Finance Minister Aurangzeb unveils Pakistan Economic Survey 2024-25

ISLAMABAD: Federal Minister for Finance and Revenue Senator Aurangzeb has launched the Pakistan Economic Survey 2024-25, which outlines the country’s economic performance during the last fiscal year.

The announcement is being made live on national television just a day before the federal budget is to be presented. Highlighting key economic indicators, he said that Pakistan’s Gross Domestic Product (GDP) grew by 2.7 percent during the outgoing fiscal year. He said that the GDP growth target for the coming year has been set at 4.2 percent, reflecting the government’s commitment to economic recovery and stability.

One of the major highlights of this year’s survey is the unprecedented 30.9 percent increase in remittances from July 2024 to April 2025. Moreover, according to the Finance Minister, Pakistan recorded a surplus in its current account for the first time, which is a milestone achievement.

The economic survey also reveals significant improvements in fiscal management. The fiscal deficit has been reduced to 2.6 percent of GDP, while the primary balance shows a surplus of 3 percent – indicating a more disciplined and controlled budgetary approach.

Aurangzeb added that proactive monetary policy and improved macroeconomic fundamentals have enabled the policy rate to be brought down to 11 percent. Lending to the private sector also showed strong momentum, with loans worth Rs681 billion being disbursed between July 2024 and May 2025.

The document provides a detailed overview of inflation trends, trade performance, public debt, employment figures, demographic changes, and the economic impact of climate change. It is expected to serve as a key input for the federal budget 2025-26, which will be presented tomorrow.

In terms of development expenditure, the government has approved a total of Rs3,483 billion under the Annual National Development Programme (ANDP) for the upcoming fiscal year. Of this, Rs1,100 billion will go towards federal development projects while Rs2,383 billion has been allocated for provincial programs.

The National Economic Council (NEC), which endorsed the survey, stressed that these reforms are the result of coordinated efforts by the federal and provincial governments to stabilize and grow the economy.