Page semi-protected

Economy of Pakistan

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Economy of Pakistan
Dolmen Towers.jpg
CurrencyPakistani rupee (PKR, ₨)
100 (62¢ US) (Jan 2021)
1 July – 30 June
Trade organisations
ECO, SAFTA, WTO, and others
Country group
Statistics
PopulationIncrease 212,480,000 (2021)[3]
GDP

Increase $299billion (GDP;2021) [4] Increase $1.1 trillion (PPP; 2021)

[5]
GDP rank
GDP growth
  • 5.5% (17/18) 1.9% (18/19)
  • −0.4% (19/20) 1.5% (20/21e)[6]
GDP per capita
  • Increase $1,543 (nominal;2020)[7]
  • Increase $5,220 (PPP, 2021)[7]
GDP per capita rank
GDP by sector
  • Positive decrease 10.9% (May 2021)[9]
Positive decrease 7.00% (September 2020)[10]
Population below poverty line
33.5 medium (2015, World Bank)[13]
Labour force
  • Increase 75,862,533 (2020)[16]
  • 48.9% employment rate (2018)[17]
Labour force by occupation
Unemployment
Main industries
Increase 108th (medium, 2020)[20]
External
ExportsDecrease $22.536 billion (FY 2020)[21]
Export goods
  • Textiles: $12,783 million
  • Food: $4,534 million
  • Chemical and pharmaceutical products: $1,056 million
  • Leather manufacturers: $479 million
  • Sports goods: $458 million
  • Petroleum: $369 million [22]
Main export partners
ImportsPositive decrease $43.645 billion (FY 2020)[24]
Import goods
Main import partners
FDI stock
Increase $41.865 billion (FY 2018)[26]
Increase -2.970 billion US$ (FY 2020)[27]
$112.8 billion (Aug 2020)[28] (45th)
Public finances
Positive decrease 81.1% of GDP (Sep 2020)[29]
Increase −8.1% of GDP (FY 2020)[30]
RevenuesIncrease 15.0% of GDP, Pkr 6272.2 billion or $39.7 billion (FY 2020)[30]
ExpensesNegative increase 23.1% of GDP, Pkr 9648.5 billion or $61.0 billion (FY 2020)[30]
Foreign reserves
Increase $23.220 billion (9 April 2021)[34] (64th)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Pakistan is the 22nd largest in the world in terms of purchasing power parity (PPP), and 45th largest in terms of nominal gross domestic product. Pakistan has a population of over 220 million [35] (the world's 5th-largest), giving it a nominal GDP per capita of $1,543 in 2020-21,[36] which ranks 154th in the world and giving it a PPP GDP per capita of $5,839 in 2021, which ranks 132nd in the world for 2021. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income.[37] Pakistan is a developing country.[38][39][40] The economy is semi-industrial, with centres of growth along the Indus River.[41][42][43] Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.[44][45]

Growth poles of Pakistan's economy are situated along the Indus River;[42][46] the diversified economies of Karachi and major urban centers in the Punjab, coexisting with lesser developed areas in other parts of the country.[42] The economy has suffered in the past from internal political disputes, a fast-growing population, mixed levels of foreign investment.[47] Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit – driven by a widening trade gap as import growth outstrips export expansion – could draw down reserves and dampen GDP growth in the medium term.[48][49] Pakistan is currently undergoing a process of economic liberalization, including privatization of all government corporations, aimed to attract foreign investment and decrease budget deficit.[50] In October 2016, foreign currency reserves crossed $24.0 billion[51] which has led to stable outlook on the long-term rating by Standard & Poor's.[52][53] In 2016, BMI Research report named Pakistan as one of the ten emerging economies with a particular focus on its manufacturing hub.[54]

As of May 2021, the Pakistani government has predicted that future growth rates will be 5%, one of the highest in South Asia.[55] According to the World Bank, poverty in Pakistan fell from 64.3% in 2002 to 2.3% in 2018. The country's improving macroeconomic position has led to Moody's upgrading Pakistan's debt outlook to "stable"[56]

In 2017, Pakistan's GDP in terms of purchasing power parity crossed $1 trillion.[57] By May 2019, the Pakistani rupee had undergone a year-on-year depreciation of 30% vis-a-vis the US dollar. In 2020 CPEC Phase 2 has been started, with new billion dollar agreements. Pakistan is focusing on its own Electric Vehicle, biomedical, electromagnetic, smartphones and semi-conductor Industry. Samsung and Realme announces to set up assembly plant in Pakistan. Pakistan's first digital is establishing in haripur. At this moment, Oppo and haier to invest in Pakistan Digital City (PDC) Haripur. PDC is near from Telephone Industries of Pakistan (TIP) and National Radio and Telecommunication Corporation (NRTC).[58]

Economic history

First five decades

Pakistan was a middle class and predominantly agricultural country when it gained independence in 1947 as a result of partition of India by the departing British. Pakistan's average economic growth rate in the first five decades (1947–1997) has been higher than the growth rate of the world economy during the same period. Average annual real GDP growth rates[59] were 6.8% in the 1960s, 4.8% in the 1970s, and 6.5% in the 1980s. Average annual growth fell to 4.6% in the 1990s with significantly lower growth in the second half of that decade.[60]

21st century

In 2016, the Atlantic Media Company (AMC) of the United States has ranked Pakistan as a relatively stronger economy in the South Asian markets and expected that it will grow rapidly during days ahead. AMC said that during the period January–July this year, Indian 100 point index was 6.67% while Karachi Stock Exchange (KSE) had achieved 100 point index of 17 percent.[61]

Economic resilience

GDP rate of growth 2014–2021

Background

Pakistan's economy in the period 2008-2012 been characterised as unstable and highly vulnerable to external and internal shocks. However, the economy proved to be unexpectedly resilient in the face of multiple adverse events concentrated into a four-year (1998–2002) period —

Macroeconomic reform and prospects

National Highways, Motorways & Strategic Roads of Pakistan.

According to many sources, the Pakistani government has made substantial economic reforms since 2000,[63] and medium-term prospects for job creation and poverty reduction are the best in nearly a decade.

In 2005, the World Bank reported that

"Pakistan was the top reformer in the region and the number 10 reformer globally – making it easier to start a business, reducing the cost to register property, increasing penalties for violating corporate governance rules, and replacing a requirement to license every shipment with two-year duration licences for traders."[64]

Doing business

The World Bank (WB) and International Finance Corporation's flagship report Ease of Doing Business Index 2020 ranked Pakistan 108 among 190 countries around the globe, indicating a continuous improvement and taking a jump from 136 last year. The top five countries were New Zealand, Singapore, Denmark, Hong Kong and South Korea.[65]

With improvement in ease of doing business ranking and giving an investment friendly road map from government, many new auto sector giants like France's Renault, South Korean's Hyundai and Kia, Chinese JW Forland and German auto giant Volkswagen are considering entry in Pakistan auto market through joint ventures with local manufacturers like Dewan Farooque Motors, Khalid Mushtaq Motors and United Motors.[66]

US oil and gas giant Exxon Mobil has again returned to Pakistan after nearly three decades gap and has acquired 25% shares in offshore drilling in May 2018, with initial survey showing a potential of huge hydrocarbon reserves discovery at offshore.[67]

To boost Pakistan's unstable foreign-exchange reserves, Qatar announced to invest $3 billion the form of deposits and direct investments in the country.[68] By the end of June 2019, Qatar sent the first $500 million to Pakistan.[69][70]

Data

These are the economic indicators of Pakistan from fiscal year 2004 to 2021.

Gross domestic product (GDP)

Fiscal year GDP at
constant
prices[71]
(billion
rupees)
Real
GDP
growth
rate[72]
GDP at
current
prices[73]
(billion
rupees)


(A)

US$ to PKR
30 Jun
exchange
rates[74]


(B)

Nominal
GDP
(billion
US$)


(A/B)

Nominal
GNI
(billion
rupees)[73]


(C)

US$ to PKR
average
exchange
rates[75]


(D)

Nominal
GNI
(billion
US$)


(C/D)

Population
in millions[73]


(E)

Nominal
GDP
per
capita
in US$


(A/B)/E

Per
capita
income
(US$)[76]


(C/D)/E

FY 2004 6,797.948 7.70% 6,203.725 58.1722
(30 Jun)
106.644 6,328.203 57.5744 109.913 149.65 $713 734.4
FY 2005 7,309.054 Increase 7.52% 7,126.194 59.6921
(30 Jun)
Increase 119.383 7,260.655 59.3575 Increase 122.320 152.53 Increase $783 Increase801.9
FY 2006 7,715.777 Increase 5.56% 8,216.160 60.2138
(30 Jun)
Increase 136.450 8,366.061 59.8565 Increase 139.768 155.37 Increase $878 Increase899.5
FY 2007 8,142.969 Increase 5.54% 9,239.786 60.4060
(30 Jun)
Increase 152.961 9,397.417 60.6341 Increase 154.985 158.17 Increase $967 Increase979.8
FY 2008 8,549.148 Increase 4.99% 10,637.772 68.2808
(30 Jun)
Increase 155.794 10,846.688 62.5464 Increase173.418 164.66 Decrease $946 Increase1053.2
FY 2009 8,579.987 Increase 0.36% 13,199.707 81.3896
(30 Jun)
Increase 162.179 13,545.988 78.4982 Decrease172.564 168.18 Increase $964 Decrease1026.1
FY 2010 8,801.394 Increase 2.58% 14,866.996 85.4634
(30 Jun)
Increase 173.957 15,433.243 83.8016 Increase184.164 171.73 Increase $1,013 Increase1072.4
FY 2011 9,120.336 Increase 3.62% 18,276.440 85.9894
(30 Jun)
Increase 212.543 19,096.665 85.5017 Increase223.348 175.31 Increase $1,212 Increase1274.1
FY 2012 9,470.255 Increase 3.84% 20,046.500 94.6270
(30 Jun)
Decrease 211.848 21,082.207 89.2359 Increase236.252 178.91 Decrease $1,184 Increase1320.5
FY 2013 9,819.055 Increase 3.68% 22,385.657 99.1141
(30 Jun)
Increase 225.857 23,547.264 96.7272 Increase243.439 182.53 Increase $1,237 Increase1333.7
FY 2014 10,217.056 Increase 4.05% 25,168.805 98.8088
(30 Jun)
Increase 254.722 26,597.032 102.8591 Increase258.577 186.19 Increase $1,368 Increase1388.8
FY 2015 10,631.649 Increase 4.06% 27,443.022 101.7895
(30 Jun)
Increase 269.606 29,117.833 101.2947 Increase287.456 189.87 Increase $1,420 Increase1514.0
FY 2016 11,116.802 Increase 4.56% 29,075.633 104.7619
(30 Jun)
Increase 277.540 30,858.493 104.2351 Increase296.047 193.56 Increase $1,434 Increase1529.4
FY 2017 11,696.934 Increase 5.22% 31,922.303 104.8861
(30 Jun)
Increase 304.352 33,665.946 104.6971 Increase321.555 197.26 Increase $1,543 Increase1630.1
FY 2018 12,344.266 Increase 5.53% 34,616.302 121.5405
(29 Jun)

Decrease 284.813

36,462.453 109.8444 Increase331.946 200.96 Increase $1,417 Increase1651.9
FY 2019 12,600.651 Increase 2.08% 38,086.232 163.0546
(30 Jun)
Decrease 233.580 40,636.257 136.0901 Decrease298.598 204.65 Decrease $1,141 Decrease1459.1
FY 2020 12,541.834 Decrease -0.47% 41,556.326 168.1662

(30 Jun)

Increase247.115 44,799.050 158.0253 Decrease283.492 208.31 Decrease $1,186 Decrease1360.9
FY 2021 13,036.381 Increase 1.5% 47,709.325 155.7458
(10 Jun)
Decrease 262.328 52,222.614 - - 211.93 - Decrease1,200

Industrial sector

Data is from Pakistan Bureau of Statistics.[72]

List FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
6 Industrial sector growth rate 17.37% Increase 6.51% Increase 3.63% Increase 7.73% Increase 8.47% Decrease -5.21% Increase 3.42% Increase 4.51% Increase 2.55% Increase 0.75% Increase 4.53% Increase 5.18% Increase 5.69% Increase 4.55% Increase 4.61% Decrease -1.56% Decrease -3.77% Increase 3.57%
6A Mining and quarrying sector growth rate 21.78% Decrease -15.83% Increase 3.60% Increase 7.35% Increase 3.15% Decrease -2.46% Increase 2.75% Decrease -4.42% Increase 5.16% Increase 3.88% Increase 1.40% Increase 4.97% Increase 6.19% Decrease -0.60% Increase 7.80% Increase 1.20% Decrease -8.28% Decrease -6.49%
6B Manufacturing sector growth rate 16.38% Increase 16.03% Increase 9.39% Increase 9.03% Increase 6.10% Decrease -4.18% Increase 1.37% Increase 2.50% Increase 2.08% Increase 4.85% Increase 5.65% Increase 3.88% Increase 3.69% Increase 5.83% Increase 5.43% Decrease -0.69% Decrease -7.39% Increase 8.71%
6B(i) Large scale manufacturing growth rate 18.83% Increase 18.12% Increase 9.92% Increase 9.58% Increase 6.10% Decrease -6.04% Increase 0.41% Increase 1.66% Increase 1.13% Increase 4.46% Increase 5.46% Increase 3.28% Increase 2.98% Increase 5.64% Increase 5.12% Decrease -2.60% Decrease -10.12% Increase 9.29%
6B(ii) Small scale manufacturing growth rate 7.51% Steady 7.51% Increase 8.70% Increase 8.25% Increase 8.34% Increase 8.57% Increase 8.47% Increase 8.51% Increase 8.35% Increase 8.28% Increase 8.29% Increase 8.21% Increase 8.19% Increase 8.15% Increase 8.17% Increase 8.24% Increase 1.50% Increase 8.31%
6B(iii) Slaughtering sector growth rate 3.94% Increase 4.00% Increase 4.05% Increase 3.16% Increase 3.26% Increase 3.82% Increase 3.16% Increase 3.67% Increase 3.53% Increase 3.63% Increase 3.38% Increase 3.34% Increase 3.61% Increase 3.55% Increase 3.50% Increase 3.54% Increase 4.05% Increase 3.89%

