KARACHI: Pakistan has seen a significant economic rebound, with the country’s per capita income rising by 9.75% to reach a record high of $1,824 in the fiscal year 2024–25 (FY25), up from $1,662 in the previous year, according to provisional estimates from the Pakistan National Accounts Committee (NAC). In rupee terms, per capita income grew by 8.27%, reaching Rs 509,174, compared to Rs 470,258 in FY24.
This surge in per capita income aligns with Pakistan’s economic ascent, as the country’s Gross Domestic Product (GDP) surpassed $410 billion, marking a 2.68% year-on-year increase from last year’s $371.66 billion. This achievement places Pakistan among the world’s 40 largest economies.
The growth in per capita income and GDP is driven by strong performances in the services sector, which grew by 3.99%, and a moderate 1.18% growth in the agriculture sector. However, the industrial sector continued to face challenges, with a contraction of -1.14% in the third quarter of the year.
The NAC also revised earlier quarterly growth figures, adjusting the Q1 GDP growth to 1.37% and Q2 GDP growth to 1.53%, reflecting updated data in agriculture, industry, and services. Despite pressures in industry, particularly in the electricity, gas, and water sectors, services performed consistently, bolstered by trade, transport, IT, finance, and public administration.
Analysts attribute the country’s economic rebound to its resilience amidst global economic challenges, regional tensions, and domestic structural issues. The last time Pakistan’s GDP approached this scale was in FY18, when it stood at $357 billion before facing years of volatility driven by exchange rate depreciation and political instability. This year’s performance is seen as a hopeful sign for the country’s economic future.