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Pakistan’s GDP in FY2023–2024 stayed at 2.8 percent.

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7 months ago

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The sanction was given at the National Accounts Committee’s (NAC) 109th meeting, which took place in Islamabad today.

In FY2023–24, Pakistan’s GDP growth rate was 2.38 percent, falling short of the 3.5% target.

In the third quarter of Fiscal Year 2023–2024, the GDP grew steadily by 2.09%. Agriculture, industry, and services are growing at rates of 3.94%, 3.84%, and 0.83%, respectively.

Every component of agriculture has made a good contribution during Q3, including cattle (4.20%), other crops (1.14%), key crops (2.89%, mostly wheat), and cotton ginning (61.75%). Notwithstanding the construction industry’s negative growth (-15.75%), large-scale manufacturing (1.47%), mining and quarrying (0.63), and the delivery of gas, electricity, and water (37.3%) are responsible for the industry’s 3.84% increase.

In the fiscal year 2023–2024, the industrial sector’s growth rate stayed at 1.21%. The production of crude oil (1.51%), coal (36.72%), and other minerals (7.57%), such as marble (23.22%) and limestone (7.95%), has increased, leading to a 4.85% expansion in the mining and quarrying business.

Based on the Quantum Index of Manufacturing (QIM), large-scale manufacturing has seen a nominal growth of 0.07% with a mixed trend in the production of different groups, such as food (+1.69%), beverages (-3.43%), textiles (-8.27%), tobacco (-33.59%), non-metallic mineral products (-3.89%), wood (+12.09%), Coke & Petroleum (+4.85%), and pharmaceuticals (+23.19%).

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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1 week ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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1 week ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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