FOREWORD

Senator Muhammad Aurangzeb

Federal Minister for Finance and Revenue

Pakistan remains steadfast on path to macroeconomic stabilization, gearing towards a shift to

an era of sustainable and inclusive growth. Challenges abound but the resolve is unwavering. All
chronic systemic issues inflicting various sectors of the economy that have hampered progress
and prosperity in the past are on the operating table for permanent resolution. External account
vulnerability and fiscal mismanagement, having a direct bearing on inflation, are at the core of
corrective policy actions being rolled out by the Government. As these measures take shape and
mature, it is hoped that the hardships of the common man on the street will alleviate.

Government has renewed its focus on high potential sectors like IT, SMEs, mines and minerals,
tourism, exports and agriculture. These sectors can pay rich dividends and lend support to the
country’s balance of payments position. Complementing this, are efforts to reinvigorate foreign
investments in the country and extend all out facilitation to overseas Pakistanis for realizing the
full potential of home remittances. Going forward, fiscal discipline through curtailment of non-
essential expenditures coupled with all-encompassing reforms at the Federal Board of Revenue
will ensure financial self-sustainability. Support from bilateral and multilateral development
partners remains important. The Stand-by Arrangement with the IMF, signed by the Government
at the outset of FY2024 was concluded successfully as Pakistan now looks forward to an extended
stabilization and home-grown growth program.

During FY2024, Pakistan’s economy registered moderate recovery reflected by a GDP growth of
2.38 percent against previous year’s contraction of 0.21 percent. Agriculture emerged as a main
driver of economic growth, registering a growth of 6.25 percent on the back of double- digit
growth in output of major crops. Industrial and services sectors also showed resilience with each
posting a growth of 1.21 percent. Current account deficit was kept under check, with marked
improvement in foreign exchange reserves, reaching US$ 14.6 billion by end May 2024. The fiscal
sector progressed towards stability, propelled by consolidation efforts and targeted reforms. Fiscal
deficit remained manageable with an overall primary surplus. Rupee appreciated by almost 3.0
percent during the first eleven months.

The release of Pakistan Economic Survey 2023-24 marks a significant event as it coincides with
Pakistan’s steady progress towards economic recovery and stabilization. The document examines
key sectors of the economy, highlighting growth catalysts for the year. It also provides an update
on macroeconomic and socioeconomic variables during the first nine to ten months of FY2024.
I would like to commend the efforts of Finance Secretary Mr. Imdad Ullah Bosal, and Economic
Adviser Dr. Imtiaz Ahmad and his team for compiling this publication. Hopefully, it will serve as
a valuable source of information and data for policymakers, development partners, researchers,
academia, and the wider public alike.

Islamabad, June, 2024

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS i

 MESSAGE
Imdad Ullah Bosal
Finance Secretary

The Pakistan Economic Survey 2023-24 presents an overview of the country’s economic
performance during the outgoing fiscal year. It underscores the resilience and robustness of
Pakistan’s economy in the face of multifaceted domestic and external challenges.

Pakistan’s economy witnessed a slight contraction in FY2023 mainly due to global economic
slowdown, high global inflation, and flood damages. However, due to government’s timely and
effective policy measures, the economy has witnessed a moderate recovery in FY2024 despite
challenges of fiscal consolidation, monetary tightening, geopolitical tensions, and persistently
high inflationary pressure.

Quarterly growth estimates has indicated a consistent positive trend in economic activities,
culminating in an overall growth of 2.38 percent for the outgoing fiscal year. Agriculture sector has
recorded highest growth in the last 19 years which is a significant achievement towards ensuring
food security and price stability. Economic activities have benefited from improvements in the
agriculture sector, paving the way for further strengthening in the upcoming months. The positive
spillover effects are observed on industry and services sectors. Economic activities are gradually
improving, inflation is trending downward, and the external sector has stabilized. Moving forward,
the economy is expected to have favorable external and domestic economic prospects.

I appreciate and acknowledge the diligent work put forth by the Economic Adviser and his entire
team in preparation of this document. I am confident that the Pakistan Economic Survey 2023-24
will serve a valuable resource, offering insightful information to relevant stakeholders including
but not limited to the decision-makers, academia, policy experts and researchers.

Islamabad, June, 2024

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS ii

 Dr. Imtiaz Ahmad
Economic Adviser

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS iii

 TABLE OF
CONTENTS
Global Economic Situa on 01
Growth and Investment 03
Agriculture 05
Manufacturing & Mining 07
Fiscal Development 09
Money & Credit 11
Capital Markets and Corporate Sector 13
Infla on 15
Trade and Payments 17
Public Debt 19
Educa on 21
Health and Nutri on 23
Popula on Labour Force and Employment 25
Transport and Communica on 27
Energy 29
Informa on Technology and Telecommunica on 31
Social Protec on 33
Climate Change 35

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS iv

 Global Economic
Situation
■ Global growth decelerated due to ■ World merchandise trade volume is
sluggish performance in advanced projected to grow by 2.6% in 2024
economies amid contractionary (-1.2% in 2023) before picking up to
monetary policy stance to tackle 3.3% in 2025 (WTO).
inflation.
■ Geopolitical tensions have
■ Global economic growth has slowed emerged as the predominant risk
down from 3.5% in 2022 to 3.2% in to the global economic landscape.
2023 and is projected to continue Presently, conflicts in Eastern
the same pace in 2024 and 2025, Europe and the Middle East,
below the historical (2000-2019) critical hubs for global food and
annual average of 3.8%. energy distribution, pose imminent
challenges.
■ Global inflation is expected to fall
from 6.8% in 2023 to 5.9 % in 2024
and 4.5 % in 2025.

