Fiscal deficit for FY22-23 reaches 7.7 percent of GDP

ISLAMABAD: Pakistan’s GDP budget deficit has surged to 7.7 percent, reflecting a disparity of Rs 6,521 billion between expenditures and earnings in the fiscal year 2022-23, ARY News reported.

According to the Ministry of Finance, total revenues remained at Rs 9,633 billion from July to June 2023, while expenditures of Rs 16,154 billion were obtained in the previous year, resulting in a discrepancy of 6,521 billion rupees between expenditures and revenues.

Last year, total tax revenues amounted to Rs 7,818 billion. The federal government collected Rs 7,169 billion, and the provinces collected Rs 649 billion in taxes, meanwhile, non-tax revenue stood at Rs 1,814 billion in the previous year.

 

Expenditures amounted to Rs 1,458.3 billion was spent last year. During the same period, Rs 583.1 billion were spent on interest payments, and Rs 158.5 billion were spent on defense programs.

In the past year, petroleum levy collections from the public amounted to Rs 579 billion , and during this period, Rs 4,223 billion were transferred to the provinces.