ISLAMABAD: Federal Minister for Economic Affairs Hammad Azhar has said that Pakistan’s economy continues to improve.
Hammad Azhar took to Twitter and wrote that Pakistan’s trade deficit continues to shrink. According to him, industrial production is showing strong growth.
Pakistan’s economy continues to improve. Pakistan has posted a Current Account Surplus for the fourth successive month of the fiscal year (total $1.2BN). The Trade Deficit continues to Shrink and Industrial Production is showing Strong Growth.
— Hammad Azhar (@Hammad_Azhar) November 19, 2020
In October, the current account surplus rose further to $382 million from $59 million in September, on the back of a sustained increase in remittances and a smaller trade deficit.
Moreover, this is the fourth successive monthly surplus. Since July, the cumulative current account surplus has reached $1.2 billion, reversing the $1.4 billion deficit recorded in the same period last year.
Earlier, the federal minister for Economic Affairs had expressed satisfaction over the report that Pakistan’s industry is leading the economic revival despite coronavirus shock.
Cement, Automobiles, LSM, exports, construction, fertiliser, and other sectors showed robust growth, he said. The country’s economy was left on the verge of default by our predecessors, the minister maintained.
“The rescue of the economy, followed by drastically improved economic fundamentals despite the COVID-19 shock was in part due to hard but correct decisions by the government,” he added.