Friday, 24 May 2024

How long will Biden protect Israeli war criminals?

This week the prosecutor from the International Criminal Court (ICC) announced it was seeking arrest warrants for Israeli prime minister and top Hamas leaders, then came a ruling from the ICC ordering Israel to immediately halt the assault on Rafah.

As usual, Israel responded to this news with defiance, denials, and deceit.

The official statement released by Israel via X/Twitter flatly denied that they are even conducting military operations against civilians in Rafah and lied about keeping the Rafah passage open to allow aid in. Everyone can see the truth of what is happening there. Some will choose to disbelieve their own eyes, and they will have to live with that choice.

Many will not close their eyes to Israel’s atrocities, and also not stop until Palestine is free.

In the forthcoming election of United States, scheduled for November many of the citizens stand unequivocally with the people of Gaza. Their fight is for people, planet, and peace as inextricable from the fight for Palestinian liberation.

Benjamin Netanyahu may have a close, personal friend, Joe Biden, who may not be there after November 2024.

The first thing the new president may do, end the supply of weapons and military aid to Israel that is in violation of international law, including its practice of genocide, ethnic cleansing, and the occupation of Gaza and the West Bank.

The new president may also push the Senate to ratify the Rome Statute recognizing the legal authority of the International Criminal Court. He may also direct all US federal agencies with the proper authority to recognize and execute any valid arrest warrant issued by the ICC over Israel’s war crimes.

If he has the spine, he may not allow the foreign policy of the most powerful and influential nation on earth to be dictated by a despot clinging to the last threads of his power in a genocidal apartheid state.


Cordial Saudi-Iranian ties to continue, say MBS

Iranian interim president, Mohammad Mokhber, received a phone call from Saudi Crown Prince Mohammad bin Salman on Friday afternoon in which he underscored that the cordial relations between Tehran and Riyadh will continue after the passing of President Ebrahim Raisi. 

“The incident was very painful for us. The loss of Raisi hurt all of us, and the loss of the Minister of Foreign Affairs of Iran, who was very friendly with our Minister of Foreign Affairs, was also sorrowful,” the Saudi crown prince was quoted by Iranian media as telling Mokhber. 

Bin Salman stressed that Saudi Arabia will continue the path of developing relations with Iran, a goal that he described as being pursued by President Raisi and Foreign Minister Hossein Amir Abdollahian. 

He announced his country's readiness to expand economic relations with Iran.

Mokhber, for his part, thanked Saudi Arabia for its messages of condolences with Iran over the demise of its president. 

Describing the expansion of relations with neighboring countries as one of the important strategies of the late President Raisi, Mokhber noted, “It was difficult for us to lose a popular and hardworking president like Raisi, but the course of the country will not change and the same spirit of interest and trust between Iran and Saudi Arabia during the martyred president's term will continue.”

He stressed, “The continuation of the neighborhood policy of the 13th government and the development of relations with the countries of the region is the only option before all of us, and companionship and empathy with each other is the guarantee of stability and prosperity in the region.”

In this call, Mokhber invited the Saudi crown prince to pay a visit to Iran. Bin Salman accepted the invitation and extended an invitation for Mokhber to visit Saudi Arabia. 

 

Pakistan Stock Exchange posts lackluster movement

The market experienced volatility during the week ended on May 24, 2024 due to a lack of progress in negotiations between the Pakistan Government (GoP) and the International Monetary Fund (IMF) regarding the staff level agreement. Despite the talks, both the parties denied officially labeling the discussions as negotiations, contributing to uncertainty and fluctuations in the market.

However, Friday saw news of progress on a new EFF program emerged, boosting market confidence and leading to the KSE-100 Index achieving its highest-ever closing. This positive development counteracted previous market volatility, signaling optimism among investors regarding the economic outlook and financial stability. Overall, the benchmark index closed at 75,983 points on Friday, with a gain of 640 points or 0.85%WoW.

Further, SPI weekly inflation remains consistently on downward trend as per recent readings, suggests a slowing down of CPI data for the current month.

Yields in the mid-week PIB auction also declined slightly.

Positivity soared with news of the forthcoming UAE's pledge of a US$10 billion investment.

Negotiations regarding Reko Diq deal between Pakistan and Saudi investors gained ground, added to the optimism.

Additional revenue measures are being proposed by the authorities by adding 18% sales tax on various zero-rated and exempted goods in the upcoming budget.

