Pakistan's Economic Survey 2023-24: Summary

Pakistan's Economic Survey 2023-24

Pakistan's Economic Survey 2023-24: Summary

Agricultural Sector Growth

The economy of Pakistan is one of the most struggling economy in the world these days. Every sector is trying to recover the economy of Pakistan and make it stable. Recently, Pakistan's Finance Minister, Muhammad Aurangzeb, unveiled Pakistan's economic survey, which highlights the country's economic performance for the outgoing fiscal year. The agricultural sector achieved unprecedented growth of 6.25%, which is the highest in 19 years, and it drove Pakistan's GDP growth to 2.38% in the fiscal year 2024, recovering from a contraction of 0.21% last year. 

Note the Following Picture is taken from DAWN News which shows overall highlight of the survey.

Pakistan's Economic Survey 2023-24: Summary

Fiscal Management

The fiscal deficit was maintained at 3.7% of GDP with a primary surplus of 1.5% of GDP. Total revenues grew by 41%, driven by non-tax revenue and improved tax collection. The State Bank of Pakistan kept a tight monetary policy with a 22% policy rate, helping to ease inflation to 26% from 28.2% last fiscal year. 

Pakistan's Economic Survey 2023-24: Summary

Trade and Current Account

The current account deficit narrowed to $0.5 billion, and gross foreign exchange reserves increased to $8 billion. Exports increased by 9.3% to $23 billion, while imports decreased by 8% to $38.8 billion, resulting in a trade deficit of 4.2% of GDP compared to 7.3% in the last fiscal year. 

Pakistan's Economic Survey 2023-24: Summary

Revenue Collection and Expenditure

Federal Board of Revenue tax collection grew 30.6% to 7,361 billion rupees from July to April, against 563.79 billion rupees in the year-ago period. The tax target for the 12-month period set by the government was 9,415 billion rupees. The expenditure for the Public Sector Development Program registered an increase of 14.2% to 1,1158.1 million rupees from July to March in the fiscal year 2024. 

Pakistan's Economic Survey 2023-24: Summary

Conclusion and Future Outlook

The Pakistan economic survey provides an overview of the country's economic performance, highlighting areas of growth and challenges. The next stage of the process involves the Finance Minister presenting the budget for the next financial year to the National Assembly tomorrow. In ensuing weeks, the lawmakers will debate on the Bill's provision, and the budget will be made into law before the fiscal year ends.

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