Pakistan's economy is contracted by 0.38% in the outgoing fiscal year due to the adverse impact of the COVID-19 pandemic coupled with the already weak financial situation, according to the economic survey unveiled on Thursday.

This is the first time in 68 years that Pakistan's economy has registered negative growth. 

Releasing the Pakistan Economic Survey 2019-20, advisor on Finance Abdul Hafeez Sheikh said the economy suffered massively due to the coronavirus pandemic. 

Coronavirus has so far infected 1,19,536 people in the country while 2,356 have succumbed to the disease. The government headed by Prime Minister Imran Khan imposed a lockdown in March for several weeks, which was later lifted even as cases continued to rise.

The pandemic has badly hit the economy in the current fiscal year ending on June 30.

The Pakistani economy was already going through a tumultuous period even before the pandemic hit. 

As per the economic survey, except for the agriculture sector that grew 2.7%, all sectors including the industrial and services sectors witnessed negative growth rates in the fiscal year 2019-20.

The per capita income has also dipped to US $1,366 - a drop of contraction of 6.1% in dollar terms but has increased in rupee terms to Rs 214,539 due to the weakening currency.