Fiscal deficit stands at 3.1% of GDP
Finance minister briefed about overall economic situation.
ISLAMABAD:
The finance secretary said on Tuesday that the fiscal deficit stood at 3.1% of the Gross Domestic Growth (GDP) during July 2011 to January 2012, according to a statement released by the finance ministry.
The figure excludes 1.9% of electricity arrears, which takes the actual budget deficit to 5 per cent or Rs1,047 billion. Hence, the government’s expenses exceeded its income by Rs1,047 billion from July to January, which is 5% of the total national output. The deficit is even 0.3 per cent higher than the revised annual target of 4.7 per cent the government had set after the last summer floods.
The Adviser to Prime Minister on Finance and Revenue Hafeez Shaikh in a meeting held on Tuesday reviewed the overall economic and fiscal situation.
The adviser was informed that CPI inflation stood at 10.7% during the first seven months of current financial year against the preceding year’s 14.3%.
Revenue collection registered a growth of 27% Rs975 billion during the period under review against 770 billion collected in the same period last year.
Exports increased by 7.2%, foreign remittances registered a growth of 21% while foreign exchange reserves rose to $16.8 billion.
The meeting was attended by Planning Commission Deputy Chairman, FBR Chairman, Secretary Finance, Secretary Economic Affairs Division and officials of the finance ministry.
Published in The Express Tribune, February 22nd, 2012.
The finance secretary said on Tuesday that the fiscal deficit stood at 3.1% of the Gross Domestic Growth (GDP) during July 2011 to January 2012, according to a statement released by the finance ministry.
The figure excludes 1.9% of electricity arrears, which takes the actual budget deficit to 5 per cent or Rs1,047 billion. Hence, the government’s expenses exceeded its income by Rs1,047 billion from July to January, which is 5% of the total national output. The deficit is even 0.3 per cent higher than the revised annual target of 4.7 per cent the government had set after the last summer floods.
The Adviser to Prime Minister on Finance and Revenue Hafeez Shaikh in a meeting held on Tuesday reviewed the overall economic and fiscal situation.
The adviser was informed that CPI inflation stood at 10.7% during the first seven months of current financial year against the preceding year’s 14.3%.
Revenue collection registered a growth of 27% Rs975 billion during the period under review against 770 billion collected in the same period last year.
Exports increased by 7.2%, foreign remittances registered a growth of 21% while foreign exchange reserves rose to $16.8 billion.
The meeting was attended by Planning Commission Deputy Chairman, FBR Chairman, Secretary Finance, Secretary Economic Affairs Division and officials of the finance ministry.
Published in The Express Tribune, February 22nd, 2012.