Economy - overview:
Pakistan, an impoverished and underdeveloped country, suffers from internal political disputes, low levels of foreign investment, and a costly, ongoing confrontation with neighboring India. Pakistan's economic prospects, although still marred by poor human development indicators, continued to improve in 2002 following unprecedented inflows of foreign assistance beginning in 2001. Foreign exchange reserves have grown to record levels, supported largely by fast growth in recorded worker remittances. Trade levels rebounded after a sharp decline in late 2001. The government has made significant inroads in macroeconomic reform since 2000, but progress is beginning to slow. Although it is in the second year of its $1.3 billion IMF Poverty Reduction and Growth Facility, Islamabad continues to require waivers for politically difficult reforms. Long-term prospects remain uncertain as development spending remains low, regional tensions remain high, and political tensions weaken Pakistan's commitment to lender-recommended economic reforms. GDP growth will continue to hinge on crop performance; dependence on foreign oil leaves the import bill vulnerable to fluctuating oil prices; and efforts to open and modernize the economy remain uneven.
GDP:
purchasing power parity - $311 billion (2002 est.)
GDP - real growth rate:
4.5% (FY01/02 est.)
GDP - per capita:
purchasing power parity - $2,100 (FY01 est.)
GDP - composition by sector:
agriculture: 24%
industry: 25%
services: 51% (FY01 est.)
Population below poverty line:
35% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 27.6% (1996-97)
Distribution of family income - Gini index:
41 (FY98)
Inflation rate (consumer prices):
3.9% (2002 est.)
Labor force:
40.4 million
note: extensive export of labor, mostly to the Middle East, and use of child labor (2000)
Labor force - by occupation:
agriculture 44%, industry 17%, services 39% (1999 est.)
Unemployment rate:
7.8% plus substantial underemployment (2002 est.)
Budget:
revenues: $12.6 billion
expenditures: $14.8 billion, including capital expenditures of $NA (FY02 est.)
Industries:
textiles, and apparel, food processing, beverages, construction materials, paper products, fertilizer, shrimp
Industrial production growth rate:
2.4% (FY01 est.)
Electricity - production:
66.96 billion kWh (2001)
Electricity - production by source:
fossil fuel: 68.8%
hydro: 28.2%
other: 0% (2001)
nuclear: 3%
Electricity - consumption:
62.27 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
62,870 bbl/day (2001 est.)
Oil - consumption:
365,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
297.1 million bbl (January 2002 est.)
Natural gas - proved reserves:
695.6 billion cu m (January 2002 est.)
Agriculture - products:
cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef, mutton, eggs
Exports:
$9.8 billion f.o.b. (FY02/03 est.)
Exports - commodities:
textiles (garments, cotton cloth, and yarn), rice, leather, sports goods, and carpets and rugs
Exports - partners:
US 27.0%, UAE 8%, UK 7.2%, Germany 4.9%, Hong Kong 4.8% (FY02)
Imports:
$11.1 billion f.o.b. (FY02 est.)
Imports - commodities:
petroleum, petroleum products, machinery, chemicals, transportation equipment, edible oils, pulses, iron an steel, tea
Imports - partners:
UAE 13.1%, Saudi Arabia 11.6%, Kuwait 7.1%, US 6.7%, China 5.6% (2001)
Debt - external:
$32.3 billion (2002 est.)
Economic aid - recipient:
$2.4 billion (FY01)
Currency:
Pakistani rupee (PKR)
Currency code:
PKR
Exchange rates:
Pakistani rupees per US dollar - 59.7238 (2002), 61.9272 (2001), 53.6482 (2000), 49.1183 (1999), 44.9428 (1998)
Fiscal year:
1 July - 30 June
NOTE: The information regarding Pakistan on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Pakistan Economy 2003 should be addressed to the CIA.
