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Pakistan’s gross public debt gushed by 16.6% during FY18

LAHORE: The annual report on “State of Economy” for FY18, released by State Bank of Pakistan on Thursday stated that the gross public debt of Pakistan has mounted by almost 16.6% during the FY18, which is almost two times as compared to the rate recorded in FY17. According to the central bank statement, the amplified macroeconomic balances and expanding of twin deficits had added up to Pakistan’s debt rate magnification. It is observed that, the gross public debt had boosted by almost 5.6% to 72.5% of GDP by the end of…

India’s GDP growth surges over 8 percent, boost for Modi before election

India’s annual economic growth surged to a more than two-year high of 8.2 percent in the three months through June, giving Prime Minister Narendra Modi’s government a political boost in the final year of his term before elections. Modi has been under pressure to make good his promise to deliver reforms and provide jobs to the millions of young people who enter the workforce each year as he faces a clutch of state elections this year followed by his planned re-election bid in 2019. Data released on Friday showed…

Britain’s GDP growth outpaces eurozone

LONDON: Britain’s economy picked up speed to outpace the eurozone in the second quarter despite mounting concerns over Brexit, official data showed on Friday, helped partly by sunny weather and the World Cup football tournament. Gross domestic product — the value of all goods and services produced in an economy — grew 0.4 per cent in the three months to the end of June, the Office for National Statistics (ONS) said in a statement. That was in line with market expectations, Britain, which is scheduled to leave the European…

Shamshad visits PSX, expresses satisfaction over growth performance

KARACHI: Caretaker Finance Minister Dr. Shamshad Akhtar, during a visit to the Pakistan Stock Exchange on Saturday, appeared upbeat over Pakistan's growth performance for 2018 as real GDP grew by 5.8 percent. She elaborated that this growth is an outcome of combination of factors including the good performance of both agriculture sector and industry. More notably has been the rise in contribution of services sector over the years to over 59 percent in GDP. The growth has been further driven by rising aggregate demand…

FBR tax collection target may decrease by Rs84 billion

ISLAMABAD: The Federal Board of Revenue (FBR) at their best will be able to collect Rs3.85 trillion in taxes, the reason for the decline in collection figures are due to depreciation of rupee, prices of petroleum related products and various revenue generating escapes. The normal income accumulation of Rs3.85 trillion will be Rs162 billion lower than the first target and Rs84 billion not as much as the overhauled focus on that the PML-N government set barely a month back. According to FBR’s official, it is informed to…

Miftah hopes growth rate to reach 6.2 next year

WASHINGTON: Adviser to the Prime Minister on Finance Miftah Ismail has said the growth rate remained at 5.8 percent during the current year and is expected to touch 6.2 percent next year. In an interview with a US TV channel in Washington, Miftah expressed optimism that efforts will be made to take the GDP growth rate to 6.2 percent next year. He also ruled out any possibility of further depreciation of the rupee against the US dollar and said the rupee had to lose its value because of trade deficit. Highlighting…