Pakistan’s Economy Grows 3.04% in FY2024-25: National Accounts Committee Approves Updated GDP Estimates

Islamabad, October 8, 2025 — The National Accounts Committee (NAC), in its 114th meeting held at the Pakistan Bureau of Statistics (PBS) headquarters, approved the updated GDP growth estimates for the fiscal year 2024-25, confirming a steady expansion of 3.04 percent, up from 2.68 percent projected earlier.

The meeting, chaired by the Secretary, Ministry of Planning, Development and Special Initiatives, also endorsed revised quarterly growth rates for FY 2024-25 and updated annual figures for FY 2023-24.

According to the latest data, the size of Pakistan’s economy now stands at US $407.2 billion, while the per-capita income has increased to US $1,812.

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Industrial Surge and Sectoral Performance

The economy recorded a strong 5.66 percent growth in the fourth quarter (Q4) of FY 2024-25, primarily driven by a remarkable 19.95 percent expansion in the industrial sector and 3.72 percent growth in services.

The industrial sector showed a broad-based recovery with key contributions from large-scale manufacturing, construction, and energy production. Cement output and public infrastructure spending surged, while the electricity, gas and water supply industry grew by an extraordinary 121 percent, benefiting from subsidies, a lower deflator, and a favorable base effect.

The construction sector rose 6.63 percent, reflecting higher development expenditure by provincial governments, while large-scale manufacturing registered improvements in textiles, automobiles, petroleum products, and pharmaceuticals.

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Agriculture Steadies, Services Sustain Growth

The agriculture sector grew 1.51 percent in FY 2024-25 despite a decline in key crops, supported by double-digit growth in fodder (16%), vegetables (12%), fruits (10%), and tobacco (25.7%). Livestock, forestry, and fishing also posted positive gains.

Meanwhile, the services sector maintained momentum with a 3.0 percent growth, underpinned by finance and insurance (3.9%), information and communication (5.85%), and public administration (9.88%). Transport, trade, health, and education also showed continued expansion, signaling stability in the broader economic landscape.

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Revised Growth for FY 2023-24

The Committee also approved the updated annual GDP growth rate of 2.58 percent for FY 2023-24, compared with the previous estimate of 2.51 percent. Modest improvements were recorded in the industrial and services sectors due to stronger transport and storage activity and upward revisions in energy output.

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Economic Outlook and Acknowledgements

The NAC observed that the latest figures reflect gradual stabilization of Pakistan’s macro-economic indicators, supported by industrial recovery, infrastructure activity, and improving external dynamics.

Participants appreciated the technical efforts of the National Accounts team of PBS and the support extended by the Ministry of Planning, Ministry of Finance, and the State Bank of Pakistan in preparing the quarterly and annual GDP estimates.

With consistent policy continuity and structural reforms, Pakistan’s economy is expected to maintain its growth trajectory in the coming fiscal year.