The Ministry of Finance has released a monthly updated outlook report on the country’s economy, which states that economic recovery and activity are accelerating.
According to the report of the Ministry of Finance, industrial, agricultural production improved, tax revenue and remittances increased, remittances increased by 29% to $24.2 billion from July to April, domestic exports increased by 6.5% to $21 billion. Domestic imports rose 13.5 per cent to $42.3 billion.
Current account balance once again recorded a surplus of 80 800 million, current account balance recorded 0.3 per cent of GDP, foreign direct investment decreased by 32.5 per cent to $1.53 billion.
The report also said that portfolio investment increased from negative $234 million to 46 2.46 billion, with total foreign exchange reserves reaching $23.1 billion by the end of May. SBP reserves stood at $15.84 billion and commercial banks at $7.17 billion. The dollar exchange rate reached Rs 153.46.
Taxes In The First 10 Months, According To The Outlook Report
Revenue rose 14.4 per cent to Rs 3780 billion, Rs 565 billion was sanctioned in PSDP during the first 10 months, the fiscal deficit narrowed to Rs 1652 billion, agricultural credit rose 4.6 per cent to Rs 953 billion, an annual rate of inflation. The increase was 11.1% in April.
The Ministry of Finance said in its report that the annual rate of inflation rose to 8.6 per cent in July-April, the growth rate of major industries reached 22.4 per cent in March, the growth rate of major industries reached 9 per cent in July-March, the stock exchange said that the index crossed 45,574 points.