Pakistan’s financial system grows 0.92% in Q1 of ongoing fiscal yr

KARACHI (Reuters) – Pakistan’s financial system grew by 0.92% within the first quarter of the fiscal yr 2024-25, regardless of a contraction within the industrial sector, in line with information accepted by the Nationwide Accounts Committee, and launched by its Statistics Bureau on Monday.

The South Asian nation is navigating a difficult financial restoration path and has been buttressed by a $7 billion facility from the Worldwide Financial Fund (IMF) in September.

The expansion was pushed by optimistic performances within the agriculture and companies sectors, which grew by 1.15% and 1.43%, respectively, within the first quarter of the fiscal yr which ends in June 2025.

Pakistan’s financial system grew by 2.69% year-on-year within the first quarter of the earlier 2023-24 fiscal yr.

Nevertheless, the commercial sector contracted by 1.03%, primarily as a result of a decline in mining and quarrying actions throughout July-September, learn the report.

The committee compiling the nationwide accounts accepted the introduction of quarterly estimates of expenditure of the financial system.

On the idea of newest figures of the nationwide accounts aggregates for the final fiscal yr, the general dimension of the financial system stood at 105.6 trillion Pakistani rupees ($379.31 billion).

Annual per capita earnings in rupees was recorded at 472,263 Pakistani rupees ($1,696.35).

The committee additionally accepted an up to date annual progress price for the final fiscal yr 2023-24, which stood at 2.50%, barely decrease than the beforehand estimated 2.52%.

($1 = 278.4000 Pakistani rupees)