PAKISTAN

ECONOMIC SURVEY
2023-24
 Storms Ease: Stability Knocks The Door of
Pakistan’s Economy

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Table of Contents

i. GDP Growth Rate 4

ii. Sector – Wise Growth Rate 5
iii. Agriculture Sector 6
iv. Manufacturing Sector 7
v. Consumer Price Index (CPI) 8
vi. Income per Capita 9
vii. Trade Deficit as % GDP 10
viii. Current Account Balance as % GDP 11
ix. Defense Expenditure as % GDP 12
x. Investments - to – GDP 13
xi. Savings as % of GDP 14
xii. Worker Remittances 15
xiii. Domestic & External Debt Servicing 16
xiv. Breakup of Revenue as % of GDP 17
xv. Breakup of Expenditure as % of GDP 18
xvi. Fiscal Deficit 19
xvii. Debt Outstanding 20
xviii. Mark Up Payments as % of GDP 21
xix. Infrastructure Development – Roads 22
xx. Foreign Direct Investment 23
xxi. Average PKR/ USD Rate 24
 ECONOMIC GDP Growth Rate
SURVEY Pakistan’s GDP growth rate clocked in at 2.38% in FY2023-24 compared to a target of 5.00%
2023-24

6.18%
5.77%
5.00%
TARGET
5.00%

2.38%

Actual

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

-0.21%
-0.90%

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Sector – Wise Growth Rate
SURVEY Industrial sector continued to show improvement although the pace has slowed down. Services and agriculture sector
2023-24 recorded 1.2% and 6.30% growth rate respectively, while Industrial sector recorded a growth rate of 2.40%.

6.70%
5.90%

4.20%
3.50%

1.20%

10.50% 10.90% 6.30%

3.90% 2.30%
2.40%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

-5.30%
-7.80%
-0.01%
-1.20%

Industrial Sector Agriculture Sector Services Sector

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Agriculture Sector
SURVEY Agriculture sector also grew with a steady pace with forestry growing by 3.05%, livestock by 3.89% and crop by
2023-24 11.03%.

16.63%

11.03%

8.22%

6.32% 6.25%
5.83%

4.27%
3.91% 3.70% 3.89%
3.36% 3.35% 3.52%
2.80% 3.05%
2.38% 2.25%
1.55%
0.63% 0.73% 0.70% 0.60% 0.81%
0.35%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

-1.03%

Crop Livestock Forestry Fishing Agriculture

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY
Manufacturing Sector
Manufacturing sector grew from -5.29% in FY23 to 2.42%
2023-24

10.52% 10.86%

6.11% 6.29%

8.90% 2.42%
8.98%
6.41% 6.63%

11.50% 11.90%
5.90% 9.14% 9.08%
0.07%
1.37%
2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)
-11.23% -7.98%

-5.29%

-7.80%

Large Scale Small Scale Slaughtering

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Consumer Price Index (CPI)
Pakistan recorded double-digit inflation at 25.97% for FY 2023-24
2023-24

29.18%

25.97%

12.15%
10.74%
8.90%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Income per Capita
SURVEY Pakistan’s income per capita increased compared to FY23
2023-24

USD 1,767.0
USD 1,680.0
USD 1,677.0
USD 1,551.0
USD 1,458.0

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Trade Deficit as % of GDP
SURVEY Trade deficit for the period of Jul – Mar 2024 was recorded as 4.20% of GDP with exports at 6.10% of GDP
2023-24

19.10%

15.60% 15.60%
14.50%

10.30%
8.70% 8.20%
7.50% 7.30%
6.10%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

-4.20%
-8.20%
-7.30%
-7.00% -10.40%

Exports as % of GDP Imports as % of GDP Trade Deficit

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Apr, (R )- revised, (F) – Final

Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Current Account Deficit as % of GDP
Pakistan’s current account deficit shrinks to -0.20% in Jul-Apr FY24
2023-24

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

-0.20%

-0.80%
-1.00%

-1.60%

-4.70%

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Defense Expenditure as % of GDP
Expenditure on Defense made up 1.2% of the GDP during first nine months of FY24
2023-24

2.60%
2.40%

2.10%

1.90%

1.20%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Defence Expenditure as % of GDP

