Weekly Economic Roundup

October 17, 2021 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends.

• The overall output of LSMI increased by 7.26% for July-August FY22 compared to the same period last year.
• The Weekly Sensitive Price Indicator (SPI) for the Combined Group inched up by 0.2% during the week ended Oct 14, 2021, while the SPI increased by 12.66% compared to the corresponding week from last year.
• The non-government sector has borrowed another net sum of Rs.122.74 billion during the week ended October 01, 2021, which brings the cumulative net borrowing for the ongoing fiscal year FY2022 to Rs.190.5 billion. The net borrowing as of the prior week was recorded at Rs.67.76 billion.
• The government of Pakistan has retired a net sum of Rs.31.57 billion during the week ended October 01, 2021, which brings its total net retirement for the ongoing fiscal year FY2022 to Rs.3.69 billion. As of prior week, the government had borrowed a net sum of Rs.27.88 billion.
• Pakistan's FX reserves decreased by US$30.5 million or 0.12% on a weekly basis to stand at US$25,969.4 million on 08-October-2021.
• To absorb the impact of Rupee depreciation and rise in international coal prices, Cement manufacturers are expected to increase cement prices by Rs25 to Rs30 per bag of 50kg, industry sources said.
• The International Monetary Fund (IMF) Tuesday projected Pakistan’s real Gross Domestic Product (GDP) to grow by 4.0% in the current fiscal year (2021-22).
• Oil and Gas Regulatory Authority (OGRA) Tuesday notified the revised price of Re-gasified Liquefied Natural Gas (RLNG) on networks of the SSGC and SNGPL for the current month with a slight upward adjustment.
• The number of passenger cars sold in the country witnessed an upsurge of whopping 81% YoY to 57,539 units during 1QFY22 on the back of the announcement of duty and tax relief in the federal budget fiscal accompanied with reduction in car prices.
• The first National Logistics Cell (NLC) truck transporting commodities from Pakistan reached Turkey through Iran on October 7, 2021 under the Transports Internationaux Routiers (TIR) convention.
• Sazgar Engineering Works Limited (SAZEW) sold 1,172 units of three-wheelers during the month of September 2021, i.e., down by 5.64% when compared to sales of 1,242 units recorded in the previous month.
• The Economic Coordination Committee (ECC) of the Cabinet approved a summary for the provision of the maximum quantity of gas to Pak-Arab Fertilizer Plant and Fauji Fertilizer Bin Qasim Limited (FFBQL) to help stabilize urea prices.
• To promote investment in renewable energy solutions by companies, the State Bank of Pakistan (SBP) has eased the conditions for renewable energy solution providers under its Refinance Scheme for Renewable Energy.
• The total deposits held by Commercial Banks have inched up by 3.23% MoM to reach Rs19.83 trillion in the month of September 2021, compared to Rs19.21tr recorded in August 2021.
• The total money supply circulating within the economy during the second month of FY22 has been recorded at around Rs27.47trillion, according to provisional accounts on Monetary Aggregates for the month, maintained by the State Bank of Pakistan.
• Textile exports reached the highest mark of US$1.503 billion in the month of September 2021, depicting a yearly growth of 26% while 3% on a sequential basis, as per All Pakistan Textile Mills Association (APTMA).

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