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Weekly Economic Roundup

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August 21, 2022 (MLN): The economic roundup contains the recent economic developments and financial data releases over the course of the week to keep an eye on next week’s trend.

  • The Sensitive Price Indicator (SPI) for the combined group witnessed an increase of 3.35% WoW for the week ended August 18, 2022.
  • Pakistan’s Consumer Confidence Index (CCI) increased by 10.5% in Q1 2022 to 85.1, compared to 77 in Q4 2021, indicating an improvement in sentiments towards the performance of the new government.
  • The total deposits held by scheduled banks have shown a growth of around 17.3% YoY to around Rs21.1 trillion in July 2022, against Rs18.8tr in the same month of last year on account of strong overseas inflows.
  • The total liquid foreign exchange reserves held by the country increased by $52.2 million or 4% WoW to stand at $13.61 billion during the week ended on August 12, 2022, compared to $13.56bn in the previous week.
  • The import bill of oil was recorded at $1.43 billion in July 2022, down by 60.54% MoM compared to $3.63bn in June 2022- the lowest since February 2022.
  • Pakistan’s textile exports stood at $1.48 billion in the first month of FY23, down by 13.2% MoM, compared to $1.71bn in the same month last fiscal year.
  • Workers' Remittances fell by 8.6% to $2.52 billion in the month of July’22, from $2.76bn recorded in the previous month.
  • Large Scale Manufacturing Industries (LSMI) output witnessed an increase of 11.5% YoY in June 22, as the LSMI Quantum Index Number (QIM) was recorded at 130.9 points against 117.4 points in June 2021.
  • Pakistan’s external debt servicing (principal and interest) by the government reached a total of $15.1bn at the end of FY22, increasing by 12% YoY compared to FY21.
  • The government increased the petrol price by Rs6.72 per litre for the next fortnight to Rs233.91per litre.
  • Pakistan’s external debt and liabilities (outstanding) reached $130.2 billion (40% of GDP) at the end of FY22, witnessing an increase of $7.9bn or 6% YoY.
  • The Central Directorate of National Savings (CDNS) achieved the target of issuing Rs100 billion fresh bonds in the first month of the current fiscal year 2022-23 from July 1st to July 31st, 2022.

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Posted on:2022-08-21T12:28:23+05:00