Pakistan’s Current Account Deficit Plummets by 78% in July 2024
Pakistan’s current account deficit experienced a notable reduction in July 2024, although it did not turn into a surplus.
Data from the State Bank of Pakistan (SBP) reveals that the current account deficit for the first month of the financial year stood at $162 million. This marks a dramatic 78% decrease from the $740 million deficit recorded in July 2023 and a 48% drop from the $313 million deficit in June 2024.
Despite the significant improvement, the July 2024 deficit was still higher than anticipated by experts. Analysts attribute the higher-than-expected deficit to an expanding trade gap, which grew by 11% from June to July 2024.
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