Pakistan posts 2.4% growth in third quarter of fiscal year
KARACHI, May 20 (Reuters) - Pakistan's economy grew 2.4% in the third quarter of the fiscal year that ends in June, the national accounts committee said on Tuesday, while revising up growth prospects for the current fiscal year.
In a statement the committee approved a projection of 2.68% provisional growth in GDP during FY 2024/25, taking the size of Pakistan's economy to $410.96 billion.
This month Pakistan's central bank cut its key policy rate by 100 basis points to 11%, citing an improved inflation outlook and resuming a series of cuts from a record high of 22%, following a brief pause in March, to support growth.
The latest national accounts aggregates for fiscal 2024/25 showed the size of the economy at 114.7 trillion rupees ($410.96 billion) up from 105.1 trillion rupees ($ 371.66 billion), the committee said.
Growth in the agriculture sector was 1.18% in Q3, despite a decline in important crops, while industry contracted 1.14%, hit by negative growth in mining and quarrying and large-scale manufacturing.
The committee also approved Pakistan's revised GDP growth at 1.37% in the first quarter and 1.53% in the second.
Pakistan's manufacturing sector growth slowed to a seven-month low in April, with the HBL Pakistan Manufacturing Purchasing Managers' Index (PMI) easing to 51.9 from 52.7 in March, weighed by concerns over global trade.
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