Quarter 1 Budget deficit soars to Rs 283 B

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Pakistan's budget deficit soared to Rs 283 billion during the first quarter of the current fiscal year ended September 30. The trade deficit is equal to 1.2 per cent of the Gross Domestic Product.

According to finance ministry's statistics during first quarter this fiscal year the GDP is estimated at Rs 236.55 trillion while during the same period Rs 117 billion and Rs 312 billion were spent on defence and to return loans respectively.

State Bank's profit stood at Rs 50 billion while revenue of the defence sector stood at Rs 107 billion. Income from taxes in petroleum sector totaled Rs 55 billion while Rs 68 billion and Rs 34 billion were spent on development expenses and pension respectively.

Of the total Rs 353 billion of the federation Rs 277 billion were transferred to the provinces.

End.