Pakistan’s Economy Moving Toward Recovery After Achieving Stability, States Ministry of Finance Outlook Report
ISLAMABAD: The national economy is gradually moving from the stability phase to a sustainable recovery, despite the high price of oil in the international market, the Ministry of Finance said in its economic outlook report for the month.
The official report says that the positive signs of growth are seen in agriculture, manufacturing and large industries of the ongoing fiscal year with recorded growth in the production of automobiles and domestic cement dispatch supplies.
The Monthly Economic Outlook includes some key Highlights.
Resilient improvements in External Account: The report notes that strong gains have been made in worker remittances and IT enabled export services assisting to reduce current account deficit. Further, the foreign direct investment (FDI) and national foreign exchange reserves have increased in a positive manner.
Domestic Price Trends and Inflationary Pressures: The domestic price situation showed signs of inflation being in the range between 10% and 11% in September, with the forecast calling for a possibility of staying at a high level in the short-term.
The targeted fuel relief programme further continues to perform well to mitigate inflationary pressures and buffer low-income households.