KARACHI: Pakistan’s current account deficit sharply narrowed by 73.5 percent during first four months (July – October) of current fiscal year due to massive decline in import bill.
The current account deficit reduced to $1.474 billion during July – October of current fiscal year as compared with the deficit of $5.567 billion in the same period of the last fiscal year.
The deficit in trade of goods fell to $6.43 billion during first four months of current fiscal year as compared with deficit of $11.06 billion in the same period of the last fiscal year.
Workers’ remittances slightly fell to $7.48 billion during July – October 2019 as compared with $7.61 billion in the corresponding period of the last fiscal year.
The current account deficit as per the GDP is 1.6 percent during first four months of current fiscal year as compared with 5.5 percent in the same period of the last fiscal year.
The current account deficit for the period fiscal year 2018/2019 was 4.9 percent of the GDP and the deficit was 6.3 percent of the GDP in fiscal year 2017/2018.
After more than 4 years, Pakistan posted a Current Account Surplus of $99 million in October 2019 compared to a $1.2 billion deficit last year.