
7. Accommodation and food service activities
(Hotels and Restaurants) 77,829 67,246 41,238 37,077 30,504 18,891 20,793 -38.1 10.1
8. Transportation and storage 555,163 437,579 259,458 392,552 431,553 253,754 219,149 -41.2 -13.6
9. Information and communication 130,204 121,632 262,277 150,167 214,673 92,830 69,787 -56.8 -24.8
10. Financial and insurance activities 56,060 57,198 55,568 62,162 62,091 55,194 58,489 -11.1 6.0
11. Real estate activities (Ownership of Dwellings) 563,585 584,065 604,777 626,873 649,919 673,768 698,678 3.7 3.7
12. Public Administration and Social Security
(General Government) 1,117,958 630,514 632,097 695,903 850,422 696,457 714,052 -18.1 2.5
13. Education 174,250 161,297 161,121 184,036 164,327 158,791 166,655 -3.4 5.0
14. Human health and social work activities 117,045 93,289 104,484 117,736 120,045 112,661 128,081 -6.2 13.7
15. Other Private Services 225,651 234,380 224,726 234,068 229,240 233,420 236,609 1.8 1.4
F: Final R: Revised P: Provisional (Contd.)

20
TABLE 1.8 a
GROSS FIXED CAPITAL FORMATION (GFCF) IN PRIVATE SECTOR BY ECONOMIC ACTIVITY
AT CONSTANT PRICES (2015-16)
Rs million
% Change
Sector 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

PRIVATE SECTOR 3,879,013 3,812,927 3,627,468 3,681,814 3,758,192 3,279,414 3,196,757 -12.7 -2.5
1. Agriculture, forestry and fishing 988,757 996,336 996,250 1,043,597 1,087,724 1,051,561 1,104,418 -3.3 5.0
Crops 219,931 206,156 182,757 206,978 225,734 173,972 191,181 -22.9 9.9
Cotton Ginning 1,084 1,106 1,128 1,150 1,173 1,197 1,221 2.0 2.0
Livestock 730,231 751,233 774,253 797,164 822,266 837,611 873,004 1.9 4.2
Forestry 1,453 1,485 1,517 1,550 1,584 1,618 1,653 2.1 2.2
Fishing 36,058 36,356 36,595 36,755 36,967 37,163 37,359 0.5 0.5
2. Mining and Quarrying 47,307 43,443 39,790 21,993 24,573 34,099 25,069 38.8 -26.5

3. Manufacturing (A+B) 731,594 704,791 621,324 616,643 588,222 438,389 357,967 -25.5 -18.3
i. Large Scale 623,357 586,305 491,603 492,838 463,944 349,310 281,963 -24.7 -19.3
ii. Small Scale (including Slaughtering) 108,237 118,486 129,721 123,805 124,278 89,079 76,004 -28.3 -14.7
4. Electricity, gas, and water supply 117,837 74,272 59,696 46,394 58,915 112,020 65,781 90.1 -41.3
5. Construction 72,006 35,819 35,207 28,476 31,520 14,729 14,303 -53.3 -2.9
6. Wholesale and retail trade 274,423 337,356 290,600 297,684 244,641 157,724 159,023 -35.5 0.8
7. Accommodation and food service activities
(Hotels and Restaurants) 77,829 67,246 41,238 37,077 30,504 18,891 20,793 -38.1 10.1
8. Transportation and Storage 450,369 404,459 241,910 355,995 402,091 213,786 185,295 -46.8 -13.3
9. Information and communication 106,218 99,089 232,167 127,414 162,248 73,773 55,803 -54.5 -24.4
10. Financial and Insurance activities 50,065 51,025 49,967 54,730 49,306 47,261 51,401 -4.1 8.8
11. Real estate activities (Ownership of Dwellings) 563,585 584,065 604,777 626,873 649,919 673,768 698,678 3.7 3.7
12. Education 111,295 115,037 120,815 117,879 121,776 125,170 128,795 2.8 2.9
13. Human health and social work activities 62,077 65,609 69,002 72,991 77,513 84,823 92,822 9.4 9.4
14. Other Private Services 225,651 234,380 224,726 234,068 229,240 233,420 236,609 1.8 1.4
F: Final R: Revised P: Provisional (Contd.)