3.2%
GROWTH (2024)

5.9%
INFLATION (2024)

WORLD MERCHANDISE 2.6%

TRADE (2024)

1 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

“ Global growth decelerates
as advanced economies
grapple with inflation
and rising geopolitical
tensions that contribute to
economic uncertainty
“

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 2

 Chapter: 01
Growth and
Investment
■ The real GDP posted a growth of 2.38 with the resilient external sector and
percent in FY2024. The prudent policy fiscal consolidation.
management and the resumption of
inflows from multilateral and bilateral ■ GDP at current market prices increased
partners, and the gradual economic to Rs.106,045 billion in FY2024, showing
recovery in the major trading partners, a growth of 26.4 percent over (Rs.
turned the negative growth in FY2023 to 83,875 billion) last year.
positive growth in FY2024.
■ Per capita income increased by US$129
■ The robust growth in agriculture sector, to US$1680 as compared to US$1,551 of
the highest in last 19 years emerged as last year on the account of increase in
the key driver of economic growth in economic activity and appreciation in the
FY2024. exchange rate.

■ The prolonged inflationary impact is ■ The investment to GDP ratio stood at

gradually fading in FY2024. The inflation 13.14 percent in FY2024 compared to
is trending downward steadily since third 14.13 percent in FY2023 mainly due to
quarter of FY2024. This improvement is contractionary macroeconomic policies
picking up the aggregate demand along and political uncertainty.

3 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ The saving to GDP ratio recorded at 13.0 ■ The industrial sector posted a positive
percent in FY2024 compared to 13.2% in growth of 1.21 percent in FY2024.
FY2023. Industrial sector performance is mainly
driven by the manufacturing sector
■ The growth of agriculture sector (2.42%) and construction sector (5.86%).
estimated at 6.25 percent in FY2024.
This growth is mainly driven by 16.82 ■ Services sector constitutes the largest
percent growth in important crops such share of 57.7 percent in GDP for FY2024.
as wheat, rice and cotton. This sector also witnessed a moderate
growth of 1.21 percent.

KEY INDICATORS
FY2024

GDP Gowth 2.38%

Agriculture 6.25%

Industries 1.21%

Services 1.21%

Per Capita Income (US $) 1,680

Investment 13.1%
(as % of GDP)

Savings 13.0%
(as % of GDP)

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 4

 Chapter: 02
Agriculture

■ The agriculture sector in Pakistan largely comparable, with sugarcane

witnessed robust growth in FY2024, standing at 87.64 million tonnes against
with an overall increase of 6.25 percent. 87.98 million tonnes and maize at 9.85
million tonnes compared to 10.99 million
■ The rise in production of important crops tonnes.
(16.82%) is attributed to the production
of cotton (108.2%, 10.22 million bales ■ Other crops have also shown a growth
compared to 4.91 million bales), rice of 0.90 percent as compared to the
(34.8%, 9.87 million tonnes compared to contraction of 0.92 percent last year
7.32 million tonnes), and wheat (11.6%, because of growth in fruits (8.40%),
31.44 million tonnes from 28.16 million vegetables (5.77%) and pulses (1.45%).
tonnes).
■ Cotton ginning, having a share of 1.34
■ However, sugarcane and maize declined percent in the agriculture sector and
by 0.4 percent and 10.4 percent, 0.32 percent in GDP, grew by 47.23
respectively, which can be partially percent on the back of high growth in
attributed to the crop switching. As cotton production.
such, the production of both crops is

5 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ Livestock, with a significant share of in agriculture, grew by 3.05 percent
60.84 percent in agriculture and 14.63 compared to 16.63 percent last year.
percent in GDP, grew by 3.89 percent
compared to 3.70 percent last year. ■ Fishing, with a sectoral share of 1.30
percent has shown a growth of 0.81
■ Forestry, having a share of 2.33 percent percent against 0.60 percent during last
year.

KEY INDICATORS
GROWTH

Agriculture 6.25%

Crops 11.03%

Livestock 3.89%

Forestry 3.05%

Fishing 0.81%

INPUTS (Jul-Mar FY2024)

Agriculture Credit 33.8%

Fertilizer Off-Take 3,957

(Thousand Tonne)

Certified Seeds Availability 642.5

(Thousand Tonne)

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 6

 Chapter: 03
Manufacturing
and Mining
■ Manufacturing activity started to highest growth of 61.5 percent, followed
recover in FY2024, but still remained by Pharmaceuticals (23.2%), Furniture
below the potential due to weak market (23.1%), Wood products (12.1%),
sentiments, global supply disruptions, Chemicals (8.0%), Wearing apparel
and heavy reliance on imports. (5.4%), Leather products (5.3%), Coke
& Petroleum products (4.9%), Rubber
■ In addition, rising input costs, a products (3.6%) and Food (1.7%).
struggling textile sector, lower
government spending, high inflation, ■ The sectors which recorded negative
and elevated policy rates compounded growth are Automobiles (37.4%),
the issue. This was further strained Tobacco (33.6%), Computer, electronic &
by political and economic uncertainty optical products (16.0%), Textile (8.3%),
before the election and subdued global Electrical equipment (7.5%), Non metallic
demand. mineral products (3.9%), Beverages
(3.4%), Iron & steel products (2.2%) and
■ Large Scale Manufacturing (LSM) Paper & Board (2.0%).
declined by 0.1 percent during Jul-Mar
FY2024 compared to decline of 7.0 ■ The Mining and Quarrying sector posted
percent last year. growth of 4.9 percent during FY2024
against contraction of 3.3 percent last
■ Machinery & Equipments recorded year.

