ISLAMABAD: The Economic Survey of Pakistan for the fiscal year 2023-24 (FY24) will be unveiled on Tuesday.
This pre-budget document encapsulates the major socio-economic achievements of the outgoing fiscal year and will be launched by Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, as per a press release from the finance ministry.
The survey aims to provide comprehensive details on the socio-economic developments, performance, and trends across various sectors such as agriculture, manufacturing and industry, services, energy, information technology and telecom, capital markets, and more.
It will also cover annual trends in major economic indicators like inflation, trade and payments, public debt, population, employment, climate change, and social protections.
According to the Planning Commission’s estimates presented at the Annual Plan Coordination Committee (APCC), the Pakistani economy initially faced substantial challenges in the beginning of 2023-24, primarily due to the lingering impacts of economic disruptions from the previous year.
Despite these obstacles, the economy saw a modest recovery, growing by 2.4% over the year.
Agriculture was the main driver of this growth, expanding by 6.3% thanks to strong outputs in wheat, cotton, and rice. The industrial sector, however, grew by just 1.2%, affected by a slowdown in large-scale manufacturing.
Nonetheless, there were positive developments in mining and quarrying, small-scale manufacturing, and construction. The services sector witnessed a growth of 1.2%, with sectors like wholesale and retail trade growing only by 0.3%.
Transport, storage, and communications also experienced muted growth of 1.2% due to subdued demand.
Revenue collection from July to March 2023-24 increased by 41%, surpassing the total expenditure growth of 36.6%.
Both tax and non-tax revenues saw significant rises of 29.3% and 89.8%, respectively. Markup expenditures accounted for 40% of total expenditures.
During the period from July to April 2023-24, average inflation was reported at 26%, a slight decrease from the 28.2% recorded in the same period the previous year, with a consistent decline in inflation observed since January 2024.
