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Pakistan Economy 1996

Overview:

The Pakistani economy has made progress in several key areas since Benazir BHUTTO became Prime Minister in October 1993. She has been under pressure from international donors and the IMF - which gave Pakistan a $1.3 billion structural adjustment credit in February 1994 - to continue the economic reforms and austerity measures begun by her predecessor, caretaker Prime Minister Moeen QURESHI (July-October 1993). Foreign exchange reserves climbed to more than $3 billion in 1994, and the budget deficit was substantially reduced. Real GDP growth was 4% in FY93/94, up from 2.3% in FY92/93. Foreign direct and portfolio investment also have increased. Privatization of large public sector utilities began in 1994 with the sale of 12% of the Pakistan Telecommunications Corporation (PTC) and the Water and Power Development Authority (WAPDA); the sale of state-owned banks and other large units are planned for 1995. Still, the government must cope with long-standing economic vulnerabilities - high levels of debt service and defense spending, a small tax base, a huge population, and dependence on cotton-based exports - which hamper its ability to create a stable economic environment. In addition, Pakistan's infrastructure is inadequate and deteriorating, low levels of literacy constrain industrial growth, and increasing sectarian, ethnic, and tribal violence disrupt production.

National product:

GDP - purchasing power parity - $248.5 billion (1994 est.)

National product real growth rate:

4% (1994 est.)

National product per capita:

$1,930 (1994 est.)

Inflation rate (consumer prices):

12% (FY93/94)

Unemployment rate:

10% (FY90/91 est.)

Budget:

revenues:

$10.5 billion

expenditures:

$11.2 billion, including capital expenditures of $3.1 billion (FY93/94)

Exports:

$6.7 billion (1993)

commodities:

cotton, textiles, clothing, rice, leather, carpets

partners:

US, Japan, Hong Kong, Germany, UK, UAE, France

Imports:

$9.5 billion (1993)

commodities:

petroleum, petroleum products, machinery, transportation equipment, vegetable oils, animal fats, chemicals

partners:

Japan, US, Germany, UK, Saudi Arabia, Malaysia, South Korea

External debt:

$24 billion (1993 est.)

Industrial production:

growth rate 5.6% (FY93/94); accounts for 18% of GDP

Electricity:

capacity:

10,800,000 kW (1994)

production:

52.4 billion kWh

consumption per capita:

389 kWh (1993)

Industries:

textiles, food processing, beverages, construction materials, clothing, paper products, shrimp

Agriculture:

24% of GDP; world's largest contiguous irrigation system; major crops - cotton, wheat, rice, sugarcane, fruits, vegetables; livestock products - milk, beef, mutton, eggs

Illicit drugs:

major illicit producer of opium and hashish for the international drug trade; remains world's third largest opium producer (160 metric tons in 1994); major center for processing Afghan heroin and key transit area for Southwest Asian heroin moving to Western market

Economic aid:

recipient:

$2.5 billion (FY91/92); $2.5 billion (FY92/93); $2.5 billion (FY93/94); no US commitments, includes bi- and multilateral aid

Currency:

1 Pakistani rupee (PRe) = 100 paisa

Exchange rates:

Pakistani rupees (PRs) per US$1 - 30.860 (January 1995), 30.570 (1994), 28.107 (1993), 25.083 (1992), 23.801 (1991), 21.707 (1990)

Fiscal year:

1 July - 30 June

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