7 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ July-March FY2024, production of ■ The establishment of the SIFC aims to
minerals witnessed significant growth enhance Pakistan’s business environment
such as Coal (37.7%), Chromite (36.9%), by adopting a cooperative approach,
Iron Ore (63.9%), Soap stone (29.3%), attracting domestic and foreign
Magnesite (34.4%) and Marble (23.2%). investments across crucial sectors like
defense production, agriculture, mining,
■ However, some minerals witnessed IT, and energy, thereby facilitating the
negative growth such as Natural Gas recovery and accelerated performance of
(2.0%), Dolomite (2.1%), Sulphur the LSM sector in the medium term.
(20.3%), Barytes (10.9%) and Ocher
(24.8%).

KEY INDICATORS
Jul-Mar FY2024

LSM Growth Rate -0.1%

Textile Growth -8.3%

Wearing Apparel 5.4%

Furniture 23.1%

Leather Product 5.3%

Fertilizer 16.4%

Pharmaceutical 23.2%

Mining & Quarrying 4.9%

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 8

 Chapter: 04
Fiscal Development
■ In FY2024, the consolidation measures billion last year.
boosted revenues, however, expenditure
remained under pressure due to higher ■ Total development expenditures grew by
markup payments. 14.2 percent to Rs.1,158.1 billion against
Rs.1,014.0 billion last year. The Federal
■ The fiscal deficit stood at 3.7 percent of PSDP (including development grants
GDP during July-March FY2024 the same to provinces) stood at Rs 321.6 billion
as last year. during July-March FY2024 against Rs
328.8 billion last year, showing a decline
■ Measures to control non-mark-up of 2.2 percent.
spending and revenue mobilization
helped in improving the primary surplus ■ Total revenues grew by 41.0 percent to
to Rs.1615.4 billion (1.5% of GDP) during Rs 9,780.4 billion in July-March FY2024
July-March FY2024 from Rs.503.8 billion against Rs 6,938.2 billion last year. Non-
(0.6% of GDP) last year. tax collection grew by 90.7 percent to
Rs.2,517.9 billion during July-March
■ Total expenditure increased by 36.6 FY2024 against Rs.1,320.5 billion last
percent to Rs 13,682.8 billion in July- year.
March FY2024 from Rs 10,016.9 billion
last year. Current expenditures grew by ■ Total tax collection grew by 29.3 percent
33.4 percent to Rs 12,333.3 billion during to Rs.7,262.5 billion during July-March
July-March FY2024 from Rs 9,244.6 FY2024 against Rs.5,617.7 billion last

9 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

 year. A considerable improvement in Rs.435.5 billion against Rs.456.0 billion
tax collection has been observed on the last year.
back of various tax-enhancing measures
implemented under the Finance Act ■ The government is committed to
2023. strengthening public finances through
various reforms and initiatives both
■ FBR net provisional tax collection during on the revenue and expenditure sides.
July-May, FY2024, increased by 30.8 These reforms will not only reduce
percent to Rs. 8,125.7 billion against Rs dependency on borrowing and avoid
6,210.1 billion last year. debt-related risk but simultaneously
it will create sufficient space for social
■ During July-March, FY2024, all four assistance and development spending.
provinces posted a combined surplus of

KEY INDICATORS
Jul-Mar FY2024
Total Revenue (Rs. Trillion) 9.78

29.3%
Tax Revenues
Rs 7.26 tr
90.7%
Non-Tax Revenues
Rs 2.52 tr
Total Expenditure (Rs. Trillion) 13.68

33.4%
Current Expenditure
Rs 12.33 tr

Development Expenditure 14.2%

Rs 1.16 tr

Fiscal Deficit (as % of GDP) 3.7%

(same as last year)

Primary Surplus (as % of GDP) 1.5%

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 10

 Chapter: 05
Money and Credit

■ To fight against historic high inflation, ■ During July-March FY2024, Broad Money
central banks around the world had (M2) has posted growth of 7.0% to Rs
adopted tight monetary policy stance by 2,216.1 billion as compared growth of
increasing interest rates during last two 4.4% to Rs 1,211.5 billion during same
years. period last year.

■ However, market is getting signals of ■ During July-March FY2024, Net Foreign

well-anchored inflation expectations - Assets (NFA) of banking system
amid investor confidence. witnessed an expansion of Rs 529.7
billion as compared decline of Rs 2,073
■ At the global level, it is expected that billion during same period last year.
central banks will gradually move to a
more neutral policy stance to achieve ■ During July-March FY2024, Net Domestic
target inflation and maintain well- Assets (NDA) of the banking system
anchored inflation expectations. increased by Rs 1,686.5 billion as
compared to Rs 3,284.5 billion last year.
■ SBP has maintained the policy rate at
22% in seven consecutive monetary ■ During July-March FY2024, private sector
policy decisions during July-April FY2024. credit decelerated to Rs 188 billion

11 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

 against expansion of Rs 300 billion last compared an increase of Rs 699 billion
year. last year.

■ During July-March FY2024, loans for ■ During July-March FY2024, Bank

consumer financing witnessed net Deposits mobilization remained Rs 2,703
retirement of Rs 52.6 billion against billion against deposits of Rs 512 billion
retirement of Rs 21.1 billion last year. last year.