Overall, average trading volumes were up by 0.7%WoW, clocking in at 558.18 million shares, as compared to 554.51 million shares traded in the earlier week.

On the currency front, PkR remained flat WoW to close at 278.21.

Other major news flows during the week included: 1) IMF unsatisfied with Pakistan’s steps of bringing real estate into tax net, 2) UN projects Pak economy to grow by 2pc in 2024, 3) Pakistan’s current account records surplus of US$491 million in April and 4) Nepra questions 25% proposed hike in ‘PPP’.

Power Generation & Distribution, Leather & Tanneries, Tobacco, Commercial Banks and Technology & Communications were amongst the top performing sectors, while Sugar & Allied Industries, Automobile Parts & Accessories, Transport, Modarbas and Refinery were amongst the worst performers.

Major net selling was recorded by Foreigners with a net sell of US$12.08 million. Banks/DFI absorbed most of the selling with a net buy of US$10.44 million.

Top performing scrips of the week were: SCBPL, KEL, NPL, SRVI and SHFA, while laggards included: THALL, NRL, DAWH, PSEL and SEARL.

Market is anticipated to remain focused on FY25 budget-related news in the near term. Overall, some profit-taking can be expected with the index hovering at its record high.

With foreign buyers consistently purchasing, the rally is expected to continue amidst the market's attractive valuations. Furthermore, the upcoming Monetary Policy Committee, scheduled just after the budget, will also be in the limelight.

Despite real interest rates being significantly positive, new taxation measures could pose a risk to the inflation outlook and possible start of monetary easing.

 

 

 

Thursday, 23 May 2024

Indian export of refined fuels on the decline

Use of crude oil vessels to ship refined fuels such as diesel to key European markets by Indian refiners has declined in May after volumes neared two-year high levels last month.

That is because of rising inventories in the Antwerp-Rotterdam-Amsterdam region and shaky east-west diesel price spreads undermining the case for sellers to ship large volumes of the industrial fuel to West.

While higher April shipments from India to Europe provided a floor for Asian margins, fewer such voyages in May will likely compel Indian refiners to shift diesel sales back to Asia, exacerbating a supply glut in the region, analysts and traders said.

Diesel exports using Suezmax and Aframax vessels Mesta, Pertamina Halmahera and Marlin Santorini - mostly from Reliance Industries' Jamnagar refinery - reached a near two-year high of around 380,000 metric tons (2.831 million barrels) in April, Kpler, Vortexa and LSEG shiptracking data showed.

Shiptracker Kpler in February estimated a switch by 35 Aframax crude tankers to carry refined products instead of crude.

Traders switched to using Suezmax and Aframax tankers - that typically load so-called "dirty" crude oil and residue fuel - for carrying "clean" refined products after freight rates for long-range (LR) tankers spiked following Houthi attacks on ships in the Red Sea that forced longer voyages and tightened vessel availability.

"At the time it was a reflection of how tight the LR1 and LR2 clean product tanker market was given the additional tonne miles vessels were having to do to avoid the Red Sea, and the lack of available prompt tonnage to book because ships were massively displaced given the additional sail times," said Wood Mackenzie's research analyst Emma Howsham.

The crude oil market was also weaker, as refinery maintenance in the United States and Middle East dented demand for dirty vessels, making it attractive to ship diesel using them, she added.

The cost for shipping 65,000 tons of fuel on a LR1 tanker averaged US$75 per ton in March and April from India to northwest Europe as compared to US$60 a ton in February, pricing data from SSY Tanker showed.

Even after the cost for scrubbing and cleaning a vessel to load ultra-low sulphur diesel, that was still nearly twice the cost for shipping up to 130,000 tons of fuel on a Suezmax vessel on a similar route, traders said.

Traders have been among the biggest shippers of Indian-origin diesel, and they have the option for several discharge destinations and thus have room to ship using bigger vessels, one Europe-based trade source said.

The trend has abated for May with no dirty tankers carrying diesel on the India-northwest Europe route, shiptracking data showed, as analysts expect Europe's supply to be long.

The economics for Indian refiners to supply to Europe via the Cape of Good Hope looks challenging as "European supply looks ample in the coming months", said Woodmac's Howsham.

 

Tuesday, 21 May 2024

Rafah: Food distribution suspended

The United Nations said it has suspended food distribution in the southern Gaza city of Rafah, where more than a million Palestinians are sheltering.

A spokesperson for the UN's World Food Program (WFP) announced that food aid would halt in Rafah because of a lack of supplies and insecurity, according to The Associated Press.

