Pakistan’s Budget Deficit Improves to 6.8% of GDP in FY24

Pakistan’s budget deficit improved to 6.8 percent of gross domestic product (GDP) (Rs. 7.2 trillion) in the last fiscal year i.e. FY24 compared to 7.7 percent of GDP (Rs. 6.5 trillion) in FY23. Primary balance also improved, achieving a surplus of 0.9 percent of GDP (Rs. 953 billion) in FY24 compared to deficit of 1 percent of GDP (Rs. 826 billion) in FY23, according to Ministry of Finance data compiled by Topline Securities. Total revenue during FY24 stood at Rs. 13.23 trillion, up 38 percent over revenue of Rs. 9.634 trillion during FY23. Tax revenue during FY24 stood at Rs. 10.085 trillion, 29 percent higher than tax revenue of Rs. 7.819 trillion in FY23. Non tax revenue jumped 75 percent in FY24 to Rs. 3.184 trillion. Total expenditure during FY24 rose 27 percent to Rs. 20.476 trillion compared to Rs. 16.155 trillion in FY23.