Agricultural sector

Data is from Ministry of Finance and PBS.[76][72][77]

Index List FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
7 Agriculture sector growth rate 2.85% Increase 7.02% Increase 1.27% Increase 3.42% Increase 1.81% Increase 3.50% Increase 0.23% Increase 1.96% Increase 3.62% Increase 2.68% Increase 2.50% Increase 2.13% Increase 0.15% Increase 2.18% Increase 4.00% Increase 0.56% Increase 3.31% Increase 2.77%
7A Wheat production (million tons) 19.5 Increase 21.6 Decrease 21.3 Increase 23.3 Decrease 20.9 Increase 24.0 Decrease 23.3 Increase 25.2 Decrease 23.5 Increase 24.2 Increase 26.0 Decrease 25.1 Increase 25.6 Increase 26.7 Decrease 25.1 Decrease 24.3 Increase 25.2 Increase 27.3
7B Rice production (million tons) 4.8 Increase 5.0 Increase 5.5 Decrease 5.4 Increase 5.6 Increase 6.9 Steady 6.9 Decrease 4.8 Increase 6.2 Decrease 5.6 Increase 6.8 Increase 7.0 Decrease 6.8 Steady 6.8 Increase 7.5 Decrease 7.2 Increase 7.4 Increase 8.4
7C Sugarcane production (million tons) 53.4 Decrease 47.2 Decrease 44.7 Increase 54.7 Increase 63.9 Decrease 50.0 Decrease 49.4 Increase 55.3 Increase 58.4 Increase 63.8 Increase 67.5 Decrease 62.8 Increase 65.5 Increase 75.5 Increase 83.3 Decrease 67.2 Decrease 66.4 Increase 81.0
7D Cotton production (million bales) 10.0 Increase 14.3 Decrease 13.0 Decrease 12.9 Decrease 11.7 Increase 11.8 Increase 12.9 Decrease 11.5 Increase 13.6 Decrease 13.0 Decrease 12.8 Increase 14.0 Decrease 9.9 Increase 10.7 Increase 11.9 Decrease 9.9 Decrease 9.1 Decrease 7.1
7E Maize production

(million tons)

1.9 Increase 2.8 Increase 3.1 Steady 3.1 Increase 3.6 Steady 3.6 Decrease 3.3 Increase 3.7 Increase 4.3 Decrease 4.2 Increase 5.0 Decrease 4.9 Increase 5.3 Increase 6.1 Decrease 5.9 Increase 6.8 Increase 7.9 Increase 8.5

Service sector

Data is from Pakistan Bureau of Statistics.[72]

Index List FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
9 Service sector growth rate Increase 8.14% Increase 8.20% Increase 5.58% Increase 4.94% Increase 1.33% Increase 3.21% Increase 3.94% Increase 4.40% Increase 5.13% Increase 4.46% Increase 4.36% Increase 5.72% Increase 6.47% Increase 6.35% Increase 3.79% Decrease -0.55% Increase 4.43%

Inflation

Data is from Ministry of Finance.[76]

Index List FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
11 Consumer price index growth % Negative increase 9.3% Positive decrease 7.9% Positive decrease 7.8% Negative increase 12.0% Negative increase 24.6% Positive decrease 10.1% Negative increase 13.7% Positive decrease 11.0% Positive decrease 7.4% Negative increase 8.6% Positive decrease 4.5% Positive decrease 2.9% Negative increase 4.8% Positive decrease 4.7% Negative increase 6.8% Negative increase 10.7% Positive decrease 8.6%

Government revenues and expenditures

Data is taken from Ministry of Finance.[78]

Amounts in billion PKR
Index List FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

(Jul-Mar)

12 Government total revenues Increase 900.0 Increase 1076.6 Increase 1298.0 Increase 1499.4 Increase 1850.9 Increase 2077.8 Increase 2252.9 Increase 2566.5 Increase 2982.4 Increase 3637.3 Increase 3931.0 Increase 4447.0 Increase 4936.7 Increase5228.0 Decrease 4900.7 Increase6272.2 4492.6
12-a Total tax revenue Increase 632.6 Increase 753.0 Increase 919.3 Increase 1065.2 Increase 1316.7 Increase 1472.5 Increase 1699.3 Increase 2052.9 Increase 2199.2 Increase 2564.5 Increase 3017.6 Increase 3660.4 Increase 3969.2 Increase4467.2 Increase4473.4 Increase4747.8 3765.0
12-a-i FBR tax collection Increase1008.1 Increase1161.2 Increase1327.4 Increase1558.0 Increase1882.7 Increase1946.4 Increase2254.5 Increase2590.0 Increase3112.5 Increase3367.9 Increase3842.1 Decrease3829.5 Increase3997.9 3394.9
13 Government total expenditures Negative increase 1117.0 Negative increase 1401.8 Negative increase 1675.5 Negative increase 2276.5 Negative increase 2531.3 Negative increase 3007.2 Negative increase 3447.3 Negative increase 3936.2 Negative increase 4816.3 Negative increase 5026.0 Negative increase 5387.8 Negative increase 5796.3 Negative increase 6800.5 Negative increase7488.4 Negative increase8345.6 Negative increase9648.5 6644.6
14 Fiscal deficit Negative increase217.0 Negative increase325.2 Negative increase377.5 Negative increase777.2 Positive decrease680.4 Negative increase929.4 Negative increase1194.4 Negative increase1369.7 Negative increase1833.9 Positive decrease1388.7 Negative increase1456.7 Positive decrease1349.3 Negative increase1863.8 Negative increase2260.4 Negative increase3444.9 Positive decrease3376.3 1652.0
15 Total revenues as % of GDP Decrease 13.8% Decrease 13.1% Increase 14.0% Increase 14.1% Decrease 14.0% Steady 14.0% Decrease 12.3% Increase 12.8% Increase 13.3% Increase 14.5% Decrease 14.3% Increase 15.3% Increase 15.5% Decrease15.1% Decrease 12.9% Increase15.1% 11.0%
16 Tax revenue as % of GDP Decrease 10.1% Decrease 9.8% Decrease 9.6% Increase 9.9% Decrease 9.1% Increase 9.9% Decrease 9.3% Increase 10.2% Decrease 9.8% Increase 10.2% Increase 11.0% Increase 12.6% Decrease 12.4% Increase12.9% Decrease 11.7% Decrease11.4% 8.3%
17 Total expenditures as % of GDP Negative increase 17.2% Positive decrease 17.1% Negative increase 18.1% Negative increase 21.4% Positive decrease 19.2% Negative increase 20.2% Positive decrease 18.9% Negative increase 21.4% Negative increase 21.5% Positive decrease 20.0% Positive decrease 19.6% Negative increase 19.9% Negative increase 21.3% Negative increase21.6% Negative increase 21.9% Negative increase23.2% 14.6%
18 Fiscal deficit as % of GDP Negative increase 3.3% Negative increase 4.0% Negative increase 4.1% Negative increase 7.3% Positive decrease 5.2% Negative increase 6.2% Negative increase 6.5% Negative increase 8.8% Positive decrease 8.2% Positive decrease 5.5% Positive decrease 5.3% Positive decrease 4.6% Negative increase 5.8% Negative increase 6.5% Negative increase 9.0% Positive decrease 8.1% 3.6%

Current account

Amounts in million US dollars [79][80][81]
Index List FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

(Jul-Apr)

19 Credit 22,003 27,006 31,761 33,016 37,247 35,357 38,135 47,703 48,243 50,197 51,153 52,920 51,336 51,867 54,443 55,791 54,322 54,137
20 Debit 20,192 28,540 36,751 39,894 51,121 44,617 42,081 47,489 52,901 52,693 54,283 55,629 56,203 64,488 74,340 69,225 57,292 53,364
30 Net Increase 1,811 Decrease -1,534 Decrease -4,990 Decrease -6,878 Decrease -13,874 Increase -9,261 Increase -3,946 Increase 214 Decrease -4,658 Increase-2,496 Decrease -3,130 Increase -2,709 Decrease -4,867 Decrease -12,621 Decrease -19,897 Increase -13,434 Increase-2,970 Increase773
31 Net as % of GDP Increase +1.7% Decrease -1.3% Decrease -3.7% Decrease -4.5% Decrease -8.9% Increase -5.7% Increase -2.3% Increase +0.1% Decrease -2.2% Increase -1.1% Decrease -1.2% Increase -1.0% Decrease -1.8% Decrease -4.1% Decrease -7.0% Increase -5.7% Increase -1.2%

Government debt and liabilities

  • Total Public Debt = Gross Public Debt + External Liabilities + Private Sector External  Debt + PSEs External Debt + PSEs Domestic Debt + Commodity Operations + Intercompany External Debt from Direct Investor abroad
  • Gross Public Debt = Government (Federal+Provincial) Domestic Debt + Government (Federal+Provincial) External Debt + Debt from IMF
  • Total Debt of Government / Net Public Debt = Gross Public Debt – Government Deposits in the Banking System.
  • Public External Debt = Government External Debt + Debt from IMF (Foreign Exchange Liabilities are not included)
  • Total External Debt = Public External Debt + Public Sector Enterprises + Banks + Private Sector + Debt Liabilities to Direct Investors
  • Data is taken from state bank of Pakistan.[82][83]
Index List Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 June 2020 Mar 2021
19 Total debt & liabilities (billion PKR) 8,745.6 Negative increase 10,704.4 Negative increase 12,532.2 Negative increase 14,553.1 Negative increase 16,338.2 Negative increase 18,214.3 Negative increase 19,849.4 Negative increase 22,577.1 Negative increase 25,114.2 Negative increase 29,879.4 Negative increase 40,223.1 Negative increase 44,591.5 Negative increase 45,470.3
19(a) Total public debt as % of GDP 66.3% Negative increase 72.0% Positive decrease 68.6% Negative increase 72.6% Negative increase 73.0% Positive decrease 72.4% Positive decrease 72.3% Negative increase 77.6% Negative increase 78.6% Negative increase 86.3% Negative increase 105.9% Negative increase 106.8% Positive decrease 97.4%
20 Gross public debt (billion PKR) 7,731.1 Negative increase 9,010.4 Negative increase 10,770.8 Negative increase 12,696.7 Negative increase 14,291.7 Negative increase 15,991.3 Negative increase 17,380.2 Negative increase 19,676.6 Negative increase 21,408.7 Negative increase 24,952.9 Negative increase 32,707.9 Negative increase 36,398.6 Negative increase 38,005.8
20(a) Gross public debt as % of GDP 58.6% Negative increase 60.6% Positive decrease 58.9% Negative increase 63.3% Negative increase 63.9% Positive decrease 63.5% Positive decrease 63.3% Negative increase 67.7% Positive decrease 67.1% Negative increase 72.1% Negative increase 86.1% Negative increase 87.2% Positive decrease 81.4%
21 Total debt of government (billion PKR) 7,204.9 Negative increase 8,410.8 Negative increase 9,927.6 Negative increase 11,890.2 Negative increase 13,457.3 Negative increase 14,623.9 Negative increase 15,986.0 Negative increase 17,823.2 Negative increase 19,635.4 Negative increase 23,024.0 Negative increase 29,520.7 Negative increase33,235.3 Negative increase 33,724.4
21(a) Total debt of govt. as % of GDP 54.6% Negative increase 56.6% Positive decrease 54.3% Negative increase 59.3% Negative increase 60.1% Positive decrease 58.1% Negative increase 58.3% Negative increase 61.3% Negative increase 61.4% Negative increase 66.5% Negative increase 77.7% Negative increase 79.6% Positive decrease 72.3%
22 Public external debt (billion US$) Negative increase 40.7 Negative increase 46.4 Negative increase 49.8 Negative increase 55.3 Positive decrease 53.5 Positive decrease 48.1 Negative increase 51.3 Positive decrease 50.9 Negative increase 57.7 Negative increase 62.5 Negative increase 70.2 Negative increase 73.4 Negative increase 77.3 Negative increase 80.9
22(a) Public external debt as % of GDP Negative increase 26.1% Negative increase 28.6% Negative increase 28.7% Positive decrease 26.0% Positive decrease 25.2% Positive decrease 21.4% Positive decrease 20.2% Positive decrease 18.9% Negative increase 20.8% Positive decrease 20.5% Negative increase 24.7% Negative increase 31.5% Positive decrease 31.2% Positive decrease 26.4%
23 Total external debt (billion US$) Negative increase 46.1 Negative increase 52.3 Negative increase 61.6 Negative increase 66.3 Positive decrease 65.5 Positive decrease 60.9 Negative increase 65.3 Positive decrease 65.2 Negative increase 73.9 Negative increase 83.5 Negative increase 95.2 Negative increase 106.3 Negative increase 113.0 Negative increase 116.3

Pakistan external debt servicing (principal + interest)[84]

Index List FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Jul-Mar

24 Principal (million US$) 1,718 1,593 1,867 2,837 3,140 2,458 3,294 5,046 5,659 3,499 3,076 4,439 3,326 6,527 9,626 8,037
25 Interest (million US$) 906 1,091 1,248 1,159 1,015 1,074 1,019 933 909 1,172 1,346 1,626 2,317 2,951 3,233 1,709
26 Total (million US$) 2,624 2,684 3,115 3,996 4,155 3,532 4,313 5,979 6,568 4,671 4,422 6,065 5,642 9,478 12,859 9,746

Foreign exchange reserves

Data is taken from State Bank of Pakistan.[85][86]

Amounts in million US dollars
Index List Jun 2005 Jun 2006 Jun 2007 Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Mar 2021
24 Foreign exchange reserves Increase 12,598 Increase 13122 Increase 15,647 Decrease 11,399 Increase 12,425 Increase 16,750 Increase 18,244 Decrease 15,289 Decrease 11,020 Increase 14,141 Increase 18,699 Increase 23,099 Decrease 21,403 Decrease 16,384 Decrease 14,482 Increase18,886 Increase 20,604
24(a) Net reserves with SBP 9804.7 10765.2 13345.4 8577.0 9117.9 12958.2 14783.6 10803.3 6008.4 9097.5 13525.7 18142.6 16144.8 9765.2 7285.2 12132.0 13493.3
24(b) Net reserves with banks 2792.9 2357.2 2301.8 2821.7 3307.3 3792.2 3460.2 4485.4 5011.1 5043.6 5173.5 4955.9 5258.1 6618.4 7196.4 6754.4 7110.2

Foreign direct investment

Data is from SBP.[87][88]

Index List FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Jul-Apr
25 Foreign direct investment (million US$) 949.4 Increase 1524.0 Increase 3521.0 Increase 5139.6 Increase 5410.2 Decrease 3719.9 Decrease 2150.8 Decrease 1634.8 Decrease 820.6 Increase 1456.5 Increase 1698.6 Decrease 1033.8 Increase 2392.9 Increase 2406.6 Increase 2780.3 Decrease1362.4 Increase2,561.2 1,553.4

PSX 100 index growth rate [76]

Index List 2005–2006 2006–2007 2007–2008 2008–2009 2009–2010 2010–2011 2011–2012 2012–2013 2013–2014 2014–2015 2015–2016 2016–2017 2017–2018 2018–2019 2019-2020 2020-2021
26 PSX 100 index growth % Increase 34.1% Increase 37.9% Decrease -10.8% Decrease -41.7% Increase 35.7% Increase 28.5% Increase 10.4% Increase 52.2% Increase 41.2% Increase 16.0% Increase 9.8% Increase 23.2% Decrease-10.0% Decrease-20.5% Increase 1.5% Increase 29.5%

Foreign trade

Note : This is the merchandised trade data (export and import) as released by the SBP.[89][90] This may differ from the data compiled by Pakistan Bureau of Statistics.