■ During July-March FY2024, Currency in

Circulation lowered by Rs 498 billion as

KEY INDICATORS
22.0%
Policy Rate (Avg Jul-Apr FY2023)

Rs 2,216 bn*
Broad Money (M2) (Growth of 7.0%)

NFA Rs 530 bn*

NDA Rs 1,687 bn*

Private Sector Credit Rs 188 bn*

Weighted Average 20.8%

Lending Rate (Average)

Weighted Average 10.4%*

Deposit Rate (Average)

*: Jul-Mar FY2024

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 12

 Chapter: 06
Capital Markets and
Corporate Sector
■ The performance of major world ■ Increase has been observed in BSE
stock markets (US, France, India, Sensex Index of India (14.3%), Kuala
China, and Pakistan) remained robust Lumpur Composite Index of Malaysia
except Shanghai Stock Exchange (SSE) (16.0%), Jakarta Stock Exchange
Composite Index of China. Primarily, the Composite Index of Indonesia (4.6%) and
property sector crisis in China slightly Korean Composite Stock Price Index of
dented the investors’ sentiments. South Korea (2.8%)

■ The KSE-100 index of Pakistan posted a ■ Decrease has been observed in SET Index
significant growth of 82.8 percent from of Thailand (10.5%), Shanghai Composite
41,453 (end June 2023) to 75,878 (end Index of China (3.6%), and PSEi
May 2024) owing to successful IMF’s Composite Index of Philippines (0.5%).
program under Stand-by Arrangement
and stability on economic & political ■ Market capitalization of the Pakistan
front. Stock Exchange (PSX) increased by 59.7
percent to Rs 10,170 billion by end May
■ The Morgan Stanley Capital International 2024 against Rs 6,369 billion on 30th June
Emerging Market (MSCI-EM) Index, an 2023.
index of 24 emerging stock markets,
increased by 6.0 percent during July-May ■ As of May 31, 2024, the number of listed
FY2024. companies at PSX stood at 524.

13 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ During July-March FY2024, 04 new ■ with capitalization of Rs 33.0 billion.
companies listed at PSX. Most companies were registered in
Information Technology (2,700), Trading
■ The product basket of National Savings Sector (2,475) and Services Sector
Scheme (Defence Savings Certificates, (2,299).
Special Savings Certificates, Special
Savings Accounts, Regular Income ■ During July-March FY2024, 3.4 million
Certificates, Prize Bonds etc.) witnessed lots of different commodity futures
an outflow of Rs 105.0 billion during contracts including gold, crude oil, and
July-March FY2024 as compared to an US equity indices worth Rs. 4.1 trillion
outflow of Rs 308.2 billion last year. were traded on PMEX which is 14.5
percent higher than last year.
■ During July-March FY2024, 20,810 new
companies were incorporated with SECP,

KEY INDICATORS
Jul-Mar FY2024

KSE-100 Index 61.6%

48.3%
Market Capitalization
Rs 9,447.7 bn

Fund Mobilized at PSX Rs 18.9 bn

Net Investment in NSS* Rs -105 bn

Incorporation of
Companies (No.) 20,810

Commodities Contracts Rs 4.08 tr

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 14

 Chapter: 07
Inflation

■ The coordinated policy response helped and non-food 25.7 percent as against
to reduce inflation significantly to 11.8 37.3 percent and 20.3 percent in the
percent in May 2024 from its peak of corresponding period last year.
38 percent recorded in May 2023. It is
lowest inflation after 30 months. ■ Food inflation-Rural during July-May,
FY 2024, is recorded at 23.7 percent
■ The decline in inflation is broad-based, and non-food 23.8 percent as against
reflecting the combined impact of 41.1 percent and 24.9 percent in the
monetary tightening, fiscal consolidation, corresponding period last year.
smooth supplies of food items, favorable
global commodity prices, and base ■ Core inflation-Urban and Rural during
effect. July-May, FY 2024, stood at 16.4 percent
and 23.3 percent, respectively against
■ The headline CPI national inflation, 16.0 percent and 20.1 percent last year.
averaged at 24.5 percent during July-
May, FY 2024 against 29.2 percent last ■ WPI inflation during July-May, FY 2024
year. is recorded at 21.1 percent against 33.9
percent last year.
■ Food inflation-Urban during July-May,
FY 2024, is recorded at 24.2 percent

15 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ SPI inflation stood at 28.7 percent during ■ Despite the Middle East conflict raising
July-May, FY 2024 against 32.8 percent geopolitical risks, commodity markets
last year. have remained calm. This stability helps
maintain Pakistan’s downward inflation
■ The government is taking various trend, though there is an upside risk due
administrative, policy and relief to potential future market disruptions.
measures to control the inflationary
pressure.

