Karachi: The State Bank of Pakistan (SBP) on Tuesday revealed that the country’s current account deficit – recorded as the difference between the government’s higher foreign expenditures and lower-income figures – had narrowed by a ‘staggering’ 78%, according to news sources.
The national current account deficit contracted to USD 2.96 billion by the end of the (Fiscal Year) FY2019-20 – which ended on June 30. The deficit shrank to 1.1% of the gross domestic product (GDP) in FY20 as compared to 4.8% (USD 13.43) billion in the FY19.
This improvement is credited to the government’s upward revision of the May’s current account surplus to USD 344 million – compared to the initially reported figures of USD 13 million. In dollar value, the GDP has contracted 5.22% to USD 263.80 billion in FY 2020.
Earlier, the government has provisionally reported the economic contraction of 0.38% – lowest in past 68 years.
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