Pakistan Economy - 2024

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

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% (2021 est.)

male: 9.7%

female: 8.2%

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)

Remittances

8.99% of GDP (2021 est.)
8.68% of GDP (2020 est.)
6.93% of GDP (2019 est.)

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 -

Exchange rates:
162.906 (2021 est.)
161.838 (2020 est.)
150.036 (2019 est.)
121.824 (2018 est.)
105.455 (2017 est.)