Writing on X, the WFP wrote that the rest of Gaza was also at risk. "Our stocks are fast running out without continued access."

Palestinians are struggling to access basic necessities in Gaza as Israel carries out its war against Hamas.

Israeli troops seized a border crossing that had facilitated supply deliveries in Rafah earlier this month, and Israel now controls every aid checkpoint. Humanitarian aid groups have accused Israel of impeding aid efforts.

Israeli Prime Minister Benjamin Netanyahu told CNN on Tuesday that Israel has been trying to get aid into Gaza but Hamas has been "looting" it.

"They were taking it for themselves or extorting the population. We were letting the aid in from the start," Netanyahu said. "We're getting hundreds of trucks every day in."

A State Department review earlier this month said the US has "deep concerns" about Israel potentially impeding aid into Gaza, though it did not reach a conclusion on the matter. It also found the country is taking steps to improve the situation, even if still inadequate.

To address the crisis, the US military constructed a pier that connects to a beach in Gaza. It allows aid coming from the island nation of Cyprus to reach Gaza through a maritime corridor.

But for the past two days, no aid has gotten into Gaza from the pier area, U.N. officials told Reuters.

Pentagon Press Secretary Maj. Gen. Pat Ryder said more than 569 metric tons of humanitarian assistance has been delivered through the pier, though that means it has arrived for distribution and not all of it has been delivered yet.

Noting the difficulties, Ryder said there are discussions to find alternative routes for the safe movement of staff and cargo from the pier distribution area but said Gaza was a combat zone, complicating distribution. 

"We've been very clear from the beginning that we are going to take a crawl-walk approach to make sure that we are implementing this system in a way where we're working out the processes, the procedures," he said.

"You're going to see as we work together the amount of aid increase and the ability to get it distributed increase."

 

World leaders send condolence messages to Iran

Leaders from around the world have expressed condolences and shock at the tragic deaths of President Ebrahim Raisi, Foreign Minister Hossein Amir-Abdollahian, and seven others in a helicopter crash in Iran's remote northwest.

They are offering their sympathies to the Iranian government and people over the incident that happened on Sunday afternoon with many taking to social media to pay tribute to the deceased officials. 

Russia: Vladimir Putin 

Putin extended his “deep condolences” to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei, calling the deaths of Raisi and other officials a “huge tragedy” and “a difficult, irreparable loss.”

Putin said Raisi was “an outstanding politician whose entire life was devoted to serving the Motherland.”

“He rightfully enjoyed high respect from his compatriots and significant authority abroad. As a true friend of Russia, he made an invaluable personal contribution to the development of good neighborly relations between our countries and made great efforts to bring them to the level of strategic partnership,” the Russian president said.

Putin said he had met Raisi several times and “will forever retain the fondest memory of this wonderful man.”

Putin spoke to Iran’s interim President Mohammad Mokhber. The two leaders stressed their “mutual intention to further strengthen Russian-Iranian interaction”.

Russian Deputy Foreign Minister Sergey Ryabkov also said Moscow will continue to deepen its relationship with Iran and previous agreements with Tehran will be implemented.

China: Xi Jinping

Chinese President Xi Jinping expressed deep condolences over the death of Iran’s president. 

“His unfortunate death is a huge loss to the Iranian people, and also caused China to lose a good friend,” said Foreign Ministry spokesperson Wang Wenbin at a daily news briefing, quoting President Xi.

The Chinese president praised Raisi’s “important contributions to safeguarding Iran’s security and stability” and for “positive efforts” on Beijing-Tehran relations.

Palestine: Mahmoud Abbas

Palestinian President Mahmoud Abbas extended the deepest condolences to the government and people of Iran on the death of the Iranian president and other officials. 

“We extend our sincere condolences and sympathy to the brotherly Iranian people on the death of the late President Ebrahim Raisi and the Minister of Foreign Affairs, praying to God Almighty may have mercy on the deceased Iranian President, and grant their families patience and solace, stressing the solidarity of the State of Palestine and its people with the Iranian leadership and people in this great affliction," President Abbas said. 

Gaza: Hamas

Hamas issued a statement mourning the deaths of Iran’s president and foreign minister.

The resistance group said the helicopter crash “claimed the lives of a group of the best Iranian leaders,” praising their “honorable positions in support of our Palestinian cause, and support for the legitimate struggle of our people against the Zionist entity,”.

