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Pakistan’s Economic Survey Shows 2.68% Growth, Falling Short of Annual Target

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Pakistan’s Economic Survey 2023-24: Key Highlights Ahead of June 9 Release

Islamabad: The government has finalized its annual economic survey, which will be officially unveiled on June 9. Preliminary data reveals mixed results, with GDP growth reaching 2.68% – below the 3.6% target – but showing notable expansion in key sectors.

Macroeconomic Overview

  • Economy expands by $39.3 billion, reaching $410.96 billion (up from $371.66 billion last year)
  • Per capita income rises by $144
  • GDP in PKR terms grows by Rs9,600 billion, hitting Rs114.7 trillion (vs. Rs105.1 trillion last fiscal year)

Sectoral Performance

🏞️ Agriculture: Mixed Results

  • Crops (+4.78%) and Livestock (+4.72%) exceed targets
  • Cotton ginning plunges (-19%), far below expectations
  • Fisheries (+1.42%) and Forestry (+3.03%) miss marks

🏭 Industry: Surprise Gains

  • Overall growth at 4.77% (above 4.4% target)
  • Large-scale manufacturing contracts (-1.53%), while small-scale surges (+8.81%)
  • Electricity, gas & water supply skyrockets (+28.88%) – the year’s top performer
  • Construction (+6.61%) outpaces projections

💼 Services: Underwhelming Growth

  • Sector expands just 2.91% (vs. 4.1% target)
  • Wholesale/retail trade (+0.14%) disappoints
  • Hotels & restaurants (+4.06%), ICT (+6.48%), and finance (+5.7%) show strength

Key Takeaways

While falling short of its GDP target, Pakistan’s economy saw notable expansion in dollar terms, with standout performances in power, construction, and agriculture. However, manufacturing struggles and sluggish services growth remain concerns ahead of the budget announcement.

Sectoral Growth: Hits and Misses

The economic survey reveals varied performance across services and social sectors:

📈 Outperforming Sectors

  • Real Estate: Grew by 3.75%, narrowly exceeding its 3.7% target
  • Education: Expanded by 4.43%, surpassing the 3.5% benchmark
  • Healthcare & Social Work: Achieved 3.71% growth against a 3.2% goal
  • Public Administration: Surged by 9.92% – nearly triple its 3.4% target

📉 Underperforming Areas

  • Transport & Communications: Managed only 2.2% growth, falling short of the 3.3% target

Policy Implications
The contrasting results – from public administration’s exceptional growth to transport sector’s sluggishness – present both opportunities and challenges for economic planners. These outcomes will likely influence resource allocation in the upcoming federal budget, particularly for:

  • Infrastructure development (addressing transport bottlenecks)
  • Social sector funding (building on education/healthcare successes)
  • Governance reforms (capitalizing on public administration gains)

The data underscores Pakistan’s uneven economic recovery, with strong institutional performance offset by weaknesses in critical connectivity sectors.

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Over 77,000 Pilgrims Face Hajj Disappointment as Private Operators Miss Deadline

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Thousands Face Hajj Disappointment as Private Operators Fall Short; PM Orders Probe

Pakistan’s private Hajj operators have failed to utilize their allocated quota, leaving approximately 77,000 aspiring pilgrims unable to perform this year’s sacred journey due to non-compliance with Saudi Arabia’s requirements. Prime Minister Shehbaz Sharif has taken swift action, ordering a comprehensive investigation into the matter.

Key Developments:

  • An investigative committee, led by the Cabinet Division Secretary, convened with Religious Affairs Secretary Dr. Ata-ur-Rehman presenting critical findings.
  • The review exposed severe shortcomings: Private operators booked only 12,500 of their 89,801 allotted slots—a staggering 86% shortfall.
  • Despite Pakistan’s request for an extension, Saudi authorities upheld their original deadline, leaving no room for additional bookings.

Background on Hajj 2025 Arrangements:

  • The agreement between Pakistan, Saudi Arabia, and private operators was finalized on December 10, 2024.
  • Operators were permitted to transfer funds starting January 10, with Saudi Arabia setting a firm registration cutoff for February 14.
  • Under the 2025 pact, a total of 179,210 Pakistani pilgrims were set to perform Hajj, split between government and private quotas.

