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Country Report Pakistan Product Image

Country Report Pakistan

  • Published: March 2014
  • Region: Pakistan
  • 25 Pages
  • The Economist Intelligence Unit

The State Bank of Pakistan (SBP, the central bank) has reported that the current-account deficit for the first eight months of fiscal year 2013/14 (July-June) more than doubled to US$2bn, compared with a shortfall of US$831m in the year-earlier period.

The widening of the current-account deficit was mainly owing to a deterioration in the goods, services and primary income balances. Goods imports increased by 4% year on year to US$27.6bn between July 2013 and February 2014, primarily because of higher imports of machinery, petroleum products and chemicals. Exports rose by 3.7% to US$16.7bn, mainly owing to an increase in textile exports. The widening in the services deficit was because of a decline in exports, which fell by 32% to US$3.4bn. Imports of services meanwhile declined by 7% to US$5.1bn. The primary income deficit widened slightly, from US$2.2bn to US$2.5bn, but this was more than offset by an increase in the secondary income surplus, which was buoyed by a 10.9% gain in workers' remittances.

The wider deficit on the current account occurred despite US$635m in Coalition Support Fund (CSF) transfers from the US. CSF transfers are officially granted as a form of READ MORE >

Country Report Pakistan

Current-account deficit widens despite CSF payments
Event
Analysis
Impact on the forecast

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