The Finance Ministry has announced that the country’s economy is exhibiting resilience and stability on both fiscal and external fronts.
In its latest Economic Outlook report, the Ministry highlighted that inflationary pressures have subsided, thanks to declining food and energy prices, while fiscal consolidation measures have led to a primary surplus and a reduction in the fiscal deficit.
The report detailed that the external sector remains strong, citing a current account surplus, export growth, robust remittance inflows, and increasing foreign investment. Over the first eight months of the current fiscal year, the current account posted a surplus of 691 million dollars, in contrast to a deficit of 1,730 million dollars during the same period last year. Goods exports rose by 7.2 percent, reaching 21.8 billion dollars compared to 20.4 billion dollars previously.
Workers’ remittances saw a significant increase of 32.5 percent, with an inflow of 24 billion dollars, up from 18.1 billion dollars last year. The country’s total liquid foreign exchange reserves stood at 16 billion dollars as of October 14, with the State Bank of Pakistan holding 11.1 billion dollars.
The automobile sector’s performance was also notable, with car production increasing by 41.9 percent, trucks and buses by 105 percent, and Jeeps and pickups by 78.2 percent over the same period.
Additionally, net federal revenues grew by 45.3 percent to 6,362.5 billion rupees in the first seven months of the current fiscal year compared to 4,379.5 billion rupees last year, driven by both tax and non-tax collections.