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Pakistan Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Pakistan Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
Decades of internal political disputes and low levels of foreign investment have led to underdevelopment in Pakistan. Pakistan has a large English-speaking population, with English-language skills less prevalent outside urban centers. Despite some progress in recent years in both security and energy, a challenging security environment, electricity shortages, and a burdensome investment climate have traditionally deterred investors. Agriculture accounts for one-fifth of output and two-fifths of employment. Textiles and apparel account for more than half of Pakistan's export earnings; Pakistan's failure to diversify its exports has left the country vulnerable to shifts in world demand. Pakistan’s GDP growth has gradually increased since 2012, and was 5.3% in 2017. Official unemployment was 6% in 2017, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Human development continues to lag behind most of the region.

In 2013, Pakistan embarked on a $6.3 billion IMF Extended Fund Facility, which focused on reducing energy shortages, stabilizing public finances, increasing revenue collection, and improving its balance of payments position. The program concluded in September 2016. Although Pakistan missed several structural reform criteria, it restored macroeconomic stability, improved its credit rating, and boosted growth. The Pakistani rupee has remained relatively stable against the US dollar since 2015, though it declined about 10% between November 2017 and March 2018. Balance of payments concerns have reemerged, however, as a result of a significant increase in imports and weak export and remittance growth.

Pakistan must continue to address several longstanding issues, including expanding investment in education, healthcare, and sanitation; adapting to the effects of climate change and natural disasters; improving the country’s business environment; and widening the country’s tax base. Given demographic challenges, Pakistan’s leadership will be pressed to implement economic reforms, promote further development of the energy sector, and attract foreign investment to support sufficient economic growth necessary to employ its growing and rapidly urbanizing population, much of which is under the age of 25.

In an effort to boost development, Pakistan and China are implementing the "China-Pakistan Economic Corridor" (CPEC) with $60 billion in investments targeted towards energy and other infrastructure projects. Pakistan believes CPEC investments will enable growth rates of over 6% of GDP by laying the groundwork for increased exports. CPEC-related obligations, however, have raised IMF concern about Pakistan’s capital outflows and external financing needs over the medium term.

GDP (purchasing power parity):
$1.061 trillion (2017 est.)
$1.007 trillion (2016 est.)
$962.8 billion (2015 est.)
note: data are in 2017 dollars
data are for fiscal years
country comparison to the world: 25
[see also: GDP country ranks ]

GDP (official exchange rate):
$305 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.4% (2017 est.)
4.6% (2016 est.)
4.1% (2015 est.)
note: data are for fiscal years
country comparison to the world: 41
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,400 (2017 est.)
$5,200 (2016 est.)
$5,100 (2015 est.)
note: data are in 2017 dollars
data are for fiscal years
country comparison to the world: 171
[see also: GDP - per capita country ranks ]

Gross national saving:
12% of GDP (2017 est.)
13.9% of GDP (2016 est.)
14.7% of GDP (2015 est.)
note: data are for fiscal years
country comparison to the world: 151
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.3% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 8.2% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -17.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.4% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.1% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef, mutton, eggs

Industries:
textiles and apparel, food processing, pharmaceuticals, surgical instruments, construction materials, paper products, fertilizer, shrimp

Industrial production growth rate:
5.4% (2017 est.)
country comparison to the world: 53
[see also: Industrial production growth rate country ranks ]

Labor force:
63.89 million (2017 est.)
note: extensive export of labor, mostly to the Middle East, and use of child labor
country comparison to the world: 9
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 42.3%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.6%
[see also: Labor force - by occupation - industry country ranks ]
services: 35.1% (FY2015 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6% (2017 est.)
6% (2016 est.)
note: Pakistan has substantial underemployment
country comparison to the world: 90
[see also: Unemployment rate country ranks ]

Population below poverty line:
29.5% (FY2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 26.1% (FY2013)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.7 (FY2013)
30.9 (FY2011)
country comparison to the world: 130
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 46.81 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 64.49 billion (2017 est.)
note: data are for fiscal years

Taxes and other revenues:
15.4% (of GDP) (2017 est.)
country comparison to the world: 190
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.8% (of GDP) (2017 est.)
country comparison to the world: 178
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
67% of GDP (2017 est.)
67.6% of GDP (2016 est.)
country comparison to the world: 56
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
4.1% (2017 est.)
2.9% (2016 est.)
country comparison to the world: 161
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
5.75% (15 November 2016)
6% (15 November 2015)
country comparison to the world: 71
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.98% (31 December 2017 est.)
6.94% (31 December 2016 est.)
country comparison to the world: 119
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$109.9 billion (31 December 2017 est.)
$103.5 billion (31 December 2016 est.)
country comparison to the world: 36
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$109.9 billion (31 December 2017 est.)
$103.5 billion (31 December 2016 est.)
country comparison to the world: 36
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$155.9 billion (31 December 2017 est.)
$145.2 billion (31 December 2016 est.)
country comparison to the world: 48
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$43.68 billion (31 December 2012 est.)
$32.76 billion (31 December 2011 est.)
$38.17 billion (31 December 2010 est.)
country comparison to the world: 54
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$12.44 billion (2017 est.)
-$4.867 billion (2016 est.)
country comparison to the world: 194
[see also: Current account balance country ranks ]

Exports:
$32.88 billion (2017 est.)
$21.97 billion (2016 est.)
country comparison to the world: 62
[see also: Exports country ranks ]

Exports - partners:
US 17.7%, UK 7.7%, China 6%, Germany 5.8%, Afghanistan 5.2%, UAE 4.5%, Spain 4.1% (2017)

Exports - commodities:
textiles (garments, bed linen, cotton cloth, yarn), rice, leather goods, sporting goods, chemicals, manufactures, surgical instruments, carpets and rugs

Imports:
$53.11 billion (2017 est.)
$42.69 billion (2016 est.)
country comparison to the world: 51
[see also: Imports country ranks ]

Imports - commodities:
petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel, tea

Imports - partners:
China 27.4%, UAE 13.7%, US 4.9%, Indonesia 4.3%, Saudi Arabia 4.2% (2017)

Reserves of foreign exchange and gold:
$18.46 billion (31 December 2017 est.)
$22.05 billion (31 December 2016 est.)
country comparison to the world: 62
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$82.19 billion (31 December 2017 est.)
$70.45 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$43.21 billion (31 December 2017 est.)
$39.06 billion (31 December 2016 est.)
country comparison to the world: 62
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.983 billion (31 December 2017 est.)
$2.094 billion (31 December 2016 est.)
country comparison to the world: 83
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Pakistani rupees (PKR) per US dollar -
105.1 (2017 est.)
104.769 (2016 est.)
104.769 (2015 est.)
102.769 (2014 est.)
101.1 (2013 est.)


NOTE: 1) The information regarding Pakistan on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Pakistan Economy 2019 information contained here. All suggestions for corrections of any errors about Pakistan Economy 2019 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 08-Feb-19
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