ISLAMABAD, May 21: The National Accounts Committee (NAC) on Tuesday approved the provisional growth of the Gross Domestic Product (GDP) of the country at 2.38 per cent for the ongoing fiscal year (2023-24).

The approval was accorded in the 109th meeting of the NAC, which was held with the Secretary Ministry of Planning, development and Special Initiatives in the chair, said a press release issued here today.

The committee approved the quarterly GDP growth rates for first-quarter (revised), second (revised), and third quarters during the fiscal year 2023-24 and annual growth rates for 2021-22 (final), 2022-23 (revised) and 2023-24 (provisional).

The committee approved the revised first and second quarters estimates for 2023-24. Overall GDP for

the first quarter and second quarter for the fiscal year 2023-24 have witnessed a revised growth of 2.71% and 1.79% as compared to 2.50% and 1.0% estimated in the 108th NAC meeting.

While the revised growth in agriculture during the first quarter has remained stable at 8.59% as against 8.58% presented earlier, the growth in the second quarter has improved from 5.02% to 5.83% mainly due to upward revisions in important crops (from 8.12% to 12.92%) and other crops (from -0.31% to 0.65%).

Despite significant improvement in mining and quarrying from 7.78% to 15.46%, the industrial activities have posted

downward revision from -0.24% to -2.44% due to decline in electricity, gas and water supply from -12.70 to –

27.62% in the revised estimates for the first quarter.

However, the second quarter growth in industrial........

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