Amounts in billion US dollars
Index List FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Jul-Apr

28 Exports of Pakistan 12.396 Increase 14.401 Increase 16.553 Increase 17.278 Increase 20.427 Decrease 19.121 Increase 19.673 Increase 25.354 Decrease 24.718 Increase 24.802 Increase 25.078 Decrease 24.090 Decrease 21.972 Increase 22.003 Increase 24.768 Decrease 24.257 Decrease 22.536 20.993
29(a) Exports growth rate 13.8% Increase 16.2% Increase 13.8% Increase 4.5% Increase 18.0% Decrease -6.4% Increase 2.9% Increase 28.9% Decrease -2.6% Increase 0.3% Increase 1.1% Decrease -3.9% Decrease -8.8% Increase 0.1% Increase 12.6% Decrease -2.1% Decrease -7.1%
30 Imports of Pakistan 13.604 Increase 18.753 Increase 24.994 Increase 26.989 Increase 35.397 Decrease 31.747 Decrease 31.132 Increase 35.796 Increase 40.371 Decrease 40.157 Increase 41.668 Decrease 41.357 Decrease 41.118 Increase 48.001 Increase 55.671 Decrease 51.869 Decrease 43.645 42.309
31(a) Imports growth rate 20.0% Increase 37.8% Increase 31.6% Increase 8.0% Increase 31.2% Decrease -10.3% Increase -1.7% Increase 15.0% Increase 12.8% Decrease -0.5% Increase 3.8% Decrease -0.7% Increase -0.6% Increase 16.7% Increase 16.0% Decrease -6.8% Decrease -15.9%
32 Trade deficit 1.208 Negative increase 4.352 Negative increase 8.441 Negative increase 9.711 Negative increase 14.970 Positive decrease 12.627 Positive decrease 11.452 Positive decrease 10.427 Negative increase 15.652 Positive decrease 15.355 Negative increase 16.590 Negative increase 17.267 Negative increase 19.146 Negative increase 25.998 Negative increase 30.903 Positive decrease 27.612 Positive decrease 21.109 21.316
33 Trade deficit as % of GDP 1.2% Negative increase 4.0% Negative increase 6.5% Positive decrease 6.2% Negative increase 8.8% Positive decrease 7.5% Positive decrease 6.5% Positive decrease 4.9% Negative increase 7.0% Positive decrease 6.6% Negative increase 6.8% Positive decrease 6.4% Negative increase 6.9% Negative increase 8.5% Negative increase 10.9% Negative increase 11.9% Positive decrease 8.5%

Workers' remittances

Data is taken from SBP and Ministry of Finance.[91][92][76]

Index List FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY21

Jul-May

34 Workers' remittances (billion US$) 4.6 Increase 5.4 Increase 6.4 Increase 7.8 Increase 8.9 Increase 11.2 Increase 13.1 Increase 13.9 Increase 15.8 Increase 18.7 Increase 19.9 Decrease 19.4 Increase 19.9 Increase 21.7 Increase 23.1 26.7
35 Workers' remittances growth rate Increase 10.4% Increase 19.4% Increase 17.4% Increase 21.1% Increase 14.0% Increase 25.8% Increase 17.7% Increase 5.6% Increase 13.7% Increase 18.2% Increase 6.4% -3.0% -2.8% Increase 2.9% Increase 9.2% Increase 6.4%
A view of I. I. Chundrigar Road of Karachi (Financial Capital of Pakistan)
Main Industries by Region – Pakistan. Source:[93]

Stock market

In the first four years of the twenty-first century, Pakistan's KSE 100 Index was the best-performing stock market index in the world as declared by the international magazine "Business Week".[94][citation needed] The stock market capitalisation of listed companies in Pakistan was valued at $5,937 million in 2005 by the World Bank.[95] But in 2008, after the General Elections, uncertain political environment, rising militancy along western borders of the country, and mounting inflation and current account deficits resulted in the steep decline of the Karachi Stock Exchange. As a result, the corporate sector of Pakistan has declined dramatically in recent times. However, the market bounced back strongly in 2009 and the trend continues in 2011. By 2014 the stock market burst into uncharted territories as the benchmark KSE 100 Index rose 907 points (3.1%) and shot past the 30,000-point barrier to close at a new record high, this came days after Moody's announced that it was upgrading the outlook of 5 major Pakistani banks from Negative to Stable, resulting in heavy buying in the banking sector. The rally was supported by heavy buying in the oil and gas and cement sectors.[96] On 11 January 2016, aimed to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise all the three stock exchanges including Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange were inducted into a unified Pakistan Stock Exchange.[97] In May 2017 American provider of stock market indexes and analysis tools, MSCI has confirmed that the Pakistan Stock Exchange (PSX) has been reclassified from Frontier Markets to Emerging Markets in its semi-annual index review.[98] Euphoria over the stock exchange's reclassification as an emerging market propelled the PSE-100 Index past another milestone when the Index recorded an increase of 636.96 points, or 1.23%, to end at 52,387.87.[99] In the fiscal year 2018, the stock market showed a negative growth of 7.1% over the last fiscal year and stood at 47000 points at average.[36]

Middle class

As of 2017, according to Wall Street Journal, citing estimates largely based on income and the purchase of consumption goods, had suggested that as many as 42% of Pakistan's population may now belong to the upper and middle classes. If these numbers are correct, or even indicative in any broad sense, then 87 million Pakistanis belong to the middle and upper classes, a population size which is larger than that of Germany.[100] Official figures also show that the proportion of households that own a motorcycle and washing machines has grown impressively over the past 15 years.[101] Furthermore, the IBA-SBP Consumer Confidence Index recorded its highest-ever level of 174.9 points in January 2017, showing an increase of 17 points from July 2016.

Separately, consumer financing posted an increase of Rs37.6 billion during first half of the current fiscal year of 2017. Auto finance continued to be the dominated segment, while personal loans showed a pickup as well. "The net credit off-take of Rs13.7 billion of personal loans witnessed in first half of the fiscal year 2017 is the highest half-year figure in about a decade," the report stated.[100]

Poverty alleviation expenditures

Socio-Economic Status of Pakistanis, source:[102]

Pakistan government spent over 1 trillion rupees (about $16.7 billion) on poverty alleviation programmes during the past four years, cutting poverty from 35% in 2000–01 to 29.3% in 2013 and 17% in 2015.[103] Rural poverty remains a pressing issue, as development there has been far slower than in the major urban areas.

Employment

The high population growth in the past few decades has ensured that a very large number of young people are now entering the labor market. Even though it is among the six most populous Asian nations. In the past, excessive red tape made firing from jobs, and consequently hiring, difficult.[104] Significant progress in taxation and business reforms has ensured that many firms now are not compelled to operate in the underground economy.[105]

"In 2016 government took a remarkable initiative by announcing the Prime Minister's Youth Program to combat unemployment in the country. This program has a broad canvas of schemes enabling youth and poor segment of society to get better employment opportunities, economic empowerment, acquiring skills needed for gainful employment, access to IT and imparting on-the-job training for young graduates to improve the probability of getting a productive job. Prime Minister’s Youth Program includes six schemes which are Prime Minister’s Youth Business Loan Scheme, Prime Minister’s Interest Free Loan Scheme, Prime Minister’s Youth Skill Development Program, Prime Minister’s Program for Provision of Laptops to Talented Students, Prime Minister’s Fee Reimbursement Scheme,Prime Minister’s Youth Training Scheme".[106] Government sector is also contributing in employment and according to estimate 4.5 million people are employed by federal, provincial and local governments in different sectors from Armed forces to education and health.[107]

Tourism

Faisal Mosque in the capital city of Islamabad
The 7,788 metres (25,551 ft) tall Rakaposhi mountain towers over Hunza Valley

Tourism in Pakistan has been stated as being the tourism industry's "next big thing". Pakistan, with its diverse cultures, people and landscapes, has attracted 90 million tourists to the country, almost double to that of a decade ago. Currently, Pakistan ranks 130th in the world by tourist income. Due to threat of terrorism the number of foreigner tourists has gradually declined and the shock of 2013 Nanga Parbat tourist shooting has terribly adversely effected the tourism industry.[108] As of 2016 tourism has begun to recover in Pakistan, albeit gradually.[109]

Revenue

Although the country is a Federation with constitutional division of taxation powers between the Federal Government and the four provinces, the revenue department of the Federal Government, the Federal board of Revenue, collects almost 86% of the entire national tax collection. The Federal Board of Revenue collected 3.842 trillion rupees in taxes against the revised target of 3.935 trillion rupees in the fiscal year 2017–2018. In FY 2013, FBR tax collection was Rs.1,946 billion. So in only 5 years it almost double its tax revenue which is a phenomenal achievement.[110]

Currency system

Rupee

The basic unit of currency is the rupee, ISO code PKR and abbreviated Rs, which is divided into 100 paisas. Currently the newly printed 5,000 rupee note is the largest denomination in circulation. Recently the SBP has introduced all new design notes of Rs. 10, 20, 50, 100, 500, 1000 and 5000.

Dollar-rupee exchange rate

The Pakistani rupee was pegged to the pound sterling until 1982, when the government of General Zia-ul-Haq, changed it to managed float. As a result, the rupee devalued by 38.5% between 1982/83 many of the industries built by his predecessor suffered with a huge surge in import costs. After years of appreciation under Zulfikar Ali Bhutto and despite huge increases in foreign aid the rupee depreciated.

Foreign exchange rate

The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilised by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness

Foreign exchange reserves

Pakistan maintains foreign reserves with State Bank of Pakistan. The currency of the reserves was solely US dollar incurring speculated losses after the dollar prices fell during 2005, forcing the then Governor SBP Ishrat Hussain to step down. In the same year the SBP issued an official statement proclaiming diversification of reserves in currencies including Euro and Yen, withholding ratio of diversification.

Following the international credit crisis and spikes in crude oil prices, Pakistan's economy could not withstand the pressure and on 11 October 2008, State Bank of Pakistan reported that the country's foreign exchange reserves had gone down by $571.9 million to $7749.7 million.[111] The foreign exchange reserves had declined more by $10 billion to a level of $6.59 billion. in June 2013 Pakistan was on the brink of default on its financial commitments. Country's Forex reserves were at an historic low covering only two weeks' worth of imports. In January 2020, Pakistan's Foreign exchange reserves stood at US$11.503 b.[112]

Structure of economy

Agriculture accounted for about 53% of GDP in 1947. While per-capita agricultural output has grown since then, it has been outpaced by the growth of the non-agricultural sectors, and the share of agriculture has dropped to roughly one-fifth of Pakistan's economy. In recent years, the country has seen rapid growth in industries (such as apparel, textiles, and cement) and services (such as telecommunications, transportation, advertising, and finance).[citation needed]

Major sectors

Agriculture

Agriculture by province
Mango orchard in Multan, Pakistan

The most important crops are wheat, sugarcane, cotton, and rice, which together account for more than 75% of the value of total crop output. Pakistan's largest food crop is wheat. In 2017, Pakistan produced 26,674,000 tonnes of wheat, almost equal to all of Africa (27.1 million tonnes) and more than all of South America (25.9 million tonnes), according to the FAOSTAT.[113] In the previous market year of 2018/19 Pakistan exported a record 4.5 million tonnes of rice as compared to around 4 MMT during the corresponding period last year.[114] Pakistan has also cut the use of dangerous pesticides dramatically.[115]

Pakistan is a net food exporter, except in occasional years when its harvest is adversely affected by droughts. Pakistan exports rice, cotton, fish, fruits (especially Oranges and Mangoes), and vegetables and imports vegetable oil, wheat, pulses and consumer foods.[116] The country is Asia's largest camel market, second-largest apricot and ghee market and third-largest cotton, onion and milk market. The economic importance of agriculture has declined since independence, when its share of GDP was around 53%. Following the poor harvest of 1993, the government introduced agriculture assistance policies, including increased support prices for many agricultural commodities and expanded availability of agricultural credit. From 1993 to 1997, real growth in the agricultural sector averaged 5.7% but has since declined to about 4%. Agricultural reforms, including increased wheat and oil seed production, play a central role in the government's economic reform package.

