ISLAMABAD: The budget deficit has widened to 2.5 percent of the GDP during first half (July – December) of the current fiscal year 2020/2021 as compared with the deficit of 2.3 percent in the corresponding half of the last fiscal year, according to statistics released by the ministry of finance on Wednesday.
According to the details, the total revenue was at Rs3,351 billion during the first half of the current fiscal year. Meanwhile, total expenditures was at Rs4,489 billion in the same period of the current fiscal year. Therefore, budget deficit stood at Rs1,138 billion or 2.5 percent of the GDP.
The total tax revenue was recorded at Rs2,456 billion during the first half of the current fiscal year. Out of which the contribution of the federal government was Rs2,210 billion and the rest Rs246 billion was by the provincial governments.
The non-tax revenue was recorded at Rs895 billion out of which federal government contributed Rs484 billion and the provincial governments share was at Rs47 billion.
The current expenditure has increased to Rs4,029 billion out of which the government’s mark up payments against loans were at Rs1,475 billion and defence expenditures were at Rs486 billion.
The government spent Rs458 billion on development expenditure during the first half of the current fiscal year.
The total revenue collection to GDP ratio during first half of the current fiscal year was at 7.4 percent. The total expenditure to GDP ratio was at 9.9 percent.