Economic recovery boosted by strong agriculture sector, says NAC

The National Accounts Committee (NAC) has recently released its latest quarterly and annual estimates for the financial year 2024, highlighting a notable economic recovery, largely attributed to improvements in the agriculture sector.

In the first two quarters of 2024, economic growth has exceeded expectations. While last year's growth rate was a dismal -0.21%, this year's growth rate is projected to surpass 2.38%, based on current data estimates.

The NAC's sector-specific growth analysis for the third quarter reveals a mixed performance across different sectors.

The agriculture sector experienced a growth rate of 3.94%, the industry sector grew by 3.84%, and the services sector saw a modest increase of 0.83%.

A key driver of this positive trend is the agriculture sector, which has shown remarkable growth due to bumper crops. This agricultural boom has significantly contributed to the overall economic growth.

The Green Pakistan Initiative (GPI), launched under the Special Investment Facilitation Council (SIFC), has played a crucial role in this success.

The initiative aims to achieve self-sufficiency and address food shortages, leading to increased crop yields.

However, the industrial and services sectors did not perform as well as anticipated. Declines in the production of automobiles, textiles, and electrical products contributed to the lower-than-expected growth in these sectors.