Majority of the population, directly or indirectly, dependent on this sector. It contributes about 18.5% percent of Gross Domestic Product (GDP) and accounts for 37.4% of employed labor force and is the largest source of foreign exchange earnings.[117] During 2017–18, agriculture sector recorded a remarkable growth of 3.70 percent and surpassed its targeted growth of 3.5 percent and last year's growth of 2.18 percent. All the major crops showed a positive trend in their production except maize.[118] Sugarcane and rice production surpassed their historic level with 82.1 and 7.4 million tons respectively. Pakistan Bureau of Statistics provisionally valued this sector at Rs. 7,764,218 million for the year 2018 thus registering the growth of 6.1% over the last year.[73] Again in 2018–19, Agriculture sector did not hit its target growth and only grew by 0.85%. Major crops except wheat and maize fell below their previous year output. Pakistan's Top commodities productions in the last 4 fiscal years are :[119]

Commodity Value 2016–2017 2017–2018 2018–2019 2019-2020
Wheat Tonnes 26,674,000 Decrease 25,076,000 Increase 24,349,000 Increase 24,946,000
Cotton Bales 10,671,000 Increase 11,946,000 Decrease 9,861,000 Decrease 9,178,000
Rice Tonnes 6,849,000 Increase 7,450,000 Decrease 7,202,000 Increase 7,410,000
Sugarcane Tonnes 75,482,000 Increase 83,333,000 Decrease 67,174,000 Decrease 66,880,000
Maize Tonnes 6,134,000 Decrease 5,902,000 Increase 6,826,000 Increase 7,236,000

Pakistan's principal natural resources are arable land and water. About 25% of Pakistan's total land area is under cultivation and is watered by one of the largest irrigation systems in the world. Pakistan irrigates three times more acres than Russia. Pakistan agriculture also benefits from year round warmth. Agriculture accounts for about 18.9% of GDP and employs about 42.3% of the labour force. Zarai Taraqiati Bank Limited is the largest financial institution geared towards the development of agriculture sector through provision of financial services and technical expertise.

Mining

Pakistan is endowed with significant mineral resources and is emerging as a very promising area for prospecting/exploration for mineral deposits. Based on available information, the country's more than 6,00,000 km² of outcrops area demonstrates varied geological potential for metallic and non-metallic mineral deposits. In the wake of 18th amendment to the constitution all the provinces are free to exploit and explore the mineral resources which are in their jurisdiction. Mining and quarrying contributes 13.19% in industrial sector and its share in GDP is 2.8%. Pakistan mining and quarrying sector grew by 3.04% in 2018 against the negative growth of −0.38% last year.

In the recent past, exploration by government agencies as well as by multinational mining companies presents ample evidence of the occurrences of sizeable minerals deposits. Recent discoveries of a thick oxidised zone underlain by sulphide zones in the shield area of the Punjab province, covered by thick alluvial cover have opened new vistas for metallic minerals exploration. Pakistan has a large base for industrial minerals. The discovery of coal deposits having over 175 billion tonnes of reserves at Thar in the Sindh province has given an impetus to develop it as an alternative source of energy. There is vast potential for precious and dimension stones.

Extraction of principal minerals in the last 5 fiscal years is given in the table below :-[120]

Minerals Unit of quantity 2014–2015 2015–2016 2016–2017 2017–2018 2018–2019 2019-2020
Coal
 
Metric ton
 
3,406,851 Increase3,749,312 Increase3,953,992 Increase4,477,555 Increase5,406,878 Increase8,428,237
Natural Gas
 
MMCFT
 
1,465,759 Increase1,481,550 Decrease1,471,854 Decrease1,458,935 Decrease1,436,546 Decrease1,316,636
Crude Oil
 
JSB
 
34,490,000 Decrease31,652,000 Increase32,269,000 Increase32,557,000 Decrease32,495,000 Decrease28,091,000
Chromite
 
Metric ton
 
100,516 Decrease69,333 Increase105,238 Decrease97,420 Increase138,244 Decrease121,435
Magnesite
 
Metric ton
 
4,611 Increase35,228 Decrease19,656 Increase23,596 Increase42,996 Decrease16,165
Dolomite
 
Metric ton
 
223,117 Increase666,755 Decrease301,124 Increase488,825 Decrease472,474 Decrease302,045
Gypsum
 
Metric ton
 
1,417,007 Increase1,871,716 Increase2,079,629 Increase2,475,893 Increase2,517,825 Decrease2,149,873
Limestone
 
Metric ton
 
40,470,357 Increase46,123,367 Increase52,149,137 Increase70,818,725 Increase75,596,328 Decrease65,809,924
Rock salt
 
Metric ton
 
2,136,361 Increase3,552,984 Decrease3,534,075 Increase3,653,746 Increase3,799,106 Decrease3,368,978
Sulphur
 
Metric ton
 
19,730 Decrease14,869 Increase23,740 Decrease22,040 Decrease20,715 Decrease19,948
Barytes
 
Metric ton
 
24,689 Increase57,024 Increase75,375 Increase145,189 Decrease116,480 Decrease55,341
Soap stone
 
Metric ton
 
100,724 Increase125,985 Increase152,279 Decrease141,504 Increase156,935 Decrease150,009
Marble
 
Metric ton
 
2,815,601 Increase4,746,638 Increase4,906,233 Increase8,813,025 Decrease7,736,443 Decrease5,796,879
Bauxite
 
Metric ton
 
- - - Increase145,189 Decrease92,936 Increase101,047
Quartz
 
Metric ton
 
38,117 Increase90,588 Increase98,909 Increase125,014 Decrease112,308 Decrease4,592

Industry

Manufacturing by province

Pakistan's industrial sector accounts for approximately 18.17% of GDP.[121] In 2018 it recorded a growth of 5.80% as compared to the growth of 5.43% in 2017.[122] Manufacturing is the largest of Pakistan's industrial sectors, accounting for approximately 12.13% of GDP.[123] Manufacturing sub-sector is further divided in three components including large-scale manufacturing (LSM) with the share of 79.6% percent in manufacturing sector, small scale manufacturing share is 13.8 percent in manufacturing sector, while slaughtering contributes 6.5 percent in the manufacturing.[124] Major sectors in industries include cement, fertiliser, edible oil, sugar, steel, tobacco, chemicals, machinery, food processing and medical instruments, primarily surgical.[125][126][127] Pakistan is one of the largest manufacturers and exporters of surgical instruments.[128][129]

The government is privatizing large-scale industrial units, and the public sector accounts for a shrinking proportion of industrial output, while growth in overall industrial output (including the private sector) has accelerated. Government policies aim to diversify the country's industrial base and bolster export industries. Large Scale Manufacturing is the fastest-growing sector in Pakistani economy.[130] Major Industries include textiles, fertiliser, cement, oil refineries, dairy products, food processing, beverages, construction materials, clothing, paper products and shrimp.

In Pakistan SMEs have a significant contribution in the total GDP of Pakistan, according to SMEDA and Economic survey reports, the share in the annual GDP is 40% likewise SMEs generating significant employment opportunities for skilled workers and entrepreneurs. Small and medium scale firms represent nearly 90% of all the enterprises in Pakistan and employ 80% of the non-agricultural labor force. These figures indicate the potential and further growth in this sector.[104]

Pakistan's largest corporations are mostly involved in utilities like oil, gas, power generation/distribution and telecommunication:

Rank[131] Name Headquarters Revenue
(Mil. $)
01. Pakistan State Oil Karachi 13,094[132]
02. Pak-Arab Refinery Qasba Gujrat 3,000
03. Sui Northern Gas Pipelines Limited Lahore 2,520
04. Shell Pakistan Karachi 2,380
05. Oil and Gas Development Company Islamabad 2,230
06. National Refinery Karachi 1,970
07. Hub Power Company Hub, Balochistan 1,970
08. K-Electric Karachi 1,951[133]
09. Attock Refinery Rawalpindi 1,740
010. Attock Petroleum Rawalpindi 1,740
011. Pakistan Telecommunication Company Islamabad 1,326
012. Engro Corporation Karachi 1,012[134]
013. Fauji Fertilizer Company Limited Rawalpindi 754

Construction material

In 1947, Pakistan had inherited four cement plants with a total capacity of 0.5 million tons. Some expansion took place in 1956–66 but could not keep pace with the economic development and the country had to resort to imports of cement in 1976–77 and continued to do so until 1994–95. The cement sector consisting of 27 plants is contributing above Rs 30 billion to the national exchequer in the form of taxes. However, by 2013, Pakistan's cement is fast-growing mainly because of demand from Afghanistan and countries boosting real estate sector, In 2013 Pakistan exported 7,708,557 metric tons of cement.[135] Pakistan has installed capacity of 44,768,250 metric tons of cement and 42,636,428 metric tons of clinker. In the 2012–2013 cement industry in Pakistan became the most profitable sector of economy.[136]

Information communication technology industry

The information communication technology (ICT) industry grossed over $4.8 billion in 2013. It is expected to exceed the $13 billion mark by 2018.[137] A marked increase in software export figures are an indication of this booming industry's potential. The total number of IT companies increased to 1306 and the total estimated size of IT industry is $2.8 billion. In 2007, Pakistan was for the first time featured in the Global Services Location Index by A.T. Kearney and was rated as the 30th best location for offshoring.[138] By 2009, Pakistan had improved its rank by ten places to reach 20th.[139] According to Pakistan Startup report, there are about 1 million freelancers working from Pakistan mainly via Elance, Upwork, Fiverr, Guru, and freelancer – world's famous online marketplaces that count Pakistan among top 5 freelancing nations. An annual report that updated by State bank of Pakistan shows Pakistan cross 1 billion ($) IT Export which is a good achievement of Pakistan IT Industry. Also, an official said that Pakistan Freelance community generate 1 billion ($) revenue this year. Overall Pakistan makes 2 billion ($) IT export worldwide.[140]

Defence industry

The defence industry of Pakistan, under the Ministry of Defence Production, was created in September 1951 to promote and coordinate the patchwork of military production facilities that have developed since independence. It is currently actively participating in many joint production projects such as Al Khalid 2, advance trainer aircraft, combat aircraft, navy ships and submarines. Pakistan is manufacturing and selling weapons to over 40 countries, bringing in $20 million annually. The country's arms imports increased by 119 percent between the 2004–2008 and 2009–13, with China providing 54pc and the USA 27pc of Pakistan's imports.

Textiles

Most of the Textile Industry is established in Punjab. Before 1990, the situation was different; most of the industry was in Karachi. Textile industry in Pakistan is traditional and conservative, producing and exporting most of low cost raw articles e.g. raw cotton, yarn, fabric etc. Share of finished goods and branded articles is nominal. Pakistan has a potential to quadruple its textile production and export, due to emerging Chinese markets and with its existing infrastructure. 10% of United States imports regarding clothing and other form of textiles is covered by Pakistan.[citation needed]

The textile sector accounts for 70% of Pakistan's exports, but the working conditions of workers are deplorable. Small manufacturing workshops generally do not sign employment contracts, do not respect the minimum wage and sometimes employ children. Violations of labour law also occur among major subcontractors of international brands, where workers may be beaten, insulted by their superiors or paid below the minimum wage. Factories do not comply with safety standards, leading to accidents: in 2012, 255 workers died in a fire at a Karachi factory. With 547 labour inspectors in Pakistan supervising the country's 300,000 factories, the textile industry is out of control. Nor are workers protected by trade unions, which are prohibited in industrial export zones. Elsewhere, "workers involved in the creation of trade unions are victims of violence, intimidation, threats or dismissals".[141]

Other

As of 2010, Pakistan is one of the largest users of CNG (compressed natural gas) in the world. Presently, more than 3,000 CNG stations are operating in the country in 99 cities and towns, and 1000 more would be set up in the next two years. It has provided employment to over 50,000 people in Pakistan, but the CNG industry is struggling to survive the 2013 energy crisis.[142][143]

Services

PRC Towers, Karachi

Pakistan's service sector accounts for about 60.2% of GDP.[144] Transport, storage, communications, finance, and insurance account for 24% of this sector, and wholesale and retail trade about 30%. Pakistan is trying to promote the information industry and other modern service industries through incentives such as long-term tax holidays.

Telecommunication

PTCL's One Stop Shop in Islamabad

After the deregulation of the telecommunication industry, the sector has seen an exponential growth. Pakistan Telecommunication Company Ltd has emerged as a successful Forbes 2000 conglomerate with over US$1 billion in sales in 2005. The mobile telephone market has exploded many-fold since 2003 to reach a subscriber base of 140 million users in July 2017, one of the highest mobile teledensities in the entire world.[145] In addition, there are over 6 million landlines in the country with 100% fibre-optic network and coverage via WLL in even the remotest areas.[146] As a result, Pakistan won the prestigious Government Leadership award of GSM Association in 2006.[147]

The World Bank estimates that it takes about three days to get a phone connection in Pakistan.[148]

In Pakistan, the following are the top mobile phone operators:

  1. Jazz Pakistan (Parent: VEON, Netherland)
  2. Ufone (Parent: PTCL (Etisalat), Pakistan/UAE)
  3. Telenor (Parent: Telenor, Norway)
  4. Zong (Parent: China Mobile, China)

By March 2009, Pakistan had 91 million mobile subscribers – 25 million more subscribers than reported in the same period in 2008. In addition to the 3.1 million fixed lines, while as many as 2.4 million are using Wireless Local Loop connections. Sony Ericsson, Nokia and Motorola along with Samsung and LG remain the most popular brands among customers.[149]

Since liberalisation, over the past four years,[when?] the Pakistani telecom sector has attracted more than $9 billion in foreign investments.[150] During 2007–08, the Pakistani communication sector alone received $1.62 billion in Foreign Direct Investment (FDI) – about 30% of the country's total foreign direct investment.

Present growth of state-of-the-art infrastructures in the telecoms sector during the last four years has been the result of the PTA's vision and implementation of the deregulation policy. Paging and mobile (cellular) telephones were adopted early and freely. Cellular phones and the Internet were adopted through a rather laissez-faire policy with a proliferation of private service providers that led to the fast adoption. With a rapid increase in the number of Internet users and ISPs, and a large English-speaking population, Pakistani society has seen an unparalleled revolution in communications.

