Current account deficit shrinks 78pc to $2.9bn in FY20

ISLAMABAD: The current account deficit of the country contracted by 78pc to $2.966 billion during the fiscal year 2019-20 compared to $13.434 billion during the same period of the preceding year (2018-19).

On a monthly and yearly basis, the current account deficit also witnessed a record fall of 90.2pc and 72pc in June this year when compared with the CAD in June 2019 and May 2020.

The current account deficit in June 2020 declined to $96 million from $344 million in May 2020 and $981 million in June 2019.

Meanwhile, Pakistan’s current account balance, without official transfers, declined to $3.433 billion in FY20 compared to $14.17 billion in FY19.

The country’s trade deficit also narrowed from $27.6 billion last year to $19.9 billion.

Similarly, the balance of trade in goods and services declined from $32.58 billion last year to $22.749 billion during the period under review.

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