21
TABLE 1.8 b
GROSS FIXED CAPITAL FORMATION (GFCF) IN PUBLIC AND GENERAL GOVERNMENT SECTORS BY ECONOMIC
ACTIVITY AT CONSTANT PRICES (2015-16)
Rs million
% Change
Sector 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2022-23/ 2023-24/
F R P 2021-22 2022-23

Public Sector and

General Govt. (B+C) 1,654,604 1,108,482 965,366 1,079,376 1,220,708 957,239 936,295 -21.6 -2.2
B. Public Sector (Autonomous & Semi Auto-Bodies) 418,721 404,028 257,481 272,571 285,204 199,322 149,124 -30.1 -25.2
1. Agriculture, Forestry & Fishing 228 186 229 173 173 193 348 11.6 80.3
2. Mining and Quarrying 24,034 14,263 15,377 15,095 13,410 10,485 5,061 -21.8 -51.7
3. Manufacturing (Large Scale) 7,852 1,384 6,129 9,355 11,489 3,164 3,880 -72.5 22.6
4. Electricity Generation & Water Supply 245,763 325,560 179,361 174,406 146,385 102,314 74,484 -30.1 -27.2
5. Construction 6,069 799 3,126 6,800 19,075 16,208 10,425 -15.0 -35.7
6. Transportation and Storage 104,794 33,120 17,548 36,557 29,462 39,968 33,854 35.7 -15.3
Railways 7,845 11,456 4,452 2,755 3,734 7,155 2,309 91.6 -67.7
Post Office & PTCL 0 782 1,094 1 -1 0 0 -100.0 -
Others 96,949 20,882 12,002 33,801 25,729 32,813 31,545 27.5 -3.9
7. Information and Communication 23,986 22,543 30,110 22,753 52,425 19,057 13,984 -63.6 -26.6
8. Financial and Insurance activities 5,995 6,173 5,601 7,432 12,785 7,933 7,088 -38.0 -10.7

C. General Government 1,235,883 704,454 707,885 806,805 935,504 757,917 787,171 -19.0 3.9
Federal 326,495 277,926 275,350 310,121 282,133 231,674 193,050 -17.9 -16.7
Provincial 826,695 363,664 375,432 424,909 565,189 456,120 499,567 -19.3 9.5
District Governments 82,693 62,863 57,103 71,776 88,182 70,123 94,554 -20.5 34.8

C. General Government (By industries)

1,235,881 704,453 707,886 806,805 935,504 757,917 787,171 -19.0 3.9
i) Public Administration and Social Security (General
Government) 1,117,958 630,514 632,097 695,903 850,422 696,457 714,052 -18.1 2.5
ii) Education
62,955 46,260 40,306 66,157 42,551 33,621 37,860 -21.0 12.6
iii) Human health and social work activities
54,968 27,680 35,482 44,745 42,532 27,838 35,259 -34.5 26.7
F: Final R: Revised P: Provisional Source: Pakistan Bureau of Statistics

22
TABLE 1.9

QUARTER-WISE GDP GROWTH

%
Summary Table (Seasonally un-adjusted)
Sector (growth %) 2021-22 2022-23 2023-24 (P)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
(A) AGRICULTURE 4.49 3.75 4.21 4.38 0.11 3.40 3.97 1.69 8.59 5.83 3.94

1. Crops 9.83 4.04 9.68 10.65 -7.90 4.19 3.22 -4.83 17.40 9.49 3.74

i) Important Crops 9.57 -1.21 7.49 9.90 -11.79 8.97 9.10 -8.02 30.40 12.92 2.89

ii) Other Crops 10.26 12.72 12.06 12.51 -1.31 -0.49 -0.99 -0.90 1.10 0.65 1.14

iii) Cotton Ginning 9.10 15.98 12.66 -0.49 -22.38 -30.19 -26.85 -10.70 25.65 53.35 61.75

