Pakistan Current Account deficit registers significant decline
In the initial four months of the ongoing financial year, data from the State Bank of Pakistan (SBP) reveals a significant year-on-year decrease in the current account deficit.
During this period, the current account deficit has seen a noteworthy shift, plummeting from $3.107 billion in the corresponding period of the preceding financial year to $1.059 billion.
The statistics highlight a gradual reduction in the current account deficit. The latest figures indicate a deficit of $74 million, showing a decrease from $46 million in September and a substantial drop from the $849 million recorded in October of the prior year.
Additionally, the central bank emphasizes a positive trend in the primary balance for the first four months of the current financial year, amounting to $2.451 billion. This marks a significant increase of 62% compared to the same timeframe in the previous financial year.
Overall, the data suggests a promising shift in the financial landscape, signaling a noteworthy improvement in the country's current account deficit and a substantial surge in the primary balance, as reported by the State Bank.