KEY INDICATORS
Consumer Price 24.5% 29.2%
Index (CPI) (FY2024)* (FY2023)*

25.1% 26.8%
CPI Urban (FY2024)* (FY2023)*

24.2% (FY2024)* 25.7% (FY2024)*

Food: 37.3% (FY2023)*
Non-Food: 20.3% (FY2023)*

23.8% 32.7%
CPI Rural (FY2024)* (FY2023)*

23.7% (FY2024)* 23.8% (FY2024)*

Food: 41.1% (FY2023)*
Non-Food: 24.9% (FY2023)*
Urban Rural
Core 16.4% (FY2024)* 23.3% (FY2024)*
16.0% (FY2023)* 20.1% (FY2023)*

Sensitive Price 28.7% 32.8%

Indicator (SPI) (FY2024)* (FY2023)*

Wholesale Price 21.1% 33.9%

Index (WPI) (FY2024)* (FY2023)*

FAO Food Price -13.8% -7.5%

Index (2023/22) (Apr-24/Apr-23)

*: Jul-May

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 16

 Chapter: 08
Trade and Payments
■ The global merchandise trade for 2023 FY2024 as compared to US$22.6 billion
declined by 5 percent to US$24.01 last year on account of significant decline
trillion owing to global slowdown, trade in imports.
fragmentation and geopolitical tensions.
■ The services account deficit reached
■ According to WTO, global merchandise US$1.9 billion in Jul-Apr FY2024 as
trade is expected to grow by 2.6 percent against US$0.5 billion last year, owing to
in 2024 and 3.3 percent in 2025. a sharp increase in services imports.
Downside risks includes: geopolitical
tensions, rising protectionism, policy ■ The primary income account deficit
uncertainty, and supply disruptions. increased by 34.8 percent to US$6.1
billion in Jul-Apr FY2024, as against
■ Pakistan’s external account improved deficit of US$4.6 billion due to higher
considerably during Jul-Apr FY2024 as dividend repatriation and interest
CAD narrowed down by 94.8 percent to payments.
US$0.2 billion as compared to US$3.9
billion same period last year. ■ Remittances grew by 3.5 percent during
Jul-Apr FY2024 and recorded at US$ 23.8
■ Trade deficit of goods contained by 21.6 billion as against US$ 23.0 billion last
percent to US$17.7 billion in Jul-Apr year, owing to structural reforms related

17 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

 to exchange companies and facilitation compared to $1.3 billion in the same
under PRI. period last year.

■ The financial account witnessed net ■ The FOREX reserves recorded at US$14.0
inflows of US$3.9 billion during Jul-Apr billion including SBP’s reserves of US$8.9
FY2024 mainly augmented by inflows billion as on June 05, 2024.
under IMF’s SBA and from friendly
countries, against outflows of US$0.6 ■ The PKR appreciated by almost 2.8
billion last year. percent, from the end–June 2023 till
May 2024.
■ FDI inflows increased by 8.1 percent
to $1.5 billion during Jul-Apr FY2024

KEY INDICATORS
Jul-Apr FY2024 ($ billion)

Current Account Deficit 0.2

Exports 25.7

Imports 43.4

Trade Deficit 17.7

Remittances 23.8

Foreign Direct Investment 1.5

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 18

 Chapter: 09
Public Debt
■ Total public debt stood at Rs.67,525 relied on long-term domestic debt
billion by end-March 2024. securities.
■ Out of which, domestic debt recorded ■ The Government retired Treasury Bills
at Rs.43,432 billion while external debt amounting to Rs 0.8 trillion which led to a
reached Rs.24,093 billion (US$ 86.7 reduction of short-term maturities.
billion).
■ Government undertook amendments
■ During Jul-Mar FY2024, total interest in the Treasury Bills Rules, 1998 and
expense on public debt recorded at Rs. Ijara Sukuk Rules, 2008 for competitive
5,518 billion, of which, Rs. 4,807 billion debt management operations, improved
as interest on domestic debt and Rs. 710 transparency and diversified investor
billion on external debt. base.
■ Around 88 percent of financing of fiscal ■ The government carried out maiden
deficit carried out through domestic auction of 1-year fixed rate Ijara Sukuk on
markets, whereas 12 percent from PSX in December 2023. The whole Sukuk
external sources. auction system has now been shifted to
PSX.
■ Within domestic debt, the Government

19 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ In addition to existing 3 year and 5 year ■ External budgetary disbursements
Ijara Sukuk instruments, Government recorded at US$ 6.3 billion, from
introduced a 1 year discounted Sukuk multilateral sources (US$ 2.7 billion),
instrument to diversify shariah compliant bilateral development partners (US$ 2.8
instrument base with more options to billion) and Naya Pakistan Certificates
investors with appetite towards Islamic (US$ 0.8 billion).
investments.
■ Government also received US$ 1.9 billion
■ Government successfully issued Shariah under the IMF’s SBA and US$ 1.0 billion
Compliant Sukuk instruments amounting bilateral deposit from UAE.
to around Rs. 1.5 trillion.

KEY INDICATORS

Total Public Debt 67,525

(End March 2024) (Rs. billion)

43,432
Domestic Debt (Rs. billion)

24,093
External Public Debt (Rs. billion)

Reduction in Stock of T-Bill 0.8

(Rs. trillion)

3.1
ATM of GoP Securities
(Years)

Sukuk auction system shifted

to Pakistan Stock Exchange

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 20

 Chapter: 10
Education

■ According to the Labor Force Survey ■ Out of School Children (OOSC) are 32%
2020-21, the literacy rate in Pakistan (Male: 27%, Female: 37%)– as per PSLM
stood at 62.8 percent in 2020-21 as 2019-20. Punjab has 24%, KP 32%, Sindh
compared to 62.4 percent in 2018-19. 44%, and Balochistan 47% OOSC.
The rate is higher for Males (73.4%) than
females (51.9%) however, the disparity is ■ The “Challenge Fund to Address the
narrowing down with time. OOSC Crisis in Pakistan” project,
costing Rs. 25.0 billion, launched by the
■ Area-wise analysis suggests literacy Planning Commission, aims to provide
increased in both rural (53.7% to 54.0%) quality education to all inhabitants,
and urban (76.1 % to 77.3%). enhance girls’ education through various
approaches, ensure a suitable learning
■ Literacy rate had registered environment for different OOSC groups,
improvement in all provinces in FY2021, and expand community engagement
Punjab (66.1% to 66.3%), Sindh (61.6% through multifaceted interventions.
to 61.8%), Khyber Pakhtunkhwa (52.4%
to 55.1%) and Balochistan (53.9% to ■ During FY2024, the Government has
54.5%). allocated Rs 69.7 billion (including Rs.