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Investments - to - GDP
SURVEY Total investment in the country appreciated from 14.20% to 17.60% in FY24
2023-24

27.80%

40.40%
15.20% 17.60%

28.90% 14.20%
25.50%
23.30%
18.30%
14.90% 14.90% 16.40% 15.80%
12.60% 12.80%
3.80%
6.50%
3.20% 4.70%

-2.10%
2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Fixed Investment Public Investment Private Investment Total Investment

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Savings as % of GDP
SURVEY People of Pakistan saved more in Foreign Saving Schemes
2023-24

7.20%

20.00%

7.60% 6.70% 4.20% 7.00%

1.50% 0.80% 1.00%

4.70%

13.30% 13.70% 13.20% 13.00%

10.90%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

National Savings Foreign Savings Domestic Savings

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Worker Remittances
SURVEY Remittances sent home by overseas Pakistanis stayed above US$ 20 billion
2023-24

$31,279mn
$29,450mn
$27,333mn

$23,131mn
$21,038mn

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar, (R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Domestic & External Debt Servicing
SURVEY Domestic debt servicing declined by 2.60% YoY while external servicing cost remained above PKR 700 mn
2023-24

PKR759,891mn
PKR710,233mn

PKR353,860mn
PKR225,918mn
PKR306,606mn PKR4,936,025mn PKR4,807,599mn

PKR2,828,572mn
PKR2,523,811mn
PKR2,313,133mn

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Servicing of Domestic Debt Servicing of Foreign Debt

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar, (R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY
Breakup of Revenue as % of GDP
Tax Revenue made up 6.8% of GDP for the first nine months of FY24 down from 9.3% in the previous year
2023-24

13.20%
12.40% 12.10%

11.50%

10.10%
9.30% 9.40% 9.30%
9.20%

6.80%

3.90%
2.90%
2.20% 2.40%
1.90%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Tax Revenue Non-Tax Revenue Total Revenue as % of GDP

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Breakup of Expenditure as % of GDP
Development Expenditure stood at 1.10% while Current Expenditure made up 11.60% of GDP
2023-24

20.30% 19.90%
18.50% 19.30%
2.40%
2.40% 2.30%
2.20%

12.90%
1.10%

17.90% 17.30% 17.20%

16.30%

11.60%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Current Expenditure as % of GDP Development Expenditure as % of GDP Total Expenditure as % of GDP

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Fiscal Deficit
Overall deficit contracts to lowered to 3.70% compared to 7.80 in FY23
2023-24

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

-3.70%

-6.10%

-7.10%

-7.90% -7.80%

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY
Debt Outstanding
No significant reduction seen in outstanding debt of Pakistan
2023-24

$21,867mn $16,841mn
$18,294mn $15,411mn

$19,032mn

$84,424mn $89,024mn $85,914mn

$83,545mn
$74,558mn

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Disbursed Undisbursed

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Mark Up Payments as % of GDP
SURVEY Markup payments made up 5.20% of GDP during Jul-Mar FY24
2023-24

6.80%
5.50%

4.90% 4.80%
5.20%

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar, (R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY
Infrastructure Development - Roads
No extension in road network of Pakistan
2023-24

501.4

501.2 501.2
501.2

500.7

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar, (R )- revised, (F) – Final
All figures in 000’kms
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Foreign Direct Investment
SURVEY Investment into Pakistan contracted to multi-year low. FDI declined to US$ 1,098 mn during FY23-24 (P)
2023-24

$2,598mn

$1,936mn
$1,819mn
$1,627mn

$1,098mn

2019-20 2020-21 2021-22 (R) 2022-23 (P) 2023-24 (P)

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised, (F) – Final
Note: 2017-18 - PMLN Government In charge (1st July, 2017 – 30th May, 2018), Interim Government (1st June, 2018 – 18th August, 2018)

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Average PKR to USD Exchange Rate
SURVEY Average USD to PKR Rate depreciated by 14% YoY
2023-24

283.46

248

178
158.25 160.29

94.88 97.98 97.61 92.24 98.14

2019-20 2020-21 2021-22 2022-23 (R) 2023-24 (P)

USD Average REER

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
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