Islamabad: The Ministry of Finance has released its Monthly Economic Outlook Report for the month of May, which presents an overview of several important dimensions of the country’s economy.
According to the report, the trend of decreasing inflation rate will continue in the current month, and it is likely to remain between one and a half and two percent. The inflationtion rate decreased to 0.3 percent in April, which reflects a positive economic trend.
Exports increased by 6.8 percent to $27.27 billion during the July-April period, while imports increased by 11.8 percent, reaching $48.61 billion. During the same period, the trade deficit was $21.3 billion.
According to the report, the current account recorded a surplus of $1.88 billion, which is a reflection of fiscal discipline. However, foreign direct investment decreased by 2.8 percent,, and its volume was $1.78 billion.
The State Bank’s foreign exchange reserves increased to $11.4 billion, while tax revenue increased by 26.3 percent to Rs9,300 billion. Non-tax revenue increased by 69.9 percent to Rs4,099 billion.
The report said that large-scale manufacturing (LSM) increased by 1.8 percent on an annual basis ut decreased by 4.6 percent on a monthly basis. 12 out of 22 industrial sectors showed positive performance.
IT exports recorded a 21.1 percent increase, while remittances also saw a significant increase. The automobile sector has seen a remarkable 95.8% growth.
The report said that the issuance of Green Sukuk bonds is an important step towards the country’s environmental development. Price increases in the education and health sectors continue, while assistance of Rs 409.4 billion has been distributed under BISP.