According to the PC World,[151] a total of 6.37 billion text messages were sent through Acision messaging systems across Asia Pacific over the 2008/2009 Christmas and New Year period. Pakistan was amongst the top five ranker with one of the highest SMS traffic with 763 million messages. On 14 August 2010, Pakistan became the first country in the world to experience EVDO's RevB 3G technology that offers maximum speeds of 9.3 Mbit/s. 3G and 4G was simultaneously launched in Pakistan on 23 April 2014 through a SMRA auction. Three out of five companies got a 3G licence i.e. Ufone, Mobilink and Telenor while China Mobile's Zong got 3G as well as a 4G licence. Whereas fifth company, Warid Pakistan did not participate in the auction procedure, But they launched 4G LTE services on their existing 2G 1800 MHz spectrum due to Technology neutral terms and became world's first Telecom Company to transform directly from 2G to 4G. With that Pakistan joined the 3G and 4G world. In December 2017, 3G and 4G subscribers in Pakistan reached to 46 millions.[145]

Pakistan is ranked 4th in terms of broadband Internet growth in the world, as the subscriber base of broadband Internet has been increasing rapidly. The rankings are released by Point Topic Global broadband analysis, a global research centre.[152]

  • Pakistan has more than 20 million Internet users in 2009.[153] The country is said to have a potential to absorb up to 50 million mobile phone Internet users in the next 5 years thus a potential of nearly 1 million connections per month.
  • Almost all of the main government departments, organisations and institutions have their own websites.
  • The use of search engines and instant messaging services is also booming. Pakistanis are some of the most ardent chatters on the Internet, communicating with users all over the world. Recent years have seen a huge increase in the use of online marriage services, for example, leading to a major re-alignment of the tradition of arranged marriages.
  • Biometric reverification of SIMs in 2015 had an adverse impact on the cellular subscriber base when subscribers count dropped from 139.9 million to 114.6 million. However, the industry has survived through the tough period and continues to regain subscribers at a fast pace.

According to the report released by PTA for the FY 2019–20 :-[154]

Indicators 2016-2017 2017-2018 2018-2019 2019-2020 Oct 2020
Teledensity 72.4% 73.6% 77.8% 79.9% 82.2%
Cellular Mobile Subscribers (Millions) 139.8 150.2 161.0 167.3 172.3
Broadband Subscribers (Millions) 44.8 58.4 71.0 83.1 90.1
Broadband Penetration 22.6% 28.3% 33.8% 39.2% 42.2%
Cellular Mobile Data Usage (Petabytes) 614 1,207 2,545 4,498 -
Telecom Revenues ( Billion PKR) 476.3 448.8 550.4 537.2 -
Telecom contribution to exchequer (Billion PKR) 164.4 149.1 121.9 278.4 -
Total Telecom investment ( Million US $ ) 971.7 792.6 642.0 733.5 -

Transportation

Pakistan International Airlines, the flagship airline of Pakistan's civil aviation industry, has turnover exceeding $25 billion in 2015.[155] The government announced a new shipping policy in 2006 permitting banks and financial institutions to mortgage ships.[156] Private sector airlines in Pakistan include Airblue, which serves the main cities within Pakistan in addition to destinations in the Persian Gulf and Manchester in the United Kingdom.

A massive rehabilitation plan worth $1 billion over five years for Pakistan Railways has been announced by the government in 2005.[157] A new rail link trial was proposed from Islamabad to Istanbul, via the Iranian cities of Zahedan, Kerman and Tehran but did not materialize until 2020. It is expected to promote trade, tourism, especially for exports destined for Europe (as Turkey is part of Europe and Asia).[158][159]

Finance

Pakistan has a large and diverse banking system. In 1974, a nationalization program led to the creation of six government-owned banks.[160] A privatization program in the 1990s led to the entry of foreign-owned and local banks into the industry.[160] As of 2010, there were five public-owned commercial banks in Pakistan, as well as 25 domestic private banks, six multi-national banks and four specialized banks.[160]

Since 2000 Pakistani banks have begun aggressive marketing of consumer finance to the emerging middle class, allowing for a consumption boom (more than a 7-month waiting list for certain car models) as well as a construction bonanza. Pakistan's banking sector remained remarkably strong and resilient during the world financial crisis in 2008–09, a feature which has served to attract a substantial amount of FDI in the sector. Stress tests conducted in June 2008 data indicate that the large banks are relatively robust, with the medium and small-sized banks positioning themselves in niche markets.

The Pakistan Bureau of Statistics provisionally valued this sector at Rs.807,807 million in 2012 thus registering over 510% growth since 2000.[161]

An article published in Journal of the Asia Pacific Economy by Mete Feridun of University of Greenwich in London with his Pakistani colleague Abdul Jalil presents strong econometric evidence that financial development fosters economic growth in Pakistan.[162]

Housing

Houses in Bahria Town, the largest private housing society in Asia.

The property sector has expanded twenty-threefold since 2001, particularly in metropolises like Lahore.[163] Nevertheless, the Karachi Chamber of Commerce and Industry estimated in late 2006 that the overall production of housing units in Pakistan has to be increased to 0.5 million units annually to address 6.1 million backlog of housing in Pakistan for meeting the housing shortfall in next 20 years. The report noted that the present housing stock is also rapidly aging and an estimate suggests that more than 50% of stock is over 50 years old. It is also estimated that 50% of the urban population now lives in slums and squatter settlements. The report said that meeting the backlog in housing, besides replacement of out-lived housing units, is beyond the financial resources of the government. This necessitates putting in place a framework to facilitate financing in the formal private sector and mobilise non-government resources for a market-based housing finance system.[164]

The Pakistan Bureau of Statistics provisionally valued this sector at Rs.459,829 million in 2012 thus registering over 149% growth since 2006.[161]

Minor sectors

The Pakistan Bureau of Statistics provisionally valued this sector at Rs.389,545 million in 2005 thus registering over 65% growth since 2000.[165] The Pakistan Bureau of Statistics provisionally valued this sector at Rs.631,229 million in 2005 thus registering over 78% growth since 2000.[165] The Pakistan Bureau of Statistics provisionally valued this sector at Rs.1,358,309 million in 2005 thus registering over 96% growth since 2000. The wholesale and retail trade is the largest sub-sector of the services. Its share in the overall services sector is estimated at 31.5 percent. The wholesale and retail trade sector is based on the margins taken by traders on the transaction of commodities traded. In 2012–13, this sector grew at 2.5 percent as compared to 1.7 percent in the previous year.

Energy

For years, the matter of balancing Pakistan's supply against the demand for electricity has remained a largely unresolved matter. Pakistan faces a significant challenge in revamping its network responsible for the supply of electricity. While the government claims credit for overseeing a turnaround in the economy through a comprehensive recovery, it has just failed to oversee a similar improvement in the quality of the network for electricity supply. Most cities in Pakistan receive substantial sunlight throughout the year, which would suggest good conditions for investment in solar energy. If the rich people in Pakistan are shifted to solar energy that they should be forced to purchase solar panels, the shortfall can be controlled. this will make the economy boost again as before 2007. According to an econometric analysis published in Quality & Quantity by Mete Feridun of University of Greenwich and his colleague Muhammad Shahbaz, economic growth in Pakistan leads to electricity consumption but not vice versa.[166][167]

Chemicals and pharmaceuticals

Foreign trade, remittances, aid, and investment

Investment

Foreign investment had significantly declined by 2010, dropping by 54.6% due to Pakistan's political instability and weak law and order, according to the Bank of Pakistan.[168]

Business regulations have been overhauled along liberal lines, especially since 1999. Most barriers to the flow of capital and international direct investment have been removed. Foreign investors do not face any restrictions on the inflow of capital, and investment of up to 100% of equity participation is allowed in most sectors. Unlimited remittance of profits, dividends, service fees or capital is now the rule. However, doing business has been becoming increasingly difficult over the past decade due to political instability, rising domestic insurgency and insecurity and vehement corruption. This can be confirmed by the World Bank's Ease of Doing Business Index report degrading its ratings for Pakistan each year since September 2009.

Tariffs have been reduced to an average rate of 16%, with a maximum of 25% (except for the car industry). The privatization process, which started in the early 1990s, has gained momentum, with most of the banking system privately owned, and the oil sector targeted to be the next big privatization operation.

The recent improvements in the economy and the business environment have been recognised by international rating agencies such as Moody's and Standard and Poor's (country risk upgrade at the end of 2003). 47.1% increase in Net FDI in 2014–2015 (July–October) as compared to 2013–14 (July–October).[169]

Foreign acquisitions and mergers

With the rapid growth in Pakistan's economy, foreign investors are taking a keen interest in the corporate sector of Pakistan. In recent years, majority stakes in many corporations have been acquired by multinational groups.

The foreign exchange receipts from these sales are also helping cover the current account deficit.[173]

Foreign trade

Pakistan witnessed the highest export of US$25.1 billion in the FY 2013–14. However, in subsequent years exports have declined considerably. This declined started from financial year 2014–15 when an international commodity slump set in. This was compounded by structural supply side constraints including energy shortages, high input costs and an overvalued exchange rate. From financial year 2014 to 2016, exports declined by 12.4 percent. Exports growth trend over this period was similar to the world trade growth patterns. Pakistan's external sector continued facing stress during 2016–17. But still Pakistan's merchandise trade exports grew by 0.1 percent during the fiscal year 2016–17. The imports continued to grow at a much faster rate and grew by a large percentage of 18.0 during the FY 2017 as compared to the previous year.[174] World imports had been stagnant between 2011 and 2014 but registered significant drop since early 2015 because of weak commodity and product prices and weak global economic activity. Economic growth was lacklustre in the OECD countries which contributed to the slowdown in China. Furthermore, the ratio between real growth in world imports and world real GDP growth substantially declined. This decline in the import content of economic activity triggered a shift in consumption worldwide from traded towards non-traded goods, import substitution, a slowdown in the pace of trade liberalization, and gave currency to protectionist measures. A bulk of Pakistan's exports are directed to the OECD region and China. Historical data suggest strong correlation between Pakistani exports to imports in OECD and China. As per FY 2016 data, more than half of country's exports are shipped to these two destinations i.e. OECD and China. A decline in Pakistan overall exports, thus occurred in this backdrop.[175]

Pakistan's imports are showing rising trend at a relatively faster rate due to the increased economic activity as part of China Pakistan Economic Corridor (CPEC), particularly in the Energy sector. The construction projects under CPEC require heavy machinery that has to be imported. It is also observed that the economy is currently being led both by investments as well as consumption, resulting in relatively higher levels of imports. During FY 2018 Pakistan's exports picked up and reached to US$24.8 billion showing a growth of 12.6 percent over previous year FY 2017. Imports on the other hand also increased by 16.2 percent and touched the highest figure of US$56.6 billion. As a result, the trade deficit widened to US$31.8 billion which was the highest since last ten years. Pakistan major exports commodities for the last five fiscal years are listed in the table below:[176]

Exports

Amounts are in million US$

Commodities FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Jul-Apr

Cotton cloth 2,331.587 Decrease 2,123.042 Increase 2,175.950 Decrease 2,174.273 Decrease 1,941.695 1,543.761
Knitwear 2,309.248 Increase 2,334.599 Increase 2,615.135 Increase 2,854.216 Decrease 2,688.395 2,729.787
Ready-made garments 2,156.033 Increase 2,279.450 Increase 2,477.117 Increase 2,568.259 Increase 2,595.179 2,298.550
Bed wear 2,126.360 Increase 2,156.753 Increase 2,345.985 Increase 2,347.220 Decrease 2,229.951 2,220.780
Rice 1,852.708 Decrease 1,574.950 Increase 1,933.133 Increase 2,162.752 Increase 2,273.864 1,830.292
Cotton yarn 1,266.127 Decrease 1,140.214 Increase 1,248.940 Decrease 1,201.646 Decrease 1,080.814 692.365
Chemical and pharmaceutical products 1,052.316 Increase 1,113.300 Increase 1,389.571 Decrease 1,227.070 Decrease 1,074.175 928.178
Sports goods 539.115 Increase 551.475 Decrease 551.442 Decrease 518.919 Decrease 458.302 386.795
Leather manufactures 487.965 Decrease 486.749 Increase 614.917 Decrease 503.191 Decrease 479.569 459.305
Surgical goods & medical instruments 423.680 Decrease 396.258 Increase 441.702 Decrease 437.782 Decrease 411.080 401.850

Pakistan major imports commodities for the last five fiscal years are listed in the table below:-[177]

Imports

Amounts are in million US$

Commodities FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

Jul-Apr

Petroleum products Positive decrease 5,098.139 Negative increase 6,379.880 Negative increase 6,768.304 Positive decrease 6,038.707 Positive decrease 4,189.547 3,661.393
Petroleum crude Positive decrease 2,569.696 Negative increase 2,764.648 Negative increase 4,310.250 Negative increase 4,914.950 Positive decrease 2,606.193 2,487.704
Iron and steel Negative increase 2,094.016 Positive decrease 1980.112 Negative increase 2,523.343 Positive decrease 2,008.449 Positive decrease 1,490.970 1,751.487
Plastic material Negative increase 1,791.303 Negative increase 1,875.104 Negative increase 2,311.933 Positive decrease 2,273.350 Positive decrease 1,941.355 1,989.483
Electrical machinery & apparatus Negative increase 1,650.692 Positive decrease 1,317.167 Negative increase 1,800.559 Positive decrease 1,286.688 Positive decrease 1,134.722 1,181.310
Palm oil Positive decrease 1,600.041 Negative increase 1,775.118 Negative increase 1,908.304 Positive decrease 1,661.903 Negative increase 1,751.612 1,956.681
Power generating machinery Negative increase 1,356.328 Positive decrease 1,336.598 Negative increase 1,576.616 Positive decrease 731.737 Negative increase 734.374 726.316
Road vehicles Negative increase 1,263.807 Negative increase 1,774.141 Negative increase 2,182.379 Positive decrease 1,934.391 Positive decrease 1,276.121 1,675.235
Telecom Positive decrease 1,201.062 Positive decrease 1,023.021 Negative increase 1,396.777 Positive decrease1,172.381 Negative increase 1,637.385 2,101.473
Liquefied natural gas Negative increase 578.924 Negative increase 1,270.680 Negative increase 2,035.506 Negative increase 2,871.909 Positive decrease 2,374.721 1,312.486
Raw cotton Negative increase 1,127.165 Positive decrease 909.321 Negative increase 1,197.517 Positive decrease 1,180.565 Negative increase 1,341.941 1,590.893

