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According to provisional data released by the National Accounts Committee (NAC) on May 20, Pakistan’s GDP grew by 2.68% in the fiscal year 2024-25. In the third quarter (Q3), growth was recorded at 2.40%, primarily driven by a notable 3.99% increase in the services sector. Meanwhile, agriculture experienced modest growth of 1.18%, while the industrial sector contracted by 1.14%.
Quarterly Revisions and Updates
NAC also revised GDP growth for the first two quarters:
Q1: Up from 1.34% to 1.37%
Q2: Down from 1.73% to 1.53%
These changes reflect updated data from agriculture, industry, and services.
Agriculture: Up and Down
Agriculture showed a rebound in other crops and forestry:
Q1: Agriculture revised up to 0.84% from 0.74%
Q2: Revised down to 0.79% due to deeper fall in key crops (-12.09%)
In Q3, agriculture grew by 1.18%, driven by:
- Mango production up 26%
- Onion production up 11%
- Livestock growth at 4.42%
- Forestry up 4.25%
Still, important crops posted another decline (-11.14%).
Industry: A Sector in Decline
Industry struggled across all three quarters.
Q1 contraction worsened to -0.91% due to utilities falling to -2.30%
Q2 revised down to -0.99%, with energy supply diving to -3.40%
Q3 showed a -1.14% contraction, with losses in:
- Mining & quarrying: -3.96%
- LSM: -0.89%
- Utilities: -7.72%
- Construction: -9.12%
Services Carried the Economy in FY25:
Q1 revised to 2.28%
Q2 revised to 2.59%
Q3 surged to 3.99%
Every major component grew in Q3:
- Information & communication: 18.44%
- Finance & insurance: 10.65%
- Public administration: 13.73%
- Health & education: Over 4%
Bigger Picture
The size of Pakistan’s economy reached Rs114.7 trillion ($411 billion). Per capita income is now Rs509,174 ($1,824).
NAC also finalised:
FY23 GDP at -0.21%
FY24 revised up to 2.51%
Experts say the increase in Pakistan’s GDP and per capita income is a positive indicator, though challenges remain in inflation control, employment, and structural reforms.
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