Latest news with #Rs1.100
Business Recorder
5 hours ago
- Business
- Business Recorder
Economic Survey 2024-25: Pakistan misses growth target
Pakistan missed its GDP growth target of 3.6% in the outgoing fiscal year, posting a figure of 2.7%, revealed the Economic Survey 2024-25 unveiled by Finance Minister Muhammad Aurangzeb, former CEO and president of one of the country's largest banks, on Monday. Commenting on the global economy, Aurangzeb noted that the global GDP growth in 2023 stood at 3.5%, which was reduced to 3.3% in 2024 and is now projected to be 2.8% according to the latest estimates. 'GDP growth in 2023 stood at -0.2%, which grew to 2.5% in FY24. We announce a 2.7% GDP growth for FY25,' said Aurangzeb. The finance minister termed it a gradual recovery. 'From my perspective, it is the right way to go in terms of sustainable growth,' he said. The survey serves as a crucial document ahead of the annual federal budget, offering detailed insights into the country's socio-economic performance over the outgoing fiscal year. The government will announce the budget for the financial year 2025-26 on Tuesday. The earlier dates for the Economic Survey 2024-25 and budget announcement for FY26 were June 1 and June 2, respectively. However, the government extended the dates to June 6 and June 7. The National Economic Council (NEC) on Wednesday approved a gross domestic product (GDP) growth rate of 2.7% for the outgoing fiscal year and a projected growth rate of 4.2% for the next financial year. The NEC was informed that Rs3.483 trillion was being spent on the annual national development, of which Rs1.100 trillion was the share of the federation and Rs2.383 trillion was the share of provinces. The meeting was told that remittances increased by 30.9% from July 2024 to April 2025, and the current account balance remained positive for the first time. The fiscal deficit in the fiscal year 2024-25 further decreased to 2.6% of the GDP, while the primary balance remained 3% of the GDP. More to follow
Business Recorder
7 hours ago
- Business
- Business Recorder
Govt to unveil Economic Survey 2024-25 today
The government will launch the Pakistan Economic Survey 2024-25 today (Monday) in the afternoon. According to a statement released by the Ministry of Finance, Finance Minister Muhammad Aurangzeb, former CEO and president of one of the country's largest banks, will release the Economic Survey-2024-25 at a ceremony to be held in Islamabad at 2:30pm. The survey serves as a crucial document ahead of the annual federal budget, offering detailed insights into the country's socio-economic performance over the outgoing fiscal year. The government will announce the budget for the financial year 2025-26 on Tuesday. The earlier dates for the Economic Survey 2024-25 and budget announcement for FY26 were June 1 and June 2, respectively. However, the government extended the dates to June 6 and June 7. The National Economic Council (NEC) on Wednesday approved a gross domestic product (GDP) growth rate of 2.7% for the outgoing fiscal year and a projected growth rate of 4.2% for the next financial year. The NEC was informed that Rs3.483 trillion was being spent on the annual national development, of which Rs1.100 trillion was the share of the federation and Rs2.383 trillion was the share of provinces. The meeting was told that remittances increased by 30.9% from July 2024 to April 2025, and the current account balance remained positive for the first time. The fiscal deficit in the fiscal year 2024-25 further decreased to 2.6% of the GDP, while the primary balance remained 3% of the GDP. More to follow
