Pakistan’s Per Capita Income Rises to $1,680 in FY24

Pakistan’s per capita income in US dollars has surged to $1,680 in the outgoing fiscal year 2023-24 (FY24), up by 8 percent from $1,551 in FY23). The Economic Survey 2023-24 showed that average per capita income (PCI) for both past 5-year and 10-year stands at $1,606, however, in Pakistani Rupee terms, the PCI has increased to Rs. 476,330 in FY24, up by 24 percent year-on-year compared to Rs. 384,353 in FY23. The increase in PCI (US$) is attributed to an increase in GDP to $375 billion compared to $338 billion in FY23 (+26.4% YoY). According to the economic survey, this growth was driven by improved economic activity and a stable exchange rate. Pakistan’s GDP increased by 2.38 percent, with strong growth in the agriculture sector which expanded by 6.25 percent compared to 2.27 percent growth last year. While both the industrial and services sectors grew by 1.21 percent. The GDP, valued at current market prices, reached Rs. 106,045 billion ($375 billion), with a 26.4 percent increase from the previous year’s Rs. 83,875 billion ($338 billion).