21 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

 10 billion for PM’s Laptop Scheme) ■ Cumulative education expenditures
to HEC for implementation of 169 by federal and provincial governments
development projects (139 ongoing & in FY2023 estimated at 1.5 percent of
30 new approved projects) of Public GDP. Expenditures on education-related
Sector Universities/HEIs. During July-May activities during FY2023 increased by
FY2024, an amount of Rs 47.1 billion was 13.6 percent to Rs 1,251.1 billion from Rs
released. 1,101.7 billion.

KEY INDICATORS
1.5
Expenditure (FY2023) (as % of GDP)

Literacy Rate 62.8%

Universities 263

Higher Education 69.7

Allocation (Rs billion)

Ph.D Faculty Members

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 22

 Chapter: 11
Health and Nutrition
■ Government is committed towards (6 months to 5 years) across 72
Universal Health coverage. In this regard, districts with an assessed coverage of
Global health summit was conducted by 95% through close coordination with
Pakistan with the coordination of Asian provinces.
Development Bank in February 2024.
■ The government has launched a three-
■ An amount of Rs 25.3 billion allocated year National Multisector Nutrition
to health sector in PSDP of FY2024. Program to Reduce Stunting & Other
During the period July-May FY2024 68% Forms of Malnutrition, with an allocation
of the allocation has been released to of Rs. 8.5 billion. The program is
concerned authorities. scheduled for implementation across
36 districts burdened with high rates of
■ The total public health expenditures stunting, affected by calamities.
during FY2023 amounted to Rs 843.2
billion (1.0 % of GDP) against Rs 919.4 ■ Under PAEC, over 1.0 Million procedures
billion last year. carried out annually in AECHs. About,
40,000 new cancer patients are treated
■ Federal Directorate of Immunization annually. At present, there are over 2600
(FDI) vaccinated 2.7 million children personnel employed in these hospitals,
comprising 250 doctors, 80 medical

23 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

 physicist, 47 bio medical engineers and ■ NDMA responded to spring rains 2024,
47 radio pharmacists and scientists. by providing 9000 tents and blankets
to the masses of Khyber Pukhtunkhwa
■ Precursor Information Management and Balochistan along with plastic mats,
System (PIMS) deployed to track kitchen sets and solar lights to protect
precursor chemicals used in illegal drugs them from diseases.
to monitor the movement and prevent
diversion of these chemicals for illicit
purposes.

KEY INDICATORS
1.0
Public Health Expenditure (As% of GDP FY2023)

25.3
Health Sector PSDP Allocation (Rs billion)

1,284
Hospitals (2023)

5,520
Basic Health Units (2023)

Infant Mortality Rate 52.8

(Per 100,000 Births - 2021)

67.3
Life Expectancy
(2022)

Registered Doctors 299,113

(2022)

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 24

 Chapter: 12
Population Labour Force
and Employment
■ According to the 7th National Population ■ The population of Balochistan increased
and Housing Census 2023 the population from 12.34 million(census- 2017) to
is 241.5 million with growth rate of 2.55 14.89 million with a growth rate of 3.2
percent. percent.

■ In 2023, urban population is 93.75 ■ The population of Khyber Pakhtunkhwa

million while rural population is 147.75 increased from 35.50 million(census-
million. 2017) to 40.85 million with a growth
rate of 2.38 percent.
■ The population of Punjab increased
from 109.98 million (census -2017) to ■ The population of Islamabad reached at
127.68 million with a growth rate of 2.53 2.36 million from 2.01 million(census-
percent. 2017) with a growth rate of 2.81 percent.

■ The population of Sindh increased ■ According to the Labour Force Survey

from 47.85 million (census- 2017) to 2020-21, total labour force is 71.76
55.69 million with a growth rate of 2.57 million out of which 67.25 million
percent. are employed and 4.51 million are
unemployed with unemployment rate of
6.3 percent.

25 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ Uptill March 2024, the government Overseas Employment Promoters (OEPs)
disbursed Rs. 83,683 million under Prime during July - December 2023.
Minister’s Youth Business & Agriculture
Loan Scheme. ■ OEC signed MoUs(November2023)with
three workforce recruiting companies
■ During 2023, Bureau of Emigration & (Alfnar, Maharah, Albawani) in KSA to
Overseas Employment (BE&OE) and explore the new markets for workers.
Overseas Employment Corporation (OEC)
registered 862,625 workers for overseas ■ In February 2024, OEC signed 26 Letters
employment in different countries. of Intent with different companies/
Employers in KSA and an MoU with
■ To increase the manpower export from Nesma & Partners.
Pakistan, 74 new licenses were issued to

KEY INDICATORS
241.5
Population Size (2023) (million)

Rural: 147.75 million Urban: 93.75 million

Unemployment
6.3%
Rate (LFS 2021)
Workers Regd. for 862,625
Employment Abroad (2023)

Prime Minister’s Youth Business &

Agriculture Loan Scheme (till Mar 2024)

