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Pakistan’s Budget Deficit Clocks in at 2.3% of GDP in H1

Pakistan’s fiscal deficit has been recorded at 2.3 percent of the GDP or Rs. 2,408 billion during the first six months of the current fiscal year (1HFY24), according to the Finance Ministry.

A summary of consolidated federal and provincial fiscal operation for July-December 2023-24, showed that total revenue stood at Rs. 4,469 billion against the total expenditure of Rs. 9,262 billion during the first six months of the current fiscal year.

Current expenditures stood at Rs. 8,565 billion an increase of over 41 percent compared to the same period of the last fiscal year. Debt servicing during July-December last year was Rs. 2,573 billion which increased by 65 percent to Rs. 4,220 billion during the same period of the current fiscal year.

The non-tax revenue stood at Rs. 2,020 billion during the first six months of FY24, up 109 percent compared to non-tax revenue of Rs. 967 billion in the same period of FY23.

Primary balance during 1HFY24 stood at Rs. 1,812 billion, up 104 percent compared to primary balance of Rs. 890 billion during 1HFY23.

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