Pakistan missed GDP growth target; achieves 2.38% in FY24: Economic Survey

Pakistan has missed the growth target for the financial year 2023-24 and achieved 2.38 per cent GDP growth against the target of 3.5 per cent, the cash-strapped government acknowledged on Tuesday.

The Economic Survey of Pakistan 2023-24, a pre-budget document detailing the country's major socio-economic achievements during the outgoing fiscal year, was launched by Finance Minister Muhammad Aurangzeb at a press conference.

The real GDP posted a growth of 2.38 per cent in FY 2024, showed the document, adding that due to prudent policy management and the gradual economic recovery, the negative growth in FY 2023 turned to positive in FY 2024.

The growth remained below the estimated target of 3.5 per cent for the outgoing year and the government failed to achieve it, mainly due to underperformance of industries and services sectors.

The minister said that agriculture outperformed every other sector by posting 6.25 per cent growth against a target of 3.5 per cent.

However, the industria