Today, the National Accounts Committee (NAC) will meet to finalize the GDP figures for Q2 of fiscal year 2023-24, led by the Ministry of Planning’s Secretary. They will evaluate Pakistan Bureau of Statistics data for October-December 2023.
The Finance Ministry’s February report forecasts a 3% GDP increase for Q2, driven by improved manufacturing and agriculture, notably a 75% rise in cotton production to 8.35 million bales.
Following two quarters of decline, Q1 2023-24 saw a 2.1% GDP growth, with agriculture and manufacturing sectors growing by 5% and 2.5%, respectively. The manufacturing sector, especially, is on an upward trajectory, with an 8.2% rise noted in Q1.
In December, the Large Scale Manufacturing (LSM) sector grew by 3.4% year-on-year, showing a strong recovery. This period also saw a 15.7% month-on-month increase.
Positive growth was observed in 12 of 22 sectors during the first half of the fiscal year, highlighting agriculture’s vital role in boosting food security and job prospects.
The wheat sowing season is on track, aiming for a 32.12 million tonne yield. Agricultural machinery sales and production have notably increased, although fertilizer consumption shows varied trends.
This NAC meeting is crucial for confirming Pakistan’s economic progress, especially regarding GDP growth and sectoral advancements. For the latest Real Estate News , visit Realtorspk blogs.
