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Current account deficit widens to record $12.1b in 2016-17

Current account deficit widens to record $12.1b in 2016-17

KARACHI: Pakistan’s annual current account deficit widened to record $12.1 billion in 2016-17 as compared with deficit of $4.86 billion in the preceding year, according to balance of payment data issued by State Bank of Pakistan (SBP).

Analysts attributed the significant widening of current account deficit to sharp rise in payments to China Pakistan Economic Corridor (CPEC) related imports and ease in exports and home remittances.

According to SBP data the deficit in trade of goods and services widened to $30.46 billion as against deficit of $22.69 billion in preceding year.

Similarly, the workers remittances have eased to $19.3 billion in 2016-17 from $19.91 billion in the preceding fiscal year.