October's economic outlook highlights hike in remittances, imports, exports

ISLAMABAD: Finance ministry on Monday released a monthly economic outlook for the month of October 2021, highlighting an increase in remittances, imports, exports, tax collection, large-scale manufacturing (LSM) production, and current account deficit, ARY NEWS reported.

The report further highlighted a decline in non-taxable income and direct foreign investment (FDI).

According to the details provided in the monthly economic outlook, the remittances saw an 11.9 percent increase during the first four months of the ongoing fiscal year 2021-22 to stand at US$10.6 billion.

The report further stated that the FBR tax collection continued to increase with a 36.8 percent rise in revenue collection to stand at Rs1843 billion, however, the non-tax income declined by 27.4 percent to touch the Rs249 billion mark. The government approved Rs392.7 billion in the first four months in terms of PSDP expenditure.

The current account deficit remained at 4.7 percent of the GDP as it saw an increase of US$5.1 billion during the first four months of the fiscal year.

Exports grew by 32.2 percent during October 2021 and reached US$ 9.7 billion while the imports stood at US$23.5 with a 66.3 percent increase, resulting in a trade deficit of US$13.8 billion in the first four months of the FY2022.

The loans provided to the agricultural sector remained at Rs381.3 billion witnessing a 6.5 percent hike similar to large-scale manufacturing that also witnessed a growth of 5.2 percent.

The rate of inflation stood at 9.2 percent during October 2021 while during the first four months it stood at 8.7 percent in the country, the report stated.