Pakistan Economic Survey 2023-24 being unveiled today
The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, is set to unveil the Economic Survey of Pakistan 2023-24 on Tuesday. This pre-budget document will detail the nation’s socio-economic achievements and performance over the outgoing fiscal year, providing a comprehensive overview of various economic sectors, as announced by the finance ministry on Monday.
The Economic Survey will offer in-depth insights into the country’s major socio-economic developments, covering sectors such as agriculture, manufacturing and industry, services, energy, information technology and telecom, capital markets, health, education, transport, and communication. It will also present annual trends in key economic indicators like inflation, trade and payments, public debt, population, employment, climate change, and social protections. According to the Planning Commission’s estimates from the Annual Plan Coordination Committee (APCC), Pakistan’s economy faced considerable challenges at the start of the fiscal year 2023-24, primarily due to the lingering effects of previous economic disruptions. Despite these hurdles, the economy achieved a modest recovery, growing by 2.4% during the year. The agriculture sector emerged as the primary growth driver, expanding by 6.3% due to bumper crops of wheat, cotton, and rice. The industrial sector grew by 1.2%, with notable performances in mining and quarrying, small-scale manufacturing, and construction, despite a slowdown in large-scale manufacturing.
The services sector registered a growth of 1.2%, with wholesale and retail trade seeing minimal growth at 0.3%. Transport, storage, and communications also grew by 1.2%, reflecting subdued demand. From July to March 2023-24, total revenue collection increased by 41%, surpassing the total expenditure growth of 36.6%. Tax revenues rose by 29.3%, while non-tax revenues saw a substantial increase of 89.8%. Markup expenditure constituted 40% of the total expenditure.
Average inflation from July to April 2023-24 was recorded at 26%, down from 28.2% in the same period the previous year. A declining trend in inflation has been observed since January 2024, indicating improving economic stability.
The Economic Survey of Pakistan 2023-24 will provide a detailed narrative of the country’s socioeconomic trajectory over the past year, highlighting both the challenges faced and the recovery achieved. It will serve as a crucial document for understanding the economic landscape ahead of the upcoming budget, offering insights into the sectors that have driven growth and the fiscal policies that have shaped economic performance.