ISLAMABAD: Amid the drop in urea sales and cotton production, the government on Friday claimed that the national economy was setting a positive tone for the coming months, with inflation expected to decline to single digits or just above that in August.
“On account of stability in economic indicators, inflation is expected to remain within the range of 9.5-10.5pc in August and further decline to 9-10pc in September”, said the Ministry of Finance in its Monthly Economic Update & Outlook (August 2024).
It said the economy started FY25 with firm positive developments, setting a positive tone for the months ahead. As in July, a drop in CPI inflation suggested that the economy is on track to achieve single-digit inflation in the coming months.
“Both the fiscal and external sectors have shown resilience, attributed to improved management. The current account has improved, and the FBR tax collection exceeded the target”.
Conceding that Large-Scale Manufacturing (LSM) slightly decreased in June year-on-year due to a........