ISLAMABAD, Pakistan: As the Fiscal Year 2023-24 is about to end, the economic indicators demonstrate strengthening of stability in the real, fiscal and external sectors, said a report issued by the Ministry of Finance on Economic Outlook and Update for the month of May 2024.
The report stated that the gross domestic product (GDP) growth is elevating while inflation rates are on a decline with a positive primary balance, reflecting the effectiveness of recent fiscal consolidation efforts.
Ministry of Finance has issued a report on Economic Outlook and Update for the month of May 2024. pic.twitter.com/cHi3yg60wD
— Ministry of Finance, Government of Pakistan (@Financegovpk) May 29, 2024
The economic performance also reveals that agriculture has been a major contributor to this Fiscal Year’s economic upswing, attributed to government-led initiatives that enhanced input supply and credit disbursements.
While the Country’s Large-Scale Manufacturing (LSM) Sector experienced a slight contraction but has shown improvement compared to the previous year.
The fiscal measures have boosted both tax and non-tax revenues, helping maintain a stable fiscal deficit while improvement in the current account balance highlight a healthier external sector driven by better trade balances and increased foreign direct investment.
The ministry said that the economic outlook is promising as industrial activities are gradually improving, inflation is on a downward trajectory, and the external sector is stable.
“Going forward, the economy will gain momentum in the coming months of this Fiscal Year,” the report concluded.
