Economic indicators yielding positive results, says ministry

ISLAMABAD: The country’s economic indicators are yielding positive results due to the government’s prudent policies and hard work of Finance Minister Ishaq Dar. 
The economy of the country has performed well during July to May of outgoing fiscal year 2013-14 as suggested by major economic indicators including growth rate, inflation, foreign remittances, foreign exchange reserves, external trade and industrial growth, the data of the Ministry of Finance pointed out. 
According to figures by Ministry of Finance, the economic indicators are moving in the right direction.
Federal Board of revenue (FBR) realised Rs 1,955 billion during the outgoing financial year July-May 2013- 14 compared to Rs 1,679 billion collected during same period of 2012-13, showing a growth of 16.4 percent.
Similarly, budget deficit during July-May 2013-14 stood at around 4.2 percent (provisional) as compared to 6.6 percent registered during same period of 2012-13.
The data revealed remittances during July-May 2013-14 recorded at $14.33 billion as compared $12.75 billion remittances received during same period of July-May 2012-13 posting a growth of 12.39 percent.
The data said in May 2014 the remittance stood at $1.44 billion when compared to $1.18 billion in May 2013 posting a growth of 21.3 percent. 
Similarly exports of Pakistan stood at $23.11 billion during July-May 2013-14 as compared to $22.28 billion during same period of 2012-13 showing a growth of 3.72 percent.
The Finance Ministry data revealed imports during July-May 2013-14 stood at $40.77 billion compared to $41.01 billion registered during same period of 2012-13 showing an increase of 0.6 percent.
Similarly, the trade deficit during July-May 2013-14 was registered at $17.66 billion compared to $18.73 billion in 2012-13, showing a reduction of 5.1 percent.
Likewise the forex reserves stood at $13.45 billion on June 9, 2014 out of which State Bank of Pakistan was holding $8.61 billion while banks other than SBP were holding $4.84 billion. 
The data said Consumer Price Index (Average Inflation) during July-May 2013-14 registered 8.66 percent compared to same period of 2012-13.
Similarly, incorporation of companies during July-May 2013-14 were registered at 4,137 as compared to 3,587 registered during the same period of 2012-13 showing a growth of 15.33 percent. 
Large scale manufacturing growth during the period from July to March 2013-14 remained 4.3 percent as compared to that of 3.5 percent during same period of 2012-13. 
Likewise credit to private sector during July-May 2013-14 stood at Rs 328.9 billion against Rs 33 billion during same period of last financial year, thus showing a surge of 796.66 percent whereas the agriculture credit also increased by 13.09 percent from Rs 336 billion to Rs 380 billion. 
The Gross Domestic Products growth rate during first half of current financial year, remained 4.1 percent while during first half of 2012-13, the growth rate remained 3.4 percent while the growth monetary assets during July-May 2013-14 registered 8.02 percent as compare to growth of 12.23 percent during same period of last year.  
Similarly Karachi Stock Exchange as on May 29, 2014 remained 29,540 points while on May 11, 2013 the KSE index was at 19,916 points thus showing an increase of 48.32 percent.  
Market capitalisation as on June 10, 2014 stood at Rs 7.26 trillion while it was Rs 5.04 trillion on May 11, 2013 showing a growth of 44.04 percent, while market capitalisation in US dollar term witnessed a growth of 43.74 percent, which stood at $73.74 billion on June 10, 2014 and on May 11, 2013 it stood at $51.3 billion. 

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