Disbursement: Rs 83,683 mn Beneficiaries: 140,702

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 26

 Chapter: 13
Transport and
Communication
■ An amount of Rs. 156.5 billion allocated increased by 33.3% to Rs. 235.3 billion,
in PSDP 2023-24 for 123 projects of recording a loss of Rs. 58.8 billion.
NHA. Rs 123.0 billion has been released
upto May 2024. Its network comprises ■ Pakistan National Shipping Corporation
of 48 national highways, motorways and has a fleet strength of 12 vessels having
strategic roads with a total length of cargo carrying capacity of 938,876 metric
14,480 Km. tonnes. It witnessed profit of Rs.14.7
billion as against Rs.24.0 billion in same
■ Pakistan Railways network consists of period last year due to decrease in dry
446 Locomotives with route length of cargo and liquid cargo segment revenue.
7,791 Km. During July-March FY2024,
gross earnings of Rs. 49.5 billion were ■ The Port Qasim Authority handled 10%
recorded as compared to Rs. 40.0 billion more cargo as compared to the same
last year. period of the last FY2023. The total
cargo comprising bulk, liquid bulk and
■ The operating revenue of the PIA general, handled was 34.3 million tones
increased by 27.9% during CY2023 to as compared to 31.1 million tones of last
Rs. 238.5 billion. Whereas, operating year.
expenditures during this period

27 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ The cargo throughput of exports 140 Pakistani satellite TV stations and 35
achieved a growth of over 36% during channels with Landing Rights permission
July-March FY 2024 wherein volume of to broadcast in Pakistan. During July-
exports handled was 7.3 million tones as March FY2024, the PEMRA deposited
compared to 4.7 million tones handled Rs 2.8 million to the national exchequer
last year. showing 40 percent increase.

■ The cargo and container handling at the ■ Pakistan Broadcasting Corporation has
Karachi Port during July-March FY 2024 broadcasting network of about 80 units
was 64.2 million tonnes as compared housed in 32 broadcasting houses across
to 31.8 million tonnes during last year, the country. During FY2024, an amount
recording an increase of 50 percent. of Rs 5.8 billion were allocated to the
PBC for its operational expenditures,
■ The electronic media network consists of around 89% have been released upto
May, 2024
KEY INDICATORS
14,480
NHA’s Network Length (Km)

Pak Railways Passenger 22.5*

Traffic (mn passengers)

Pak Railways Freight 4,310*

Traffic tonne Km (million)

PNSC Group’s Profit 14,690*

after Tax (Rs million)

Cargo Handling at Ports** 98,822*

(mn tonne)

10,408
Pakistan Post’s Network
(number)

PBC’s Broadcasting 80
Network (units)
* : Jul-Mar FY2024
** : Karachi Port, Port Qasim, Gwadar Port
2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 28
 Chapter: 14
Energy

■ Total installed capacity of electricity agriculture and commercial sectors

in the country is 42,131 MW, with consumed 26.29%, 10.07%, and 7.83% of
contribution from hydel (25.4%), thermal total electricity, respectively.
(59.5%), nuclear (8.4%) and renewables
(6.8%). ■ As of March 2024, net metering based
solar installations stood at 117,807 with
■ During July-March FY2024, total a cumulative capacity of 1,822 MW.
electricity generation remains 92,091
GWh from hydel (31.7%), thermal ■ The six nuclear power plants with gross
(45.9%), nuclear (18.2%) and renewable installed capacity of 3,530 MW supplied
(4.3%). about 16,753 million units of electricity
during July-March FY2024, with monthly
■ Total electricity consumption remained share remained between 12.8% to 25.8%
68,559 GWh during July-March FY2024 of total electricity generation.
with household sector consumes 49.2%
of total electricity. ■ Total demand of petroleum products
decreased by about 7.2% during July-
■ During July-March FY2024, Industrial, March FY2024 as compared to last year.

29 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ Transport sector is the major consumer ■ Total consumption of Natural Gas and
of petroleum products, comprising RLNG stood at 2,512 MMCFD and 695
79.4% of total demand. MMCFD, respectively, during July-March
FY2024.
■ Imports of petroleum products were
11,047.0 thousand tonnes during July- ■ Total consumption of coal stood at 17.28
March FY2024 against 11,976.7 thousand million tonnes during July-March FY2024.
tonnes last year.

KEY INDICATORS

Total Installed Capacity 42,131

(end March 2024) (MW)

Total Installed Generation 92,091

(end March 2024) (Gwh)

Consumptions (Jul-Mar 2024)

Total Electricity 68,559

(Gwh)

Petroleum Products 12.30

(million tonnes)

Gas 3,207
(Mmcfd)

Coal 17.3
(million tonnes)

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 30

 Chapter: 15
Information Technology
and Telecommunication
■ IT & ITeS realized a trade surplus of ■ Till March, 2024 the National Incubation
US$1,996 million, highest in all Services Centers (NICs) have incubated over
(87.4% of total ICT export during July- 1,480+ startups, with more than 710+
March FY2024 (15.8%) against US$1,723 graduating successfully so far.
million last year.
■ These startups have generated
■ ICT export receipts surged by US$ 339 over 128,000 jobs, received a total
million (17.4%) to US$ 2,283 million investment of more than Rs 23 billion,
during FY2024, against US$ 1,944 million with a combined revenue of more
last year. than Rs 16 billion. Over 2,800+ women
entrepreneurs have been empowered
■ Pakistan based freelancers contributed through the program.
foreign exchange earnings to Pakistan’s
economy through remittances of US$ ■ During July-March FY2024, the telecom
350.2 million during July-March FY2024. sector showed resilience, expanding
its services and generating telecom
■ Pakistan Software Export Board (PSEB) revenues to the tune of Rs 735 billion
launched first-ever women’s software (estimated).
technology park at the Women’s
University of Bagh AJK in February, 2024.