The statement added, “We are confident that the Islamic Republic of Iran will be able — God willing — to overcome the repercussions of this great loss. The dear Iranian people have ancient institutions capable of dealing with this severe ordeal.” 

Islamic Jihad

The Islamic Jihad also called the deaths of Raisi and Amir Abdollahian “a great loss for the Palestinian people in these difficult circumstances, as they had a prominent and clear role in supporting and assisting the Palestinian people’s struggle and resistance”.

Syria and Lebanon

Lebanon and Syria on Monday announced three days of national mourning for the passing of the Iranian president and foreign minister.

"I can't tell you how sorry I am about this incident that happened. Especially that the foreign minister had become a friend," Lebanon's Foreign Minister Abdallah Bou Habib told reporters on Monday.

Syrian President Bashar al-Assad also expressed solidarity with Iran. 

“We worked with the late president (Raisi) to ensure that the strategic relations between Syria and Iran remain prosperous always, and we will always remember his visit to Syria as an important milestone in this path, and all the visions and ideas that he presented to enrich relations with everything that benefits the Syrian and Iranian peoples,” Assad’s office said in a statement.

Hezbollah calls Raisi protector of resistance and defender of Arab issues

The Lebanese resistance movement Hezbollah mourned the deaths of the Iranian president and foreign minister.

Hezbollah described Raisi as “a big brother to us, a strong supporter, and a staunch defender of our issues and the Arab nations’ issues, most notably Jerusalem and Palestine, and a protector of the resistance movements and those fighting on their behalf in all the positions of responsibility he held.”

Iraq: al-Sudani

Iraqi Prime Minister Mohammed Shia al-Sudani expressed “great sadness and great sorrow” in a statement over the deaths of Raisi and others in the helicopter crash.

He also extended “sincere condolences” to the Leader of the Islamic Revolution and government and “solidarity with the brotherly Iranian people.”

Iraq’s Popular Mobilization Forces, or Hashed al-Shaabi, also expressed their sympathies, adding that Raisi had “always declared that Iraq and Iran are one people that cannot be separated.”

Iraq's top cleric Ayatollah Sistani offered condolences to Iran over the martyrdom of President Raeisi and his companions.

“We received the news of the death of Seyed Ebrahim Raisi, the president of Iran, and his companions with deep sorrow,” Grand Ayatollah Ali al-Sistani said. 

"I offer my condolences to the nation and government of Iran, especially the families of the deceased, and wish them patience," Ayatollah al-Sistani added.

Ansarullah

Yemen’s Ansarullah movement mourned the death of Raisi and other senior officials in the helicopter crash.

“Our deepest condolences to the Iranian people and the Iranian leadership and to the families of the president and the accompanying delegation,” Mohamed Ali al-Houthi, the head of the Ansarullah’s Supreme Revolutionary Committees said.

“The Iranian people will continue to have leaders loyal to their people, God willing,” he added. 

Pakistan: Shehbaz

Pakistan’s Prime Minister Shehbaz Sharif has announced a day of mourning over Raisi’s death.

“I along with the government and people of Pakistan extend our deepest condolences and sympathies to the Iranian nation on this terrible loss. May the martyred souls rest in heavenly peace. The great Iranian nation will overcome this tragedy with customary courage,” Sharif wrote on X.

Sharif, who recently hosted Raisi and Amir Abdollahian when they visited Pakistan, said, “They were good friends of Pakistan.”

Pakistan: Zardari

Pakistan’s President Asif Ali Zardari in a statement also expressed shock and sorrow over Raisi’s death. He extended his condolences to the bereaved families of the Iranian president, the foreign minister and others who died in the accident.

Jamia Al-Azhar

In a statement, the Al-Azhar al-Sharif, the Sunni world’s foremost seat of religious learning, mourned the death of President Raisi, Amir Abdollahian and others who were killed in the helicopter crash.

Sheikh Ahmed el-Tayeb, the grand imam of Cairo-based Al-Azhar, extended his condolences to the Iranian people and the families of the dead officials.

Al-Azhar is a prestigious religious institution across the Muslim world. A 1,000-year-old university of scholar-clerics, it teaches new generations of Sunni clerics and produces research that for many spells out what being a Muslim entails.

Egypt: Sisi 

Egypt's president extended his condolences for the deaths of Raisi and Amir Abdollahian. 
"Egypt mourns, with great sadness and grief" the Iranian president and Tehran's top diplomat, "who passed away on Sunday following a painful accident," the presidency said in a statement.
Sisi also extended "his sincere condolences and sympathy" to the Iranian people. He expressed Cairo's "solidarity with the leadership and people of Iran in this terrible loss."

