ISLAMABAD (WEB DESK) – The Economic Survey, a pre-budget document, was released in Islamabad on Thursday.
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According to it, the country recorded GDP growth rate of 4.2% during the current financial year. The Survey was launched by Finance Minister Ishaq Dar at a news conference.
The Minister said the inflation rate is expected to close below five percent by the end of this financial year.
He expressed the confidence that the revised tax collection target of 2605 billion rupees would be achieved.
In the first ten months of the current financial year, 1972 billion rupees have been collected.
The Minister said the country suffered losses worth 107 billion dollar due to war on terror from 2001 to 2015. This year’s estimates are 4.5 billion dollars as against 6.6 billion dollars last year.
He said exports are expected to reach 27 billion dollar and in the first ten months export proceeds stood at 20.18 billion dollars.
Current account deficit during first ten months of the year was 1.36 billion dollar as against targer of 2.82 billion dollar for the whole year.
There has been 16 percent increase in remittances by Overseas Pakistanis in the first ten months of this year as against same period last year.
Foreign investment in first ten months of the year was 2.60 billion dollars as against 3.11 billion dollars same period last year.
Foreign exchange reserves stood at 16.73 billion dollars yesterday and they are expected to cross 17 billion dollar tomorrow.
Exchange rate in June last year was 102.86 rupee a dollar whereas the inter bank rate yesterday was 101.88 rupee.
Per capita income now is 1513 dollar as against 1384 dollar in June last year.
The Finance Minister also announced medium term macroeconomic target of the present government from 2015 to 2018.