Another achievement for the PTI government over economic front

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Another achievement for the PTI government over economic front

Pakistan’s current account balance remained in surplus for the fourth consecutive month in October, rising to $382 million or 1.6 per cent of the gross domestic product (GDP), data released by the State Bank of Pakistan (SBP) showed on Thursday.

“In October, the current account surplus rose further to $382 million from $59 million in September (+547pc MoM), on the back of a sustained increase in remittances and smaller trade deficit,” the SBP said. “Since the start of this fiscal year in July, the cumulative current account surplus has reached $1.2 billion, reversing the $1.4 billion deficit recorded in the same period last year.”

So far, in the four-month period from July to October, total inflows of remittances have risen to $9.43 billion, up 26.5pc compared to $7.45 billion in the same period last year.

On the other hand, during the same July-October period, the country’s trade balance in goods has risen four per cent to $6.74 billion from $6.48 billion during the same period last year; the services trade balance narrowed 38pc to $785 million compared to $1.27 billion.