External imbalances

During FY 2017, the increase in imports of capital equipment and fuel significantly put pressure on the external account. A reversal in global oil prices led to increase in POL imports, accompanied by falling exports, as a result the merchandised trade deficit grew by 39.4 percent to US$26.885 billion in FY 2017. While remittances and Coalition Support Fund inflows both declined slightly over the same period last year, however, the impact was offset by an improvement in the income account, mainly due to lower profit repatriations by oil and gas firms.[175]

Current account – The current account deficit increased to US$12.4 billion in FY 2017, against US$3.2 billion in FY 2016.[178]

However, the impact of high current deficit on foreign exchange reserves was not severe, as financial inflows were available to the country to partially offset the gap; these inflows helped ensure stability in the exchange rate. Net FDI grew by 12.4 percent and reached US$1.6 billion in the nine-months period, whereas net FPI saw an inflow of US$631 million, against an outflow of US$393 million last year. Encouragingly for the country, the period saw the completion of multiple merger and acquisition deals between local and foreign companies. Moreover, multiple foreign automakers announced their intention to enter the Pakistani market, and some also entered into joint ventures with local conglomerates. This indicates that Pakistan is clearly on foreign investors' radar, and provides a positive outlook for FDI inflows going forward. government's successful issuance of a US$1.0 billion Sukuk in the international capital market, at an extremely low rate of 5.5 percent. Besides, Pakistan continued to enjoy support from international financial institutions (IFIs) like the World Bank and Asian Development Bank, and from bilateral partners like China, in the post-EFF period: net official loan inflows of US$1.1 billion were recorded during the period. As a result, the country's FX reserve amounted to US$20.8 billion by 4 May 2017 sufficient to finance around four month of import payments.[175]

Economic aid

Pakistan receives economic aid from several sources as loans and grants. The International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), etc. provide long-term loans to Pakistan. Pakistan also receives bilateral aid from developed and oil-rich countries. Foreign aid has been one of the main sources of money for the Pakistani economy. Collection of foreign aid has been one of the priorities of almost every Pakistani Government with the Prime Minister himself leading delegations on a regular basis to collect foreign aid.[179][180]

The Asian Development Bank will provide close to $6 billion development assistance to Pakistan during 2006–9.[181] The World Bank unveiled a lending programme of up to $6.5 billion for Pakistan under a new four-year, 2006–2009, aid strategy showing a significant increase in funding aimed largely at beefing up the country's infrastructure.[182] Japan will provide $500 million annual economic aid to Pakistan.[183] In November 2008, the International Monetary Fund (IMF) has approved a loan of 7.6 billion to Pakistan, to help stabilise and rebuild the country's economy. Between the 2008 and 2010 fiscal years, the IMF extended loans to Pakistan totalling 5.2 billion dollars.[184] The government decided in 2011 to cut off ties with the IMF. However the government newly elected in 2013 re-established these ties, and a negotiated a three-year $6.6 billion package which would allow it to deal with on-going debt issues.[185] In May 2019, Pakistan finalised a US$6 billion foreign aid with IMF.[186] This is Pakistan's 22nd such bailout from the IMF.[187]

The China–Pakistan Economic Corridor is being developed with a contribution of mainly concessionary loans from China under the Belt and Road Initiative. Much like BRI, value of CPEC investments transcends any fiat currency and is only estimated vaguely as it spans over decades of past and future industrial development and global economic influence.

Remittances

The remittances of Pakistanis living abroad has played important role in Pakistan's economy and foreign exchange reserves. The Pakistanis settled in Western Europe and North America are important sources of remittances to Pakistan. Since 1973 the Pakistani workers in the oil rich Arab states have been sources of billions of dollars of remittances.

The 9 million-strong Pakistani diaspora, contributed US$19.3 billion to the economy in FY2017.[188] The major source countries of remittances to Pakistan include UAE, US, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman), Australia, Canada, Japan, Norway, Switzerland, UK and EU countries.

Remittances sent home by overseas Pakistani workers have seen a negative growth of 3.0% in the fiscal year 2017 compare to previous year when remittances reached at all-time high of 19.9 billion US dollars. This decline in remittances is mainly due to the adverse economic conditions of Arabian and gulf countries after the fall in oil prices in 2016. However, the recent development activities in the Qatar FIFA World Cup, Dubai Expo, Saudi Arabia's implementation of its Vision 2030 and particularly the recent visit of the P.M to Kuwait should all be helpful in opening new avenues for employment in these countries. Going forward one can expect improvements in the coming years.

Remittances sent home by overseas Pakistanis in the fiscal year 2016/17 are as under:[174]

Country (million US$)
 USA 2,443.54
 UK 2,338.34
 Saudi Arabia 5,469.77
 UAE 4,309.88
 Gulf Cooperation Council 2,324.06
 European Union 482.59
 Norway 41.31
  Switzerland 26.34
 Australia 204.31
 Canada 187.22
 Japan 14.31
Other countries 1,461.91

Government finances

Fiscal budget summary (FY2017/18)[189]

  • Fiscal year: 1 July – 30 June
  • Budget outlay: Rs 5,013.8 billion rupees
  • Revenues collection estimated: 4,713.7 billion rupees
  • Expenditures estimated: 5,103.8 billion rupees
  • Bank borrowing estimated: 390.1 billion rupees

Revenues and taxation

Pakistan has a low tax/GDP ratio, which it is trying to improve. The current tax-to-GDP ratio is 12.6% (2016),[190] which is a little less than its neighbour India 16.6% (2016) [191] while a slight more than Sri Lanka 12.3% (2015).[192] The pace of revenue mobilization has witnessed an upward trajectory since FY 2013. Overall revenues increased to 15.3 percent of GDP in FY 2016, compared to 13.3 percent of GDP recorded in FY 2013. Among those, tax revenues increased from 9.8 percent of GDP in FY 2013 to 12.6 percent of GDP in FY 2016.

Expenditures

Government expenditures were 4,383.6 billion rupees (FY 2016–2017 July to March). Total expenditures witnessed a downward trajectory without compromising the expenditures on development projects and social assistance. Particularly, expenditures under Public Sector Development Program (PSDP) have been raised adequately in order to meet the investment requirements. During FY 2017 the size of federal PSDP has increased to Rs 800 billion from Rs 348.3 billion during FY 2013, showing a cumulative increase of over 129 percent. During first nine months of current fiscal year, the fiscal deficit stood at 3.9 percent of GDP against 3.5 percent of GDP recorded in the same period of FY 2016 on account of higher development expenditures along with various tax incentives to promote investment and economic activity in the country and security related expenditures. On the basis of previous estimates of GDP at Rs 33,509 billion, the fiscal deficit was recorded at 3.7 percent during first nine months of current fiscal year against 3.4 percent registered in the comparable period of FY 2016. Total revenues grew at 6.2 percent to Rs 3,145.5 billion during July–March, FY 2017 against Rs 2,961.9 in the comparable period of FY 2016.[190]

Income distribution

  • GINI Index: 41
  • Household income or consumption by percentage share:
    • lowest 10%: 4.1%
    • highest 10%: 27.7% (1996)
    • middle 10%: 10.4%

Natural resources

Economic issues

Corruption

Corruption Perceptions Index for Pakistan compared to other countries, 2018

The corruption is on-going issue in the government, claiming to take initiatives against it,[193] particularly in the government and lower levels of police forces.[194] In 2011, the country has had a consistently poor ranking at the Transparency International's Corruption Perceptions Index with scores of 2.5,[195] 2.3 in 2010,[196] and 2.5 in 2009[197] out of 10.[198] In 2011, Pakistan ranked 134 on the index with 42 countries ranking worse.[199] In 2012, Pakistan's ranking dropped even further from 134 to 139, making Pakistan the 34th most corrupt country in the world, tied with Azerbaijan, Kenya, Nepal, and Nigeria.[200] However, during Sharif regime (2013–17), Pakistan got improved ranking of 117/180 in 2017 (with an improvement in score 28, 29, 30, 32, 32 [2013–17]), equal to Egypt (better than 59 countries).[201]

Poverty

Circular debt and spending priorities

In 1947–1951, the literacy rate was ~16.40% but literacy rate is now ~69.0% (out of 80.00%). Still, Pakistan has one of the highest illiteracy rates in the world.

Since before the collapse of the USSR in 1991, progressive economic liberalization has been carried out by the government both at the provincial and the national level. Pakistan has achieved FDI of almost $8.4 billion in the financial fiscal year of 2006–07, surpassing the government target of $4 billion.[202] Despite this milestone achievement, the Foreign investment had significantly declined by 2010, dropping by ~54.6% due to Pakistan's military operations, financial crises, law and order situation in Karachi, according to the Bank of Pakistan.[203] From the 2006 estimate, the Government expenditures were ~$25 billion.

Funding in science and education has been a primary policy of the Government of Pakistan, since 1947. Moreover, English is fast spreading in Pakistan, with 18 million Pakistanis[204] (11% of the population)[204] having a command over the English language, which makes it the 3rd Largest English Speaking Nation in the world and the 2nd largest in Asia.[204] On top of that, Pakistan produces about 445,000 university graduates and 10,000 computer science graduates per year.[205] Despite these statistics, Pakistan still has one of the highest illiteracy rates in the world[206] and the second largest out of school population (5.1 million children) after Nigeria.[207]

Debts and deficit

Map of countries by external debt in US$, 2006

As per the CIA World Factbook, in 2010, Pakistan ranks 63rd in the world, with respect to the public external debt to various international monetary authorities (owning ~$55.98 billion in 2010), with a total of 60.1% of GDP.[208]

Since 2009, Pakistan has been trying to negotiate debt cancellation currently Pakistan spends $3 billion on debt servicing annually to largely western nations and the International Monetary Fund.[209]

Illegal immigrants and refugees

See also

By province and administrative unit:

Other

References

Economic Survey 2020-21: Overview of the Economy

Bibliography

  • Khan Ashan (2014). Economics of Pakistan, 9th edition. Pakistan.

Salient Features of Federal Budget 2020-21

Further reading

  • Gabol, Nasir (1990). Privatisation in Pakistan. Paris, France: Organisation for Economic Cooperation and Development. ISBN 92-64-15310-1.
  • Ahmad, Viqar and Rashid Amjad. 1986. The Management of Pakistan's Economy, 1947–82. Karachi: Oxford University Press.
  • Ali, Imran. 1997. ‘Telecommunications Development in Pakistan’, in E.M. Noam (ed.), Telecommunications in Western Asia and the Middle East. New York: Oxford University Press.
  • Ali, Imran. 2001a. ‘The Historical Lineages of Poverty and Exclusion in Pakistan’. Paper presented at Conference on Realm, Society and Nation in South Asia. National University of Singapore.
  • Ali, Imran. 2001b. ‘Business and Power in Pakistan’, in A.M. Weiss and S.Z. Gilani (eds), Power and Civil Society in Pakistan. Karachi: Oxford University Press.
  • Ali, Imran. 2002. ‘Past and Present: The Making of the State in Pakistan’, in Imran Ali, S. Mumtaz and J.L. Racine (eds), Pakistan: The Contours of State and Society. Karachi: Oxford University Press.
  • Ali, Imran, A. Hussain. 2002. Pakistan National Human Development Report. Islamabad: UNDP.
  • Ali, Imran, S. Mumtaz and J.L. Racine (eds). 2002. Pakistan: The Contours of State and Society. Karachi: Oxford University Press.
  • Amjad, Rashid. 1982. Private Industrial Investment in Pakistan, 1960–70. London: Cambridge University Press.
  • Andrus, J.R. and A.F. Mohammed. 1958. The Economy of Pakistan. Stanford: Stanford University Press.
  • Bahl, R., & Cyan, M. (2009). Local Government Taxation in Pakistan (No. paper0909). International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  • Barrier, N.G. 1966. The Punjab Alienation of Land Bill of 1900. Durham, NC: Duke University South Asia Series.
  • Jahan, Rounaq. 1972. Pakistan: Failure in National Integration. New York: Columbia University Press.
  • Kessinger, T.G. 1974. Vilyatpur, 1848–1968. Berkeley and Los Angeles: University of California Press.
  • Kochanek, S.A. 1983. Interest Groups and Development: Business and Politics in Pakistan. New Delhi: Oxford University Press.
  • LaPorte, Jr, Robert and M.B. Ahmad. 1989. Public Enterprises in Pakistan. Boulder, Colorado: Westview Press.
  • Latif, S.M. 1892. Lahore. Lahore: New Imperial Press, reprinted 1981, Lahore: Sandhu Printers.
  • Low, D.A. (ed.). 1991. The Political Inheritance of Pakistan. London: Macmillan.
  • Noman, Omar. 1988. The Political Economy of Pakistan. London: KPI.
  • Papanek, G.F. 1967. Pakistan's Development: Social Goals and Private Incentives. Cambridge, Massachusetts: Harvard University Press.
  • Raychaudhuri, Tapan and Irfan Habib (eds). 1982. The Cambridge Economic History of India, 2 vols. Cambridge: Cambridge University Press
  • White, L.J. 1974. Industrial Concentration and Economic Power. Princeton, N.J.: Princeton University Press.
  • Ziring, Lawrence. 1980. Pakistan: The Enigma of Political Development. Boulder, Colorado: Folkestone.
  • Ali, Imran. 1987. ‘Malign Growth? Agricultural Colonisation and the Roots of Backwardness in the Punjab’, Past and Present, 114
  • Ali, Imran. August 2002. ‘The Historical Lineages of Poverty and Exclusion in Pakistan’, South Asia, XXV(2).
  • Ali, Imran and S. Mumtaz. 2002. ‘Understanding Pakistan—The Impact of Global, Regional, National and Local Interactions’, in Imran Ali, S. Mumtaz and J.L. Racine (eds), Pakistan: the Contours of State and Society. Karachi: Oxford University Press.
  • Hasan, Parvez. 1998. Pakistan's Economy at the Crossroads: Past Policies and Present Imperatives. Karachi: Oxford University Press.
  • Hussain, Ishrat. 1999. Pakistan: The Economy of an Elitist State. Karachi: Oxford University Press.
  • Khan, Shahrukh Rafi. 1999. Fifty Years of Pakistan's Economy: Traditional Topics and Contemporary Concerns. Karachi: Oxford University Press.
  • Kibria, Ghulam. 1999. Shattered Dream: Understanding Pakistan's Development. Karachi: Oxford University Press.
  • Kukreja, Veena. 2003. Contemporary Pakistan: Political Processes, Conflicts and Crises. New Delhi: Sage Publications.
  • Zaidi, S. Akbar. 1999. Issues in Pakistan's Economy. Karachi: Oxford University Press
  • Faheem, Khan. 2010. Issues in Pakistan's Economy. Peshawar:

