Some economic indicators worsen
The finance ministry predicted that the economic recovery was expected to translate into more productive investment ex-penditures in the near term. PHOTO: FILE ISLAMABAD:
Some of the major fiscal and external sector economic indicators of Pakistan deteriorated in the first half of current fiscal year, but authorities believe that economic recovery will still continue, albeit, at a slower pace.
The finance ministry on Tuesday released its monthly Economic Updates and Outlook report for January. The ministry used a mix of five and six-month indicators.
The monthly bulletin showed that Pakistan’s budget deficit widened over 21% in absolute terms, exports decreased 4.8%, foreign investment dipped 72% and agriculture sector credit shrank 2.4%. On the other hand, inflation slowed down, large-scale manufacturing increased 7.4% and current account posted a surplus on the back of double-digit growth in foreign remittances.