The nation’s economy has posted a robust growth rate of 3.84% in the fourth quarter of 2024, surpassing the 3.46% recorded in the previous quarter. This uptick, announced today, highlights the pivotal roles played by the services and petrol refining sectors in powering economic expansion amid a challenging global landscape.
According to the latest data from the National Bureau of Statistics, the services sector emerged as the standout performer, growing by an impressive 5.37% year-on-year. This surge reflects increased activity in areas such as telecommunications, financial services, and trade, which have benefited from rising consumer demand and technological advancements. Analysts attribute this momentum to a combination of government initiatives aimed at boosting service-based industries and a gradual recovery in household spending.
Meanwhile, the petrol refining sector has also contributed significantly to the GDP upswing. Despite global fluctuations in oil prices, domestic refining capacity has seen a steady increase, fueled by investments in infrastructure and efforts to reduce reliance on imported fuel. Industry experts note that this sector’s resilience has not only bolstered energy security but also created a ripple effect, supporting ancillary industries like transportation and manufacturing.
“The 3.84% growth marks a clear improvement from the 3.19% in Q2 and 2.98% in Q1 of 2024,” said an economic spokesperson. “The services sector’s dynamism, paired with the strategic importance of petrol refining, underscores the economy’s ability to adapt and thrive.”This growth comes as a welcome development after a year of mixed economic signals. Earlier quarters showed more modest gains, hampered by inflationary pressures and supply chain disruptions. However, the Q4 figures suggest a turning point, with the services and refining sectors acting as twin engines of progress.
Economists remain cautiously optimistic about the trajectory. “The services sector’s strength is a positive sign, but sustaining this growth will depend on continued investment and policy support,” said Dr. Amina Khalid, an economic analyst. “Similarly, the petrol refining sector’s gains could face headwinds if global oil markets shift unexpectedly.”
The government has hailed the figures as evidence of its economic strategy paying dividends. Initiatives to modernize refining facilities and promote digital services are credited with laying the groundwork for this performance. However, critics argue that more needs to be done to ensure that growth translates into tangible benefits for the average citizen, particularly in rural areas where economic activity remains sluggish.
As the nation looks ahead, attention will turn to whether this momentum can be maintained into 2025. With the services and petrol refining sectors leading the charge, the 3.84% GDP growth offers a hopeful glimpse of economic resilience and potential.