External links

[1] [210]

  1. ^ "World Economic Outlook Database, April 2019". International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "World Population Prospects 2019". population.un.org. United Nations Department of Economic and Social Affairs. Retrieved 31 March 2020.
  4. ^ {{Cite web https://www.brecorder.com/news/40099341/economic-survey-2020-21-overview-of-the-economy%7C}}
  5. ^ Empty citation (help)https://www.brecorder.com/news/40099341/economic-survey-2020-21-overview-of-the-economy%7C}}
  6. ^ a b December 2020 "World Economic Outlook Database October 2020" Check |url= value (help). International Monetary Fund.
  7. ^ a b "Dawn Economic Report 2021". Dawn. Retrieved 22 May 2021.
  8. ^ "Sectoral Shares in GDP" (PDF). Pakistan Bureau of Statistics.
  9. ^ "Monthly Review on Price Indices" (PDF). Pakistan Bureau of Statistics. Retrieved 3 June 2021.
  10. ^ "Pakistan central bank holds interest rate at 7% as outlook improves". Reuters. 21 September 2020. Retrieved 23 December 2020.
  11. ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) - Pakistan". data.worldbank.org. World Bank. Retrieved 20 October 2020.
  12. ^ "Pakistan". World Poverty Clock. Retrieved 23 December 2020.
  13. ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 2 April 2019.
  14. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 December 2020.
  15. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 23 December 2020.
  16. ^ "Labor force, total – Pakistan". data.worldbank.org. World Bank. Retrieved 23 December 2020.
  17. ^ "Employment to population ratio, 15+, total (%) (national estimate)". data.worldbank.org. World Bank. Retrieved 23 August 2019.
  18. ^ a b "Employment trends 2018" (PDF). Pakistan Bureau of Statistics. March 2019. Retrieved 21 April 2019.
  19. ^ "Unemployment, youth total (% of total labor force ages 15–24) (national estimate) – Pakistan". data.worldbank.org. World Bank & ILO. Retrieved 26 December 2019.
  20. ^ "Ease of Doing Business in Pakistan". Doingbusiness.org. Retrieved 25 October 2019.
  21. ^ "Exports, Imports and Balance of Trade" (PDF). SBP. Retrieved 2 April 2021.
  22. ^ "External Sector" (PDF). SBP. Retrieved 22 September 2020.
  23. ^ a b "SBP Export Receipts by Country" (PDF). SBP. 2019–2020. Retrieved 22 September 2020.
  24. ^ "Exports hit decade-high". TheNews. Retrieved 2 April 2021.
  25. ^ "Imports Payments by Commodity" (PDF). SBP. Retrieved 22 September 2020.
  26. ^ "Pakistan: Foreign Investment". santandertrade. Retrieved 29 July 2019.
  27. ^ "Summary Balance of Payments" (PDF). Retrieved 22 September 2020.
  28. ^ https://tribune.com.pk/story/2261394/external-debt-and-liabilities-surge
  29. ^ "Pakistan's Debt and Liabilities-Summary" (PDF). SBP. Retrieved 22 September 2020.
  30. ^ a b c "Consolidated Fiscal Operations" (PDF). Finance Division. 27 August 2020. Retrieved 22 September 2020.
  31. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  32. ^ Salman Siddiqui (2 December 2019). "Moody's upgrades Pakistan's outlook to 'stable' from 'negative'". Tribune Express. Retrieved 8 December 2019.
  33. ^ "Fitch Affirms Pakistan at 'B-'; Outlook Stable". The Fitch.
  34. ^ "Foreign Exchange Reserves" (PDF). State Bank of Pakistan. 4 April 2020. Retrieved 18 April 2021.
  35. ^ "Census – 2017 Pakistan" (PDF). Pakistan Bureau of Statistics. August 2017. Archived from the original (PDF) on 29 August 2017.
  36. ^ a b "Pakistan's Economy Skyrockets". Twitter. Retrieved 21 May 2021.
  37. ^ "The Secret Strength of Pakistan's Economy". Bloomberg.
  38. ^ Faryal Leghari (3 January 2007). "GCC investments in Pakistan and future trends". Gulf Research Center. Archived from the original on 11 January 2012. Retrieved 12 February 2008.
  39. ^ "Quid Pro Quo 45 – Tales of Success" (PDF). Muslim Commercial Bank of Pakistan. 2007. p. 2. Archived from the original (PDF) on 16 February 2008. Retrieved 12 February 2008.
  40. ^ Malcolm Borthwick (1 June 2006). "Pakistan steels itself for sell-offs". BBC News. Retrieved 12 February 2008.
  41. ^ Henneberry, S. (2000). "An analysis of industrial–agricultural interactions: A case study in Pakistan" (PDF). Agricultural Economics. 22: 17–27. doi:10.1016/S0169-5150(99)00041-9.
  42. ^ a b c "World Bank Document" (PDF). 2008. p. 14. Retrieved 2 January 2010.
  43. ^ "Pakistan Country Report" (PDF). RAD-AID. 2010. pp. 3, 7. Archived from the original (PDF) on 12 January 2012. Retrieved 26 December 2011.
  44. ^ Design, Websynergi. "Pakistan Trade, Pakistan Industries, India Pakistan Trade Unit". iptu.co.uk.
  45. ^ "Pakistan's Top 10 Exports". Daniel Workman. World's Top Exports.
  46. ^ [2] Archived 20 July 2009 at the Portuguese Web Archive
  47. ^ Declan Walsh (18 May 2013). "Pakistan, Rusting in Its Tracks". The New York Times. Retrieved 19 May 2013. natural disasters and entrenched insurgencies, abject poverty and feudal kleptocrats, and an economy near meltdown
  48. ^ Fiscal Sustainability: A Historical Analysis of Pakistan’s Debt Conundrum. Emerging Markets: Theory & Practice eJournal. Social Science Research Network (SSRN). Accessed 1 July 2019.
  49. ^ [3]World Bank Country Classification Groups "Archived copy". Archived from the original on 24 May 2008. Retrieved 11 June 2015.CS1 maint: archived copy as title (link) CS1 maint: bot: original URL status unknown (link), (July 2006 data)
  50. ^ "Privatisation process: Govt to sell assets in sole offering". The Express Tribune.
  51. ^ "Banks' Floating Average Exchange Rates". SBP. Retrieved 28 March 2019.
  52. ^ "Foreign currency reserves cross $10b mark". The Express Tribune.
  53. ^ "Outlook stable: S&P affirms Pakistan's ratings at 'B-/B'". The Express Tribune.
  54. ^ "These are the '10 emerging markets of the future'". World Economic Forum. Retrieved 31 July 2016.
  55. ^ "Pakistan growth to hit decade high". wionews.com. 24 May 2021. Retrieved 24 May 2021.
  56. ^ "Moody's Report on Pakistan". www.moodys.com. Retrieved 27 May 2021.
  57. ^ Zahid, Wali (17 July 2017). "Pak GDP in terms of purchasing power parity crosses $1 trillion". The News. Retrieved 27 July 2017.
  58. ^ "XE: USD / PKR Currency Chart. US Dollar to Pakistani Rupee Rates". xe.com. Retrieved 19 May 2019.
  59. ^ [4] Archived 4 March 2013 at the Wayback Machine
  60. ^ [5] Archived 13 November 2010 at the Wayback Machine
  61. ^ "Pakistan top emerging economy among South Asian markets: AMC | Pakistan Today". www.pakistantoday.com.pk.
  62. ^ "Bush administration puts pressure on Pakistan (Sept 13 2001)". CNN. 13 September 2001. Archived from the original on 21 October 2007. Retrieved 4 December 2007.
  63. ^ "Pakistan: Economic Reforms And Privatisation Overview" (PDF). londonstockexchange.com. 12 November 2008. Archived from the original (PDF) on 12 November 2008.
  64. ^ "Doing Business in 2006: South Asian Countries Pick up Reform Pace, says World Bank Group; India Ranks 116th, 25 Places After China; Pakistan Among Top 10 Reformers". 12 September 2005. Retrieved 3 June 2006.
  65. ^ "Doing Business 2019 – 17th edition" (PDF). doingbusiness.org. Retrieved 29 February 2020.
  66. ^ "New auto players to invest over $800m in Pakistan". tribune.com.pk. Retrieved 3 January 2019.
  67. ^ "ExxonMobil set for comeback in Pakistan after nearly three decades: Report". profit.pakistantoday.com.pk. Retrieved 3 January 2019.
  68. ^ "Qatar will invest $3 billion in Pakistan, state news agency says". Reuters. Retrieved 24 June 2019.
  69. ^ "Qatar Sends First Tranche of $3 Billion Payment to Pakistan". Bloomberg. Retrieved 29 June 2019.
  70. ^ "Qatar sends $500 million payment to Pakistan". Pakistan Today. Retrieved 30 June 2019.
  71. ^ "Gross Domestic Product of Pakistan (at constant basic prices of 2005-06)" (PDF). Table-5.pdf. Pakistan Bureau of Statistics. Retrieved 3 June 2021.
  72. ^ a b c d "Real Growth Rates of GDP at constant basic prices of 2005-06" (PDF). Pakistan Bureau of Statistics. Retrieved 3 June 2021.
  73. ^ a b c d "Gross Domestic Product of Pakistan (at current basic prices)" (PDF). Pakistan Bureau of Statistics. Retrieved 3 June 2021.
  74. ^ "weighted average exchange rates". SBP. Retrieved 3 June 2021.
  75. ^ "Monthly Average Exchange Rates". SBP. Retrieved 3 June 2021.
  76. ^ a b c d e "Social Indicators" (PDF). Finance Division. Retrieved 10 June 2021.
  77. ^ "Pakistan Economic Survey 2020-21" (PDF). finance.gov.pk. Retrieved 10 June 2021.
  78. ^ "consolidated fiscal operations". Ministry of Finance. Retrieved 10 May 2021.
  79. ^ "7.1 Pakistan's Balance of Payments" (PDF). SBP. Retrieved 29 September 2018.
  80. ^ "Pakistan's Balance of Payments" (PDF). SBP. Retrieved 13 June 2021.
  81. ^ "Summary Balance of Payments" (PDF). SBP. Retrieved 25 June 2020.
  82. ^ "Pakistan's Debt and Liabilities-Summary". SBP. Retrieved 18 February 2021.
  83. ^ "Pakistan's External Debt and Liabilities - Outstanding" (PDF). SBP. Retrieved 25 May 2021.
  84. ^ "Pakistan's External Debt Servicing -Principal (Archive)". SBP. Retrieved 25 May 2021.
  85. ^ "Liquid Foreign Exchange Reserves". SBP. Retrieved 15 May 2020.
  86. ^ "Liquid Foreign Exchange Reserves" (PDF). SBP. Retrieved 25 May 2021.
  87. ^ "Summary of Foreign Investment in Pakistan" (PDF). sbp.org.pk. Retrieved 25 May 2021.
  88. ^ "Montly Position Inflow, Outflow and Net basis". SBP. Retrieved 15 May 2020.
  89. ^ "Exports Receipts & Imports Payments and Balance of Trade". State Bank of Pakistan. Retrieved 28 March 2019.
  90. ^ "Balance of Trade" (PDF). SBP. Retrieved 17 April 2021.
  91. ^ "Workers' Remittances" (PDF). SBP. Retrieved 12 June 2021.
  92. ^ "Country-wise Workers' Remittances". SBP. Retrieved 22 August 2020.
  93. ^ "The Benefits of the English Language for Individuals and Societies: Quantitative Indicators from Cameroon, Nigeria, Rwanda, Bangladesh and Pakistan" (PDF). Retrieved 2 September 2012.
  94. ^ Shirajiv, Sirimane. "Pakistan-Sri Lanka trade zooming to US$ one billion mark". Archived from the original on 3 July 2013. Retrieved 23 May 2007.
  95. ^ "Data – Finance". Web.worldbank.org. Archived from the original on 5 April 2010. Retrieved 29 July 2010.
  96. ^ "Weekly review: KSE-100 crosses 30,000 points to hit all-time high". The Express Tribune.
  97. ^ "Pakistan Stock Exchange formally launched Index". DAWN News. 11 January 2016. Retrieved 12 September 2017.
  98. ^ "Market dips as MSCI reclassifies PSX to Emerging Markets Index". DAWN News. 16 May 2017. Retrieved 12 September 2017.
  99. ^ "KSE-100 ends shy of 52,400, gains over 600 points". The Express Tribune. Retrieved 12 September 2017.
  100. ^ a b "Middle class Pakistan". The Express Tribune. 21 April 2017. Retrieved 30 September 2018.
  101. ^ "Pakistan's middle class continues to grow at rapid pace". The Express Tribune. 2 May 2017. Retrieved 30 September 2018.
  102. ^ "Need for a new paradigm". DAWN News. 27 April 2010. Retrieved 25 May 2019.
  103. ^ "Pakistan – Data". data.worldbank.org.
  104. ^ a b "HRM significance and SME sector -Business Recorder – Articles and Letters; 11 April 2011". Business Recorder. 11 April 2011.
  105. ^ "The World Factbook — Central Intelligence Agency". cia.gov.
  106. ^ http://www.finance.gov.pk/survey/chapters_17/12-Population.pdf
  107. ^ "Government Jobs in Pakistan 2020 - Govt Jobs Ads ( Govt ) 2020 - PaperAds.com". paperads.com.
  108. ^ "Extremism Mars Daughter of Alps | Pakistan Alpine Institute". Pakistanalpine.com. Archived from the original on 2 January 2014. Retrieved 11 January 2014.
  109. ^ http://www.brecorder.com/pakistan/industries-a-sectors/328271-pakistans-tourism-industry-gradually-recovering.html
