Islamabad: The Ministry of Finance, while releasing the monthly Economic Update and Outlook report, has said that Pakistan’s gross domestic product (GDP) recorded a growth of 3.71 percent in the first quarter of the current fiscal year, while the economic momentum is likely to continue in the coming months.
According to the report, although there was a decline in investment, exports and credit provision to the private sector, an improvement in industrial activities supported the overall economic scenario. Investment from July to November decreased by 25.3 percent to $930 million, while exports were limited to $12.8 billion after a decline of 3.2 percent.
According to the Ministry of Finance, remittances increased by 9.3 percent and reached $16.14 billion, while imports increased by 11.1 percent to $25.6 billion. Meanwhile, the current account deficit narrowed to $812 million in five months.
The report said that there was significant improvement in several industries including textiles, automobiles, cement and food processing, while large-scale manufacturing recorded a 5.02 percent increase from July to October.
According to economic experts, financial discipline, digital reforms and increased remittances are positive indicators for the economy. They say that if exports and private investment accelerate, economic growth can become more stable.
