Despite lower borrowing costs, subdued private investment conditions have kept overall investment stagnant at about 15% of GDP for the whole year. Meanwhile, the trade deficit widened in 2015 as exports declined, mainly due to lower cotton prices. Nonetheless, favourable workers’ remittances helped narrow the current account deficit, and foreign exchange reserve rose to an all-time high of $20.8 billion at end-2015. Downside risk includes slower growth of workers' remittances as economies in the Middle East, the major destination of Pakistani migrant workers, continue to face lower oil revenue and subdued economic activity.