  110. ^ "Budget Speech 2018–19" (PDF). finance division. Retrieved 20 April 2019.
  111. ^ "Forex Currency Rates Pakistan – Forex Open Market Rates – Prize Bond Draw Result – Rates and schedule – Finance News & Updates". Forexpk.com. 6 January 2014. Retrieved 11 January 2014.
  112. ^ "State Bank of Pakistan forex reserves rise to $11.5bln". thenews.com.pk. 10 January 2020. Retrieved 6 November 2020.
  113. ^ "wheat production". fao.org. Retrieved 20 April 2019.
  114. ^ "Pakistan Grain and Feed Update". gain.fas.usda.gov. Retrieved 22 February 2020.
  115. ^ "Pakistan cuts pesticide use dramatically". fao.org.
  116. ^ "Pakistan Business Facts".
  117. ^ "Agriculture" (PDF). SBP. Retrieved 22 February 2020.
  118. ^ "Water shortages in Pakistan: An impending economic crisis – The Independent.in".
  119. ^ "Area, Production and Yield of Important Crops" (PDF). SBP. Retrieved 7 February 2021.
  120. ^ "Extraction of Principal Minerals" (PDF). Finance division. Retrieved 10 June 2021.
  121. ^ "Industry (including construction), value added (% of GDP)". The World Bank.
  122. ^ "Industry (including construction), value added (annual % growth)". The World Bank.
  123. ^ "Manufacturing, value added (% of GDP)". The World Bank.
  124. ^ "Chapter 3: Manufacturing and Mining" (PDF). Pakistan Economic Survey 2017–18. Ministry of Finance. Retrieved 25 May 2019.
  125. ^ M. Rizwan Manzoor. The Sectoral Analysis of Surgical Instruments of Pakistan (PDF) (Report). PITAD. Retrieved 25 May 2019.
  126. ^ Aaliya Ahmed (1 September 2010). Pakistan Surgical Industry (PDF) (Report). The Rawalpindi Chamber of Commerce & Industry. Retrieved 25 May 2019.
  127. ^ Surgical & Medical Instruments Industry of Pakistan (PDF) (Report). TDAP. Retrieved 25 May 2019.
  128. ^ Chin (24 May 2012). "World's Leading Surgical Instruments Producers". TradeFord.
  129. ^ Khan, Mubarak Zeb (22 August 2016). "Pakistan's shadow surgical instruments' sector". DAWN News. Retrieved 25 May 2019.
  130. ^ "Manufacturing sector grows by 5.2 percent". Associated Press Of Pakistan. 4 June 2014. Archived from the original on 8 August 2014.
  131. ^ "The growth of the "billion dollar club" in Pakistan". The Express Tribune.
  132. ^ "Financial Highlights- PSO". Archived from the original on 6 October 2014.
  133. ^ "Financial Data – K-Electric". ke.com.pk.
  134. ^ More Desk. "PTCL is the largest revenue generator in listed telecom market". moremag.pk. Archived from the original on 17 July 2014.
  135. ^ "All Pakistan Cement Manufacturers Association Export Data". Apcma.com. Retrieved 15 October 2013.
  136. ^ Bhutta, Zafar (21 May 2013). "Can't get enough: Soaring profits not enough for cement industry". Tribune.com.pk. Retrieved 15 October 2013.
  137. ^ "Upward move: Pakistan's ICT sector to cross $10b mark, says P@SHA". The Express Tribune.
  138. ^ [6] Archived 27 October 2011 at the Wayback Machine
  139. ^ "Geography of Offshoring is Shifting | News & media". Atkearney.com. Archived from the original on 30 March 2010. Retrieved 29 July 2010.
  140. ^ "Pakistan's IT Exports Make History By Crossing $1 Billion Mark".
  141. ^ "Textile : un rapport de l'ONG Human Rights Watch dénonce les conditions de travail au Pakistan". lemonde.fr (in French). 25 January 2019. Retrieved 7 November 2020.
  142. ^ "Tackling the energy crisis". Nation.com.pk. Archived from the original on 3 December 2013. Retrieved 11 January 2014.
  143. ^ "CNG industry in Pakistan struggles to survive - Channel NewsAsia". Archived from the original on 5 August 2013.
  144. ^ [7] Archived 13 November 2010 at the Wayback Machine
  145. ^ a b http://www.pta.gov.pk/index.php?Itemid=599
  146. ^ IT sector export about $600 million a year: minister. Business Recorder. Retrieved on 16 February 2008
  147. ^ "Pakistan Recognised by GSMA for Exceptional Work in Developing Mobile Communications". Archived from the original on 4 September 2006. Retrieved 25 August 2006.
  148. ^ Pakistan: Growth and Export Competitiveness, World Bank Document No. 35499-PK, Table 6.7, page 116. Issued 25 April 2006
  149. ^ "Business Recorder [Pakistan's First Financial Daily]". Brecorder.com. 1 January 2004. Retrieved 29 July 2010.
  150. ^ "Leading News Resource of Pakistan". Daily Times. Archived from the original on 11 June 2010. Retrieved 29 July 2010.
  151. ^ "Guess Which County Texts the Heaviest". PCWorld. 1 February 2009.
  152. ^ "Leading News Resource of Pakistan". Daily Times. 3 December 2008. Archived from the original on 11 June 2010. Retrieved 29 July 2010.
  153. ^ "Internet Users in Pakistan hit 17.5 Million Mark – ProPakistani". Propakistani.pk. Retrieved 29 July 2010.
  154. ^ "Annual Report 2020" (PDF). PTA. Retrieved 13 June 2021.
  155. ^ PIAC Annual report 2005 Archived 12 October 2006 at the Wayback Machine
  156. ^ "Ports and shipping of Pakistan". Pakakhbar.com. Archived from the original on 26 March 2010. Retrieved 29 July 2010.
  157. ^ Khaleeq Kiani (4 July 2005). "Pakistan Railways to undertake Rs60bn rehabilitation plan". DAWN News. Retrieved 25 May 2019.
  158. ^ "Pakistan-Turkey rail trial starts". BBC News. 14 August 2009. Retrieved 1 May 2010.
  159. ^ "Pakistan, Turkey and Iran plan rail container service Rail transport, Pakistan Intermodal, Rail transport, Turkey rail transport, Pakistan Railways, Akhtar, Saaed". Worldcargonews.com. 8 April 2009. Archived from the original on 11 June 2010. Retrieved 29 July 2010.
  160. ^ a b c "History of banking in Pakistan – of humble origins and vast potential". 4 November 2011. Retrieved 23 October 2018.
  161. ^ a b http://www.pbs.gov.pk/sites/default/files/national_accounts/tables/table4.pdf
  162. ^ Jalil, Abdul and Feridun, Mete (2011) Impact of financial development on economic growth: empirical evidence from Pakistan. Journal of the Asia Pacific Economy, 16 (1). pp. 71–80. ISSN 1354-7860 (print), 1469-9648 (online) (doi:10.1080/13547860.2011.539403)
  163. ^ Pakistan's post-9/11 economic boom BBC News, 21 September 2006
  164. ^ 0.5 million housing units needed annually to meet shortfall: KCCI Business Recorder, 7 October 2006
  165. ^ a b "Gross National Product of Pakistan (at current factor cost)" (PDF). Archived from the original (PDF) on 19 June 2007. Retrieved 19 June 2007.
  166. ^ Shahbaz, Muhammad and Feridun, Mete (2012) Electricity consumption and economic growth empirical evidence from Pakistan. Quality & Quantity, 46 (5). pp. 1583–1599. ISSN 0033-5177 (print), 1573–7845 (Online) (doi:10.1007/s11135-011-9468-3)
  167. ^ "CIA Worldbook". CIA. 12 May 2012. Retrieved 12 May 2012.
  168. ^ "Significant Decline In Foreign Investment To Pakistan". Malick, Sajid Ibrahim. 15 February 2010. Archived from the original on 11 September 2010. Retrieved 1 November 2010.
  169. ^ "Welcome to the Board of Investment". boi.gov.pk.
  170. ^ Nafees, Shahab (16 November 2016). "Turkish company acquires Dawlance for $243m". DAWN News. Retrieved 3 January 2017.
  171. ^ Siddiqui, Salman (20 December 2016). "Dutch company acquires Engro Foods for $446.81m". Express Tribune. Retrieved 3 January 2017.
  172. ^ Crofts, Dale (31 October 2016). "Shanghai Electric to Pay $1.8 Billion for Stake in K-Electric". Bloomberg L.P. Retrieved 3 January 2017.
  173. ^ Mohiuddin Aazim (9 July 2007). "Rising foreign stakes in local companies". DAWN News. Retrieved 25 May 2019.
  174. ^ a b http://www.sbp.org.pk/reports/stat_reviews/Bulletin/2017/Aug/ExternalSector.pdf
  175. ^ a b c http://www.finance.gov.pk/survey/chapters_17/08-Trade.pdf
  176. ^ "Export Receipts by Commodities and Groups" (PDF). SBP. Retrieved 27 May 2021.
  177. ^ "Imports Payments by Commodity" (PDF). SBP. Retrieved 27 May 2021.
  178. ^ http://www.sbp.org.pk/reports/stat_reviews/Bulletin/2017/Nov/ExternalSector.pdf
  179. ^ Diplomat, Tridivesh Singh Maini , The. "After Khan's Visit, Pakistan Doubles Down on China Dependence". The Diplomat. Retrieved 19 May 2019.
  180. ^ Saber, Israa (10 December 2018). "Experts discuss Pakistan's Imran Khan's first 100 days in office". Brookings. Retrieved 19 May 2019.
  181. ^ "Business Recorder [Pakistan's First Financial Daily]". Brecorder.com. 1 January 2004. Retrieved 29 July 2010.
  182. ^ "World Bank plans 6.5 bln usd lending to Pakistan". Forbes.com. 2 January 2006. Archived from the original on 4 September 2006. Retrieved 6 March 2006.
  183. ^ "Japan to resume USD 500 mn annual funding for Pak". Chennai, India: The Hindu News Update Service. 29 May 2006. Archived from the original on 30 September 2007. Retrieved 3 June 2006.
  184. ^ "Transactions with the Fund, Pakistan". www.imf.org.
  185. ^ "Aid to Pakistan by the Numbers". Center for Global Development. September 2013. Retrieved 4 January 2019.
  186. ^ "IMF Agrees to $6 Billion Bailout to Help Pakistan Ease Crisis". Bloomberg.com. 12 May 2019. Retrieved 19 May 2019.
  187. ^ "Pakistan growth to hit eight-year low as IMF bailout looms". gulfnews.com. Retrieved 19 May 2019.
  188. ^ "Pakistan | State Bank of Pakistan" (PDF). sbp.org. Retrieved 7 September 2017.
  189. ^ http://www.finance.gov.pk/budget/Budget%20in%20Brief%202017-18.pdf
  190. ^ a b /"Pakistan Economic Survey 2016–17" (PDF). Ministry Of Finance. This article incorporates text from this source, which is in the public domain.
  191. ^ Mudgill, Amit (22 July 2017). "Tax ratio similar to Rwanda, but wants to beat China: That's India" – via The Economic Times.
  192. ^ "Tax revenue (% of GDP) – Data". data.worldbank.org.
  193. ^ Susan Rose-Ackerman (1997). Corruption and good governa. United Nations Development Programme. p. 4. ISBN 9789211260823.
  194. ^ "Pakistan" (PDF), Country Reports on Human Rights Practices, United States Department of State: Bureau of Democracy, Human Rights, and Labor, 4 August 2011, retrieved 10 December 2011
  195. ^ "Corruption Perceptions Index (2011)". Transparency International. Retrieved 10 December 2011.
  196. ^ "Corruption Perceptions Index (2010)". Transparency International. Retrieved 10 December 2011.
  197. ^ "Corruption Perceptions Index (2009)". Transparency International. Retrieved 10 December 2011.
  198. ^ Marie Chêne, Overview of corruption in Pakistan, U4 Anti-Corruption Resource Centre
  199. ^ "Pakistan less corrupt, according to global corruption list". The Express Tribune. 1 December 2011. Retrieved 10 December 2011.
  200. ^ 'Rule of law can end corruption in Pakistan' | Asia | DW.DE | 06.12.2012. DW.DE. Retrieved on 12 July 2013.
  201. ^ e.V, Transparency International. "Corruption Perceptions Index 2017". transparency.org.
  202. ^ Daily Mail News Archived 11 June 2010 at the Wayback Machine
  203. ^ "Significant Decline In Foreign Investment To Pakistan". Malick, Sajid Ibrahim. 15 February 2010. Archived from the original on 11 September 2010. Retrieved 1 November 2010.
  204. ^ a b c [8] Archived 1 January 2012 at the Wayback Machine
  205. ^ InpaperMagazine, From (28 February 2011). "Towards e-learning". DAWN.COM. Archived from the original on 29 July 2012.
  206. ^ Pakistan Literacy Rate. Ilm.com.pk (28 September 2010). Retrieved on 2013-07-12.
  207. ^ Youth and skills: putting education to work, EFA global monitoring report, 2012; 2013
  208. ^ CIA. "Public Debt of Pakistan". Central Intelligenec Agency (CIA). CIA Fact book. Retrieved 20 June 2013.
  209. ^ Pakistan seeking trade, not aid: Gilani Archived 26 December 2013 at the Wayback Machine. Allvoices.com (9 June 2010). Retrieved on 2013-07-12.
  210. ^ "Economic Survey 2020-21: Overview of the economy". Brecorder. 11 June 2021. Retrieved 12 June 2021.