FY2024-25: Inflation dips, remittances hit $38bn and FBR revenue jumps 26.3pc

ISLAMABAD: Pakistan has witnessed a significant improvement in key economic indicators in the fiscal year FY2024-25, as compared to FY2023-24.

According to a monthly economic outlook report released by the Ministry of Finance, Pakistan witnessed an increase in remittances, exports, imports, and foreign direct investment.

The report said that the country saw a 26.6 per cent surge in remittances, which rose from $30 billion during the FY2023-24 to over $38 billion in the FY2024-25.

Similarly, exports increased by 4.2 per cent, while imports saw a rise of 11.1 per cent.

According to the report, Pakistan witnessed a significant dip in inflation, which dropped from 23.4 per cent to 4.5 per cent, while the current account posted a surplus of $2.1 billion — the country’s first surplus in 14 years.

According to the report, Pakistan’s total foreign exchange reserves stood at $19.9 billion at the close of the last fiscal year.

The Federal Board of Revenue (FBR) registered a 26.3 per cent growth in tax revenue during the first 11 months of the last fiscal year, while non-tax income rose sharply by 62.7 per cent.

The report further said that the fiscal deficit declined by 18.34 per cent, and credit to the agriculture and private sectors increased. However, the Pakistani rupee depreciated by Rs5 against the US dollar over the year.

The finance ministry said the latest figures reflect signs of economic stability and recovery amid ongoing structural reforms.

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