31 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ During July-March FY2024, country’s ■ Telecom sector also contributed Rs.
telecom services (Mobile and Fixed) 213 billion (provisional) to the national
experienced healthy growth rates, exchequer during July-March FY 2024.
with 194.6 million subscribers (80.7%
teledensity) and 135.4 million broadband
subscribers (56.1% penetration).

KEY INDICATORS
20,000**
IT and ITeS Companies (Regd. with PSEB)

2,283*
IT Exports (US$ million)

1,996*
Trade Surplus of IT and ITeS (US$ million)

350.2*
Freelancers’ Remittances (US$ million)

Broadband Subscribers 135**

(million)

Total Telecom Subscribers 194.6**

Mobile and Fixed (million)

* : July-March FY2024
** : End March 2024

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 32

 Chapter: 16
Social Protection

■ Government of Pakistan allocated Rs466 ■ Benazir Nashonuma Centres are

billion for FY2024 to the BISP to execute operationalized in 158 districts of
the Social Protection Programmes. the country through 545 Facilitation
Centers to provide health services and
■ Under Benazir Kafaalat Programme, Rs conditional cash transfers to prevent
257.5 billion have been disbursed to children from stunting growth issue.
around 9.4 million beneficiaries during
July-March FY2024. ■ Under Conditional Cash Transfer
Programme, Rs 10.8 billion were
■ BISP has also disbursed Rs 56.0 billion disbursed to 1,873,557 beneficiaries
under Conditional Cash Transfer during July-March FY2024.
Programme.
■ Pakistan Poverty Alleviation Fund
■ Under Benazir Taleemi Wazaif (PPAF) disbursed Rs 2.0 billion during
Programme, whereas additional 2.2 July-March FY2024 through its Partner
million children were enrolled and Rs Organizations in 149 districts across the
36.9 billion have been disbursed to total country.
14.8 million enrolled children during
July-March FY2024. ■ Under the Interest Free Loan Programme
of PPAF, a total of 274,730 interest free

33 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

 loans (65% loans to women) amounting ■ During July-March, FY2024, expenditures
to Rs 12.2 billion have been disbursed to amounting to Rs 1.4 billion were incurred
borrowers. on 12,303 scholarship cases, while Rs
660.1 million disbursed as marriage
■ An amount of Rs7.7 billion provided to grants @ Rs 400,000 per worker
Pakistan Baitul Mal (PBM) in FY2024, benefitting 4,107 workers’ families.
for its core projects/schemes regarding
financial assistance to destitute, widows, ■ The WWF has also disbursed Rs 575.5
orphans, invalid, infirm and other needy million as death grant @Rs 800,000 per
persons at the district level. worker– covering 1,060 cases of mishaps
all over the country.

KEY INDICATORS

BISP Allocations (2024) 466.0

(end March 2024) (Rs. billion)

BISP Beneficiaries: 9.4 million

313.4*
BISP Disbursement (Rs. billion)

Conditional Cash Transfer Rs 56.0 billion

Un-Conditional Cash Transfer Rs 257.5 billion

BISP Taleemi Wazaif*

Enrolment (No.) 2.2 million
Disbursement Rs 36.9 billion

Interest Free Loan Program*

Borrowers: 274,730 (Nos)
Disbursement Rs 12.2 billion

PBM Programs 7.7

(Rs. billion)

* : Jul-Mar FY2024

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 34

 Chapter: 17
Climate Change

■ National Clean Air Policy (NCAP) 2023, ■ The 2023 United Nations Climate Change
aiming to enhance air quality by reducing Conference (COP 28) convened, in Dubai,
pollution nationwide. United Arab Emirates (UAE). Pakistan
actively engaged as a responsible
■ M/o CC&EC launched National member of the global community,
Adaptation Plan (NAP) 2023 provides an upholding the principles outlined in the
overview of the country’s climate risks UN Framework Convention on Climate
and vulnerabilities. Change (UNFCCC).

■ The Green Pakistan-Upscaling Program, ■ Pakistan and China signed an MoU

Phase-I, achieved a plantation target of on Cooperation for Green and Low-
2.12 billion. The program is undergoing Carbon Development in October, 2023.
revision for 2024-2028, expanding
its scope to include carbon finance ■ M/o CC&EC signed MoU with M/o
mechanisms, scientific resource Investment of the UAE in Nov, 2023
assessments, livelihood creation, and for investment cooperation in the
biodiversity conservation. wastewater treatment projects.

35 HIGHLIGHTS - PAKISTAN ECONOMIC SURVEY - 2023-24

■ Kuwait and the Government of Pakistan ■ Pakistan conducted its first Artificial
signed an agreement in November, Rain through Cloud Seeding in
2023 regarding investment cooperation collaboration with UAE’s National Center
for the Development of Mangroves of Meteorology to combat pollution in
Rehabilitation Projects. Lahore.

KEY INDICATORS

National Adaptation Plan 2023

COP28 December 2023

Green Pakistan Upscaling 2.1 Trees

Program billion (Phase-I)

National Clean Air Policy 2023

Climate Budget Tagging Initiative

First Artificial Rain through

Cloud Seeding December 2023

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 36

PCPPI-728(24)Fin-Div - 07-06-2024-500

2023-24 - PAKISTAN ECONOMIC SURVEY - HIGHLIGHTS 37