Islamabad (National Times) The Pakistan Economic Survey 2023-24, the pre-budget document, containing the details of major socio-economic achievements during the outgoing fiscal year 2023-24, will be launched on Tuesday.
Finance Minister Muhammad Aurangzeb will launch the pre-budget document at 5:30pm, according to a press release issued by the Finance Ministry on Monday.
The survey will provide details about the major socio-economic developments, performance and trends of various sectors of the economy, including agriculture, manufacturing and industry, services, energy, information technology and telecom, capital markets, health, education, transport and communication etc.
Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protections will also be described in detail in the survey.
According to the Planning Commission’s estimations made in the Annual Plan Coordination Committee, the economy faced significant challenges at the beginning of 2023-24, primarily due to the lagged impacts of economic disruptions of the previous year.
However, the economy moderately recovered in 2023-24 and grew by 2.4 per cent.
During the year 2023-24, the primary driver of growth was the agriculture sector, growing by 6.3pc, owing to bumper outputs of wheat, cotton and rice.
The industrial sector grew by 1.2pc mainly due to a slowdown in large-scale manufacturing activities. However, there was growth in mining and quarrying, small-scale manufacturing, and construction.
The services sector also registered 1.2pc growth as wholesale and retail trade experienced a mere 0.3pc growth. The transport, storage and communications sector also recorded a low growth of 1.2pc due to subdued demand.
Total revenue collection grew by 41pc during July-March 2023-24, outpacing the 36.6pc growth of total expenditure. Both tax and non-tax revenues grew by 29.3pc and 89.8pc, respectively. Markup expenditure constituted 40pc of the total expenditure.
During July-April 2023-24, average inflation was recorded at 26pc as compared to 28.2pc in the same period of last year.
A continuously declining inflationary trend has been observed since January 2024.
NEC meeting held
Meanwhile, a meeting of the recently constituted National Economic Council was held today with all chief ministers in attendance.
Prime Minister Shehbaz Sharif said the government would ensure the best use of existing resources for development, economic restoration and prosperity.
He further said that in all important decisions regarding the economy, the federation would ensure consultation with the provinces and stakeholders so positive decisions with the consensus of all could be made as a result of a collective vision for the country’s development.
The council was informed about the annual development plan and performance for 2023-24 and the proposed development plan for 2024-25.
The meeting’s participants were told that the growth rate target for the next year was increased.
PM Shehbaz said that agriculture was the backbone of the country’s economy and consultation with the provinces was very important for the development of agriculture.
He said it should be ensured that the proposals of the provinces regarding agriculture and other sectors be included in the plan.
The council approved the economic growth rate goals, macroeconomic framework for the annual plan 2024-25 and the publication of the annual plan 2024-25.