IAEA

The head of the International Atomic Energy Agency called at a conference on nuclear security in Vienna for a minute of silence in memory of the Iranian president, foreign minister and the other victims of the helicopter crash. 
“I extend my condolences on [their] tragic passing,” Rafael Mariano Grossi wrote on X on Monday. “Our thoughts are with their families and the people of Iran during this difficult time.”

Afghanistan: Akhund

In Afghanistan, Taliban said it was deeply saddened by the deaths of the Iranian president and foreign minister. 

“We share our grief with the Islamic Republic of Iran and the people of that country and offer our condolences to all the families of the victims, the nation and the government of Iran,” the Taliban prime minister, Mullah Mohammad Hassan Akhund, said in a statement.

Turkey: Erdogan

Turkish President Recep Tayyip Erdogan conveyed his condolences to the Iranian people and government over the deaths of Raisi, Amir Abdollahian and other officials in the helicopter crash.

Erdogan said in a statement posted on X that he remembers Raisi “with respect and gratitude” and praised his “efforts for the peace of the Iranian people and our region during his time in office.”

Azerbaijan: Aliyev 

Azerbaijan’s President Ilham Aliyev extended condolences to Iran’s Leader, saying in a statement that he and his government were “deeply shocked by the heavy loss that befell the brotherly and friendly Islamic Republic of Iran and its people.”

Aliyev said, “The people of Iran have lost an outstanding statesman who served his country selflessly and faithfully all his life. The bright memory of him will always live in our hearts.” 

India: Modi 

Indian Prime Minister Narendra Modi said he was deeply saddened and shocked by the news of Raisi’s death, and sent his condolences to the president’s family and the people of Iran.

“India stands with Iran in this time of sorrow,” Modi said in a post on X as his country also announced a day of national mourning over the death of the Iranian president and foreign minister.

Malaysia: Ibrahim

Malaysian Prime Minister Anwar Ibrahim said he was "deeply saddened" by the death of the Iranian president and other officials in the helicopter crash, noting their shared commitment to bolstering ties.
"I am deeply saddened by the tragic deaths of President Ebrahim Raisi, Foreign Minister Hossein Amir Abdollahian and several other officials of the Islamic Republic of Iran," he said in a statement on social media.

Vietnam: Xuan 

 Acting State President of the Socialist Republic of Vietnam Vo Thi Anh Xuan, Prime Minister Pham Minh Chinh and President of the National Assembly Tran Thanh Man, are grieved to learn about the passing of President Ebrahim Raisi, Minister of Foreign Affairs Hossein Amir Abdollahian and other members of the entourage. They extended their deepest condolences to the interim President of Iran, Mohammad Mokhber, Parliament speaker Mohammad Baqer Qalibaf, and through them, to Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei; the government and people of Iran. 

Qatar: Al Thani

The Emir of Qatar offered condolences to the government and people of Iran on the death of Raisi and other officials who lost their lives in the copter crash. 

"I offer my condolences to the government and people of the Islamic Republic of Iran on the death of President Ebrahim Raeisi and the Iranian Foreign Minister Hossein Amir Abdollahian, and the accompanying officials in the painful incident of the helicopter crash," Tamim bin Hamad Al Thani wrote.

UAE: Al Nahyan

In the UAE, President Sheikh Mohamed bin Zayed Al Nahyan expressed condolences to the Iranian government and people following the death of Raisi and Amir Abdollahian.
On his X account, Sheikh Mohamed tweeted: “I extend my deepest condolences to the Iranian government and people over the passing of President Ebrahim Raisi, Foreign Minister Hossein Amir Abdollahian, and those accompanying them following a tragic accident.

“We pray that God grants them eternal rest and we extend our heartfelt sympathies to their families. The UAE stands in solidarity with Iran at this difficult time.”

Saudi Arabia: Mohammed bin Salman

King Salman and Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, "offer their condolences to his Excellency, the acting head of the executive authority, Mohammad Mokhber, on the death of His Excellency Ebrahim Raisi, president of the Islamic Republic of Iran, and his companions," said a statement carried by the official Saudi Press Agency.

Jordan: Abdullah 

The King of Jordan conveyed his country’s condolences over the passing of Iranian officials in the helicopter crash. 