Fallout and Next Steps:
The massive underutilization has sparked public outcry, with affected families demanding accountability. The government now faces pressure to:

  1. Hold negligent operators responsible for contractual breaches.
  2. Explore compensatory measures for impacted pilgrims.
  3. Reform oversight mechanisms to prevent future mismanagement.

As the inquiry progresses, authorities must address systemic gaps to restore confidence in Pakistan’s Hajj facilitation system.

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KP Chief Minister Pledges to Safeguard Dignity of Deported Afghans

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The Chief Minister of Khyber Pakhtunkhwa vowed to ensure the respectful treatment of Afghan nationals being repatriated from Pakistan, emphasizing the protection of their dignity throughout the process.

KP Chief Minister Stresses Dignified Repatriation for Afghans, Criticizes Federal Inaction

PESHAWAR: Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur has affirmed that Afghan refugees will not be deported in a state of desperation, insisting on a respectful and humane repatriation process. While supporting the broader deportation policy, he emphasized that refugees must be treated with dignity.

Speaking at a press conference, Gandapur stated that forcibly expelling Afghan nationals and abandoning them at the border without assistance is unacceptable. He clarified that the provincial policy ensures voluntary, dignified returns, with necessary support provided to those who choose to leave.

The chief minister reiterated his long-standing stance on engaging Afghanistan through dialogue, arguing that sustainable peace can only be achieved through goodwill and mutual understanding. He stressed that no Afghan would be forcibly removed and that refugee camps were established solely to facilitate voluntary repatriation.

Federal Delays on Afghan Talks, Security Failures

Gandapur expressed frustration over the federal government’s inaction, noting that the Terms of Reference (TORs) for negotiations with Afghanistan were finalized months ago, yet no progress has been made. Meanwhile, KP has already implemented its Provincial Action Plan, with intelligence-based operations actively underway.

He also criticized the federal government’s security policies, blaming the recent surge in terrorism and civilian casualties on its failures. He claimed that terrorism was effectively controlled during the PTI’s tenure and accused the current administration of deliberately sidelining his party from politics.

NFC Award: Gandapur Threatens Mass Protest

On the contentious issue of the National Finance Commission (NFC) Award, Gandapur issued a stern warning, declaring that KP will not accept further delays beyond the April deadline. He described the NFC as a constitutional right and vowed to lead a province-wide protest if the matter remains unresolved.

“We will take to the streets—police, administration, government employees, and the people of KP—to demand our rightful share,” he said. “This protest will send a clear message that KP will no longer tolerate neglect.”

Gandapur reiterated that dialogue remains PTI’s preferred approach to conflict resolution but warned that the province’s patience is running thin over unmet constitutional and economic demands.

Key Revisions:

  • More structured flow – Divided into clear sections for better readability.
  • Stronger emphasis on key points – Dignified repatriation, federal criticism, and NFC protest threat.
  • More concise phrasing – Removed redundancy while retaining impact.
  • Sharper tone – Highlights Gandapur’s firm stance on Afghan repatriation and financial rights.

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The Chief of Army Staff (COAS) presided over the 268th Corps Commanders Conference, where the military reaffirmed its unwavering commitment to eradicate terrorism at any cost, according to the ISPR.

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COAS Chairs 268th Corps Commanders’ Conference; Vows to Eradicate Terrorism

The 268th Corps Commanders’ Conference was held under the leadership of Chief of Army Staff (COAS) General Syed Asim Munir, NI(M), the Inter-Services Public Relations (ISPR) reported. The forum began by offering Fateha for the martyrs who sacrificed their lives for the nation.

Reaffirming its steadfast commitment, the military leadership resolved to eliminate terrorism in all its forms without discrimination and at any cost. COAS General Asim Munir emphasized that the Pakistan Army would extend complete support to law enforcement agencies, stressing that terrorists and their enablers have no place in the country.

The conference also honored the supreme sacrifices of armed forces personnel, law enforcement agencies, and civilians in safeguarding Pakistan’s peace and stability.