Pakistan Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income South Asian economy; extremely high debt; endemic corruption; major currency devaluation; major food insecurity and inflation; environmentally fragile agricultural sector; regional disputes with India and Afghanistan hinder investment

Real GDP (purchasing power parity)

$1.211 trillion (2021 est.)

$1.137 trillion (2020 est.)

$1.152 trillion (2019 est.)

note: data are in 2017 dollars
data are for fiscal years

Real GDP growth rate

6.49% (2021 est.)

-1.27% (2020 est.)

2.5% (2019 est.)

note: data are for fiscal years

Real GDP per capita

$5,200 (2021 est.)

$5,000 (2020 est.)

$5,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$253.183 billion (2019 est.)

Inflation rate (consumer prices)

9.5% (2021 est.)

9.74% (2020 est.)

10.58% (2019 est.)

Credit ratings

Fitch rating: B- (2018)

Moody's rating: B3 (2015)

Standard & Poors rating: B- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 24.4% (2016 est.)

industry: 19.1% (2016 est.)

services: 56.5% (2017 est.)

GDP - composition, by end use

household consumption: 82% (2017 est.)

government consumption: 11.3% (2017 est.)

investment in fixed capital: 14.5% (2017 est.)

investment in inventories: 1.6% (2017 est.)

exports of goods and services: 8.2% (2017 est.)

imports of goods and services: -17.6% (2017 est.)

Agricultural products

sugar cane, buffalo milk, wheat, milk, rice, maize, potatoes, cotton, fruit, mangoes/guavas

Industries

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

Industrial production growth rate

7.81% (2021 est.)

Labor force

73.133 million (2021 est.)

note: extensive export of labor, mostly to the Middle East, and use of child labor

Labor force - by occupation

agriculture: 42.3%

industry: 22.6%

services: 35.1% (FY2015 est.)

Unemployment rate

4.35% (2021 est.)

4.3% (2020 est.)

3.54% (2019 est.)

note: Pakistan has substantial underemployment

Youth unemployment rate (ages 15-24)

total: 9.4%

male: 9.7%

female: 8.2% (2021 est.)

Population below poverty line

24.3% (2015 est.)

Gini Index coefficient - distribution of family income

29.6 (2018 est.)

Average household expenditures

on food: 39.5% of household expenditures (2018 est.)

on alcohol and tobacco: 1.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 4%

highest 10%: 26.1% (FY2013)

Budget

revenues: $38.966 billion (2020 est.)

expenditures: $59.621 billion (2020 est.)

note: data are for fiscal years

Budget surplus (+) or deficit (-)

-5.8% (of GDP) (2017 est.)

Public debt

67% of GDP (2017 est.)

67.6% of GDP (2016 est.)

Taxes and other revenues

15.4% (of GDP) (2017 est.)

Fiscal year

1 July - 30 June

Current account balance

-$12.262 billion (2021 est.)

-$650.874 million (2020 est.)

-$8.558 billion (2019 est.)

Exports

$35.566 billion (2021 est.) note: data are in current year dollars

$27.333 billion (2020 est.) note: data are in current year dollars

$30.67 billion (2019 est.) note: data are in current year dollars

Exports - partners

United States 14%, China 8%, Germany 7%, United Kingdom 6% (2019)

Exports - commodities

textiles, clothing and apparel, rice, leather goods, surgical instruments (2019)

Imports

$76.392 billion (2021 est.) note: data are in current year dollars

$52.098 billion (2020 est.) note: data are in current year dollars

$57.976 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 28%, United Arab Emirates 11%, United States 5% (2019)

Imports - commodities

refined petroleum, crude petroleum, natural gas, palm oil, scrap iron (2019)

Reserves of foreign exchange and gold

$22.812 billion (31 December 2021 est.)

$18.522 billion (31 December 2020 est.)

$16.586 billion (31 December 2019 est.)

Debt - external

$107.527 billion (2019 est.)

$95.671 billion (2018 est.)

Exchange rates

Pakistani rupees (PKR) per US dollar -

162.906 (2021 est.)

161.838 (2020 est.)

150.036 (2019 est.)

121.824 (2018 est.)

105.455 (2017 est.)

NOTE: The information regarding Pakistan on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Pakistan 2023 information contained here. All suggestions for corrections of any errors about Pakistan 2023 should be addressed to the CIA or the source cited on each page.