2. Livestock 2.08 3.86 1.64 1.70 3.95 2.31 3.92 4.40 4.55 3.26 4.20

3. Forestry -1.05 -1.40 0.52 4.68 14.16 18.52 18.75 15.12 8.31 3.73 0.93

4. Fishing 0.35 0.36 0.34 0.34 0.58 0.61 0.58 0.61 0.69 0.82 0.83

(B) INDUSTRY 6.47 2.33 7.87 11.34 -0.05 1.71 -6.57 -9.45 -2.44 0.09 3.84

1. Mining & Quarrying 3.71 -11.13 -14.01 -4.87 -17.65 -1.20 6.78 1.14 15.46 4.39 0.63

2. Manufacturing 9.67 6.22 13.84 13.40 1.11 0.67 -9.20 -12.36 2.28 1.97 3.30

i) Large Scale 10.18 5.63 15.84 15.51 -1.33 -1.88 -14.50 -19.56 -0.62 -0.83 1.47

ii) Small Scale 9.60 8.96 8.60 8.48 8.58 8.85 9.26 9.81 10.49 10.18 8.94

iii) Slaughtering 6.31 6.33 6.31 6.23 6.11 6.18 6.45 6.90 7.52 7.40 6.58

3. Electricity, Gas & Water Supply 10.78 -12.97 -0.51 13.67 8.30 22.94 1.50 9.15 -27.64 -0.28 37.30

4. Construction -9.74 6.42 0.54 10.92 -3.70 -5.04 -5.89 -22.34 1.57 -10.85 -15.75

Commodity Producing Sector (A+B) 5.37 3.11 5.89 7.52 0.04 2.64 -0.95 -3.52 3.65 3.27 3.90

(C) SERVICES 6.59 5.53 7.37 7.24 2.80 2.49 -1.21 -3.89 2.02 0.75 0.83

1. Wholesale & Retail Trade 10.37 6.72 11.84 11.92 0.32 0.82 -6.43 -10.08 2.81 1.54 0.38

2. Transport & Storage 8.45 3.92 2.84 2.84 3.51 4.33 5.16 2.03 2.40 0.88 0.91

3. Accommodation & Food Services 4.11 4.10 4.07 4.03 3.98 4.02 4.16 4.37 4.68 4.56 4.05

4. Information & Communication 16.78 18.92 19.28 16.86 -0.31 4.37 -1.55 -5.72 3.65 -4.82 -5.92

5. Financial & Insurance Activities 7.21 6.73 5.77 7.92 0.94 -2.61 -13.37 -21.68 -11.96 -16.18 -7.11

6. Real Estate Activities 3.71 3.73 3.70 3.64 3.53 3.54 3.67 3.90 4.25 4.19 3.74
7. Public Administration & Social Securities
-5.32 2.14 5.12 5.31 5.12 -2.95 -11.29 -17.51 -9.06 -9.49 -6.38
(Gen Government)
8. Education 4.45 5.83 6.55 6.53 5.71 5.23 4.95 4.75 9.77 9.90 10.38

9. Human Health & Social Work Activities 2.07 2.23 2.72 3.66 9.13 9.54 9.07 7.81 3.84 2.42 2.82

10. Other Private Services 4.56 4.47 5.15 4.74 4.64 4.37 4.22 3.86 3.63 3.45 2.91

Total of GVA (A+B+C) 6.06 4.52 6.76 7.36 1.62 2.55 -1.10 -3.74 2.71 1.79 2.09
P : Provisional Source: Pakistan Bureau of Statistics

23
TABLE 1.10

SECTOR-WISE GROWTH RATES OF QUARTERLY GDP (AT CONSTANT PRICES)

%

Years / Quarters Agriculture Industry Services Overall

2016-17: Q1 1.95 3.20 4.50 3.61

Q2 0.49 4.73 4.60 3.64

Q3 2.81 6.03 6.15 5.36

Q4 3.64 4.41 7.18 5.80

2017-18: Q1 4.28 9.62 8.27 7.55

Q2 3.18 8.76 6.49 6.15

Q3 3.91 7.25 5.64 5.58

Q4 4.12 11.20 3.58 5.16

2018-19: Q1 0.88 5.86 2.93 3.03

Q2 1.16 -1.41 3.90 2.24

Q3 1.23 -2.73 5.24 2.73

Q4 0.50 -0.54 7.89 4.47

2019-20: Q1 3.49 -2.49 3.23 2.13

Q2 4.48 1.36 1.96 2.42

Q3 4.45 -0.57 -1.53 -0.05

Q4 3.27 -20.88 -8.07 -8.02

2020-21: Q1 3.60 0.37 1.61 1.84

Q2 3.63 5.34 4.52 4.47

Q3 4.40 3.76 5.83 5.11

Q4 2.46 27.01 12.00 12.11

2021-22: Q1 4.49 6.47 6.59 6.06

Q2 3.75 2.33 5.53 4.52

Q3 4.21 7.87 7.37 6.76

Q4 4.38 11.34 7.24 7.36

2022-23: Q1 0.11 -0.05 2.80 1.62

Q2 3.40 1.71 2.49 2.55

Q3 3.97 -6.57 -1.21 -1.10

Q4 1.69 -9.45 -3.89 -3.74

2023-24: Q1 8.59 -2.44 2.02 2.71

Q2 5.83 0.09 0.75 1.79

Q3 3.94 3.84 0.83 2.09

Source: Pakistan Bureau of Statistics

24