"My deepest condolences to the brothers, leadership, government, and people of the Islamic Republic of Iran on the death of Brother President Ebrahim Raisi, Foreign Minister Brother Hossein Amir Abdollahian, and those accompanying them, may God have mercy on them all," Jordan’s King Abdullah II wrote in X account.

The King emphasized in his message that his country stands with the brothers in Iran in this difficult situation.

South Africa: Ramaphosa 

South Africa's President Cyril Ramaphosa, who recently invited Iran to join the BRICS group, expressed deep regret over the death of President Raisi.

"This is an extraordinary, unthinkable tragedy that has claimed a remarkable leader of a nation with whom South Africa enjoys strong bilateral relations," Ramaphosa said.

Ramaphosa visited Iran as deputy president in 2015 and in 2023 welcomed Raisi to a summit of the BRICS group in Johannesburg, where the Islamic Republic was formally invited to join.

European Union: Borrell

 European Union foreign policy chief Josep Borrell in a brief statement offered condolences for the deaths of Iran’s president and foreign minister and “other Iranian officials involved in the tragic helicopter crash.”

“The EU expresses its sympathies to the families of all the victims and to the Iranian citizens affected,” the statement said.
The European Council president also sent a message. 

“The EU expresses its sincere condolences for the death of President Raisi and Foreign Minister Abdollahian, as well as other members of their delegation and crew in a helicopter accident. Our thoughts go to the families,” Charles Michel wrote on X.

Switzerland: Cassis

“In light of the helicopter accident that claimed the lives of President Ebrahim Raisi, my counterpart FM @Amirabdolahian, and their accompanying delegations, I extend my condolences to the families of all the victims and to the Iranian citizens affected,” Ignazio Cassis said. 

France

"France offers its condolences to the Islamic Republic of Iran following the death of President Ebrahim Raisi, Foreign Minister Hossein Amir Abdollahian and those accompanying them," the foreign ministry said in a statement. It also expressed its "condolences to the families of the victims of this accident."

NATO: Daklallah

The NATO military alliance expressed condolences to Iran over the death of Raisi in a helicopter crash.

"Our condolences to the people of Iran for the death of President Raisi, Foreign Minister Amir Abdollahian, and others who perished in the helicopter crash," said NATO spokesperson Farah Daklallah on X.

WHO: Ghebreyesus

The World Health Organization has also expressed condolences over the tragic incident in Iran. 

 “We express our condolences to the people of #Iran and the families of the late President Ebrahim Raisi, Foreign Minister Hossein Amirabdollahian, and all those who lost their lives in the helicopter crash yesterday,” Tedros Adhanom Ghebreyesus, the WHO chief, wrote on X.

 

Pakistan: GDP grows at 2.09% in 3QFY24

National Accounts Committee (NAC) has released GDP estimates for 3QFY24 which have shown a growth of over 2.09% as compared to a decline of 0.42% recorded in 3QFY23. NAC has also released provisional numbers for full year FY24, suggesting growth rate of 2.38%, largely in line with market expectation of 2.5%.

Sector wise, in 3QFY24, agriculture has registered a growth of 3.94%, industry 3.84% and services 0.83%.

All the constituents of agriculture have contributed positively including important crops (up 2.89% due to wheat), other crops (up 1.14%), cotton ginning (up 61.75%) and livestock (up 4.20%).

Despite negative growth of construction industry (down 15.75%), industrial growth of +3.84% is attributable to mining & quarrying (up 0.63%), large-scale manufacturing (up 1.47%), and electricity, gas and water supply (up 37.3%).

The overall growth in services was positive 0.83% in 3QFY24 albeit having mixed trend in its constituents i.e. wholesale & retail trade (up 0.38%), transport & storage (up 0.91%), information & communication (down 5.92%), finance & insurance activities (down 7.11%), public administration & social security (down 6.38%) and education (10.38%).

NAC has revised upward the 1QFY24 and 2QFY24 GDP growth to 2.71% and 1.79% from earlier estimates of 2.50% and 1.0%, respectively.

This takes 9MFY24 average GDP growth to 2.2% which was in line with the market expectations and higher than Bloomberg survey of 1.8%.

State Bank of Pakistan (SBP) estimates that GDP growth for FY24 is in the range of 2-3% in its half year report released on May 14, 2024.

The IMF, in its country report in May 2024, projected a growth rate of 2.0% for FY24, and the World Bank, in its Apriel 2024 update, projected a GDP growth rate of 1.8% for FY24.