In the initial four months of the ongoing financial year, the current account deficit has seen a significant year-on-year decrease, as per data released by the State Bank of Pakistan (SBP).
The figures illustrate a notable shift, with the current account deficit reported at $1.059 billion during this period, a sharp decline from the $3.107 billion recorded in the corresponding period of the preceding financial year.
The statistics further reveal a gradual reduction in the current account deficit, with the latest figures showing a deficit of $74 million, a decrease from $46 million in September and a substantial drop from the $849 million recorded in October of the prior year.
Current Account Deficit improved significantly to $1.1 billion during Jul-Oct FY24 compared to $3.1 billion during Jul-Oct FY23.https://t.co/q3LNv3HOB0https://t.co/Od8ikVvXrd#SBPBOP pic.twitter.com/KBpk8Zeonx— SBP (@StateBank_Pak) November 20, 2023
Moreover, the central bank highlighted 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.
The data suggests a promising shift in the financial landscape, indicating a noteworthy improvement in the country's current account deficit and a substantial surge in the primary balance, as reported by the State Bank.