The Finance Ministry says Pakistan’s economy started the current fiscal year with positive developments, setting the promising tone for the months ahead.
According to the ministry’s monthly report, the external sector in July this year showed a favourable performance with a narrower current account deficit and stable exchange rate, while FBR’s tax collection recorded significant growth. The sustained improvement in macroeconomic indicators prompted international credit rating agencies to upgrade Pakistan’s sovereign outlook, reaffirming confidence in the economic confidence and reinforcing the credibility of ongoing reform efforts.
The report highlights that CPI Inflation was recorded at 4.1 percent in July.
According to the monthly report, goods exports increased by 16.2 percent to 2.7 billion dollars in the month of July. At the commodity level, gains in key exports were observed in knitwear, garments and bedwear. Service exports grew 18.1 percent to 745 million dollars. IT exports increased by 23.8 percent to 354.6 million dollars. Remittances were up 7.4 percent at 3.2 billion dollars, led by inflows from Saudi Arabia and the UAE. The net FDI was 6.9 percent higher at 208.1 million dollars. Main sources were China, Canada and Hong Kong.
