Pakistan posts Rs1.3tr consolidated fiscal surplus in 1QFY27

November 13, 2026 (MLN): Pakistan posted a consolidated federal and provincial fiscal surplus of Rs1.27tr, or 0.9% of GDP, in 1QFY27 (Jul-Sep), compared with Rs2.12tr, or 1.7% of GDP, in the same period last year, according to provisional fiscal operations data by the Finance Division.

The primary surplus stood at Rs2.97tr, or 2.1% of GDP, against Rs3.50tr, or 2.8%, a year earlier.

Total revenue stood at Rs6tr in the quarter, down about 3% YoY from Rs6.20tr. Tax revenue rose about 7% to Rs3.39tr, including Rs3.09tr of federal and Rs300.93bn of provincial taxes.

Non-tax revenue fell about 14% to Rs2.62tr from Rs3.05tr, as federal non-tax receipts dropped to Rs2.53tr from Rs2.98tr.

Total expenditure rose about 16% YoY to Rs4.73tr from Rs4.08tr. Current expenditure stood at Rs4.29tr, up about 6%, with mark-up payments rising about 23% to Rs1.70tr from Rs1.38tr. Defence spending increased about 11% to Rs495.37bn. Development expenditure and net lending jumped about 61% to Rs474.85bn from Rs295.06bn.

On the financing side, external sources provided a net Rs608.86bn, against a net outflow of Rs38.87bn a year earlier. Domestic financing was a net negative Rs1.88tr, compared with minus Rs2.08tr, as the banking sector recorded a net negative Rs2.47tr against minus Rs2.19tr. Non-bank financing stood at Rs592.10bn, up from Rs112.06bn. No privatisation proceeds were recorded in either period.

As a share of GDP, total revenue was 4.2% against 4.9%, with tax revenue at 2.4% against 2.5% and non-tax revenue at 1.8% against 2.4%.

Total expenditure stood at 3.3% against 3.2%, with mark-up payments at 1.2% against 1.1%, defence at 0.3% against 0.4% and development spending at 0.3% against 0.2%. GDP is placed at Rs143.60tr, against Rs126.87tr.

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