Inflation down to 11pc: minister

ISLAMABAD: Finance Minister Aurangzeb Khan on Tuesday claimed that inflation has decreased from 48pc to 11pc and would soon fell to the single digit.

Speaking after presenting the Economic Survey 2023-24 here, the minister said that the inflation rate had to come further down and this the reason State Bank reduced the interest rate a day earlier.

Pakistan’s economy is expected to grow by 2.4pc in the current fiscal year, compared to a contraction of 0.17pc in the previous year.

Current account deficit narrowed by 95pc to $200m in the July to April period, compared to $3.9bn in the same period last year.

Most targets missed, but high agriculture yields took sectoral growth to nearly double of last year’s target.

The minister said that the economy failed to meet most of its targets set in the previous budget due to challenging conditions, but the agriculture sector achieved unprecedented growth.