Pakistan’s first quarter fiscal deficit narrows to 0.8%

Pakistan’s first quarter fiscal deficit narrows to 0.8%

Pakistan’s first quarter fiscal deficit narrows to 0.8%

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KARACHI: The budget deficit for the first quarter (July-September) of the current fiscal year narrowed to 0.8 per cent of the GDP, compared with the deficit of 1.1 per cent in the same quarter of the last fiscal year, according to details released by the Finance Ministry on Tuesday.

The GDP for the fiscal year 2021/22 has been estimated at Rs53,867 billion as against the GDP size of Rs45,567 billion in the last fiscal year.

The revenue to the GDP has improved to 3.4 per cent during the first quarter of the current fiscal year, compared with 3.2 per cent in the corresponding quarter of the last fiscal year.

Meanwhile, the expenditure to the GDP remained unchanged at 4.2 per cent during the first quarter of the current fiscal year.

According to details, the total revenue during the first quarter of the current fiscal year stood at Rs1.8 trillion; of which the tax revenue stood at Rs1.53 trillion and non-tax revenue stood at Rs275.73 billion.

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The total expenditures have been recorded at Rs2.25 trillion in the first quarter of the current fiscal year. The current expenditures stood at Rs1.97 trillion and the development expenditures stood at Rs264 billion.

Overall, the budget deficit was recorded at Rs438.49 billion for the quarter under review. To feed the deficit an amount of Rs439.49 billion was borrowed through external resources.

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