Pakistan’s current account deficit sharply widened 90.23% to $4.716 billion in the first seven months of the current fiscal year of 2016/17 on soaring import bills and depleting foreign inflows, the central data showed, APP reported. The current account deficit was equal to 2.5% of gross domestic product in July-January 2016/17 as against 1.5% ($2.479 billion) a year earlier, according to the State Bank of Pakistan. In January, the current account deficit amounted to $1.189 billion as compared to $1.025 billion in the previous month. Ballooning current account deficit was due to higher trade gap and slowdown in workers’ remittance inflows and foreign investment.
