Pakistan Economy Economic Survey FY17- Key Takeaways
​GDP growth clocked in at 5.28%, missing its 5.7% FY17 year target but achieving its highest level in a decade led by a rebound in the agriculture sector (3.46%YoY), accompanied by an upward trend in the LSM sector (4.9%YoY). Headline inflation remained well below the target of 6%YoY, at 4.09%YoY in 10MFY17 (FY17F: 4.3%YoY) providing a favorable environment for macro-economic recovery (private sector credit up by 15.8%YoY as of Apr'17). However, the economy could not perform well on the external front with the current account deficit (US$7.6bn for 10MFY17) is expected to worsen to US$8.3bn (2.7% of GDP vs. 1.2% of GDP in FY16) on the back of: 1) rising imports (+15.5%YoY in 10MFY17) and falling remittances (-2.79%YoY in 10MFY17). Resultantly, the pressure on fx reserves persisted with levels dipping to US$21bn from US$23bn at end of FY16. The GoP is also expected to miss its fiscal deficit target of 3.8% as the deficit is expected to amount to 4.2% of GDP on account of: 1) lower tax collection (PkR2.5tn in 10MFY17 vs target of target of PkR3.9tn in FY17), 2) relief packages announced during the year and absence of planned privatization proceeds (FY17B: PkR50,000mn).
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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