'High energy prices': Current account deficit widens to $1.6 billion in October
By Muhammad JuniadPublished On 06 Jan 2023
The country's current account deficit has widened to $1.66 billion in October 2021, thanks to high energy prices.
According to the State Bank of Pakistan (SBP), the country had recorded a current account surplus of $448 million in the corresponding quarter of the previous year.
The $1.66 billion figure is the largest deficit recorded since the start of the current fiscal year 2021-22.
Current account deficit widened to $1.66bn in Oct21 from $1.13bn in Sep21 on the back of a moderate decline in exports & remittances &some uptick in services imports. High energy prices kept the import bill elevated despite a downtick in non-energy imports:https://t.co/Od8ikVvpBF pic.twitter.com/ZyK8IhKWY4
— SBP (@StateBank_Pak) November 19, 2021
The country witnessed a steep climb in the current account deficit for the third consecutive month, remaining around $1.5 billion.
“Current account deficit widened to $1.66 billion in October 2021 from $1.13 billion in September 2021 on the back of a moderate decline in exports [and] remittances [and] some uptick in services imports,” the SBP said on its official Twitter handle.
The central bank said high energy prices kept the import bill elevated despite a downtick in non-energy imports.
