Economic indicators for first nine months of fiscal year 2023-24 raised alarm
According to report, a clear decline in growth of large-scale manufacturing was recorded in July-March and its rate, which was 8.5% last year, is now negative 5.6% after a 13.5% decline
Expenditures and deficits were rampant, industry was in ruins, investment was down 98%, worst economic figures in July-March set alarm bells ringing.
PML-N and its ally PDM government have failed to please people and state, economic statistics have created havoc in every direction. Ministry of Finance has released economic report from July to March of this financial year.
According to report, spending and deficits remained unabated from July to March, while rate of major industries fell to negative 5.6 percent, posing risks of rising unemployment.
According to report, there has been a decline in remittances, exports, investment, and industrial growth. Remittances from July to March decreased by 10.8% to 20.5 billion dollars.
According to the report, exports decreased by 11% to 21.1 billion dollars during the period from July to March. The report further states that the July-March fiscal deficit has increased to 2392 billion rupees compared to last year.
According to the report, the fiscal deficit from July to March last financial year was 2273 billion rupees. According to the report of the Ministry of Finance, 287 billion was spent from July to March with a decrease of more than 31% in annual development funds.
The report said that a 98% decrease in foreign investment was recorded from July to March of this financial year, and foreign exchange reserves from July to March of this financial year were 10 billion dollars During the same period last financial year, foreign exchange reserves were 16.57 billion dollars.
According to the report, the inflation rate from July to March of this financial year was 27.3 percent. According to the report of the Ministry of Finance, the volume of imports so far this fiscal year was 41.5 billion dollars with a decrease of 21 percent.
According to the report, a clear decline in the growth of large-scale manufacturing was recorded in July-March and its rate, which was 8.5 percent last year, is now negative 5.6 percent after a 13.5 percent decline.
