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Pakistan Economy 2017
http://www.theodora.com/wfbcurrent/pakistan/pakistan_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Pakistan Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Pakistan has a large English-speaking population. Nevertheless, a challenging security environment, electricity shortages, and a burdensome investment climate have deterred investors. Agriculture accounts for more than one-fourth of output and two-fifths of employment. Textiles and apparel account for most of Pakistan's export earnings, and 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. Official unemployment was 6.5% in 2015, 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 coordination with the International Monetary Fund (IMF), Pakistan embarked on an economic reform program in 2013. While the reform process has been mixed, and issues like privatization of state-owned enterprises remain unresolved, Pakistan has restored macroeconomic stability, improved its credit rating, and boosted growth. The Pakistani rupee, after heavy depreciation, remained relatively stable against the US dollar in 2014-15. Remittances from overseas workers, averaging more than $1.5 billion a month, are a key revenue source for Pakistan, partly compensating for a lack of foreign investment and a slowdown in portfolio investment. Falling global oil prices in 2015 contributed to a narrowing current account deficit and lower inflation, despite weak export performance. Pakistan’s program with the IMF – a three-year, $6.7 billion Extended Fund Facility focusing on reducing energy shortages, stabilizing public finances, expanding revenue, and improving the external balance – is slated to conclude in September 2016. While passing most quantitative targets, Pakistan has missed targets on structural reforms and performance criteria throughout the program.Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3.5% per year from 2008 to 2013. Pakistan must address long-standing issues related to government revenues, with the tax base being narrow at 11% of GDP. 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. Other long-term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, improving the country’s business climate, and reducing dependence on foreign donors. Pakistan and China are implementing the “China-Pakistan Economic Corridor”, a $46 billion investment program targeted towards the energy sector and other infrastructure project that Islamabad and Beijing had agreed on in early 2014.

GDP (purchasing power parity):
$988.2 billion (2016 est.) $943.8 billion (2015 est.) $907.2 billion (2014 est.)
note: data are in 2016 dollars data are for fiscal years
country comparison to the world: 26
[see also: GDP country ranks ]

GDP (official exchange rate):
$271.1 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.7% (2016 est.) 4% (2015 est.) 4.1% (2014 est.)
note: data are for fiscal years
country comparison to the world: 46
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,100 (2016 est.) $5,000 (2015 est.) $4,900 (2014 est.)
note: data are in 2016 dollars data are for fiscal years
country comparison to the world: 171
[see also: GDP - per capita country ranks ]

Gross national saving:
14.3% of GDP (2016 est.) 14.5% of GDP (2015 est.) 13.4% of GDP (2014 est.)
note: data are for fiscal years
country comparison to the world: 119
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 80.1%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 11.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 13.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 8.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -15.8% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 25.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.2%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 55.6% (2016 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, construction materials, paper products, fertilizer, shrimp

Industrial production growth rate:
6.8% (2016 est.)
country comparison to the world: 19
[see also: Industrial production growth rate country ranks ]

Labor force:
65.1 million
note: extensive export of labor, mostly to the Middle East, and use of child labor (2016 est.)
country comparison to the world: 10
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 43.7%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 22.4%
[see also: Labor force - by occupation - industry country ranks ]
services: 33.9% (FY2013 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
6.7% (2016 est.) 6.4% (2015 est.)
note: substantial underemployment exists
country comparison to the world: 77
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.3% (FY2005 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 4.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.6% (FY2011)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
29.6 (FY2011) 31.4 (FY2008)
country comparison to the world: 124
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $41.77 billion
[see also: Budget revenues country ranks ]
expenditures: $54.63 billion
[see also: Budget expenditures country ranks ]
note: data are for fiscal years (2016 est.)

Taxes and other revenues:
15.4% of GDP (2016 est.)
country comparison to the world: 186
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.7% of GDP (2016 est.)
country comparison to the world: 152
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
58.5% of GDP (2016 est.) 57.3% of GDP (2015 est.)
country comparison to the world: 67
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
3.7% (2016 est.) 2.5% (2015 est.)
country comparison to the world: 154
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6% (15 November 2015) 9.5% (18 December 2014)
country comparison to the world: 66
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.9% (31 December 2016 est.) 8.37% (31 December 2015 est.)
country comparison to the world: 119
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$100.2 billion (31 December 2016 est.) $89.3 billion (31 December 2015 est.)
country comparison to the world: 35
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$122.3 billion (31 December 2016 est.) $109.8 billion (31 December 2015 est.)
country comparison to the world: 52
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$142.2 billion (31 December 2016 est.) $127.5 billion (31 December 2015 est.)
country comparison to the world: 49
[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: 56
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.627 billion (2015 est.) -$2.627 billion (2015 est.)
country comparison to the world: 155
[see also: Current account balance country ranks ]

Exports:
$20.96 billion (2016 est.) $22.73 billion (2015 est.)
country comparison to the world: 68
[see also: Exports country ranks ]

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

Exports - partners:
US 13.1%, UAE 9.1%, Afghanistan 9.1%, China 8.8%, UK 5.4%, Germany 4.9% (2015)

Imports:
$38.25 billion (2016 est.) $39.29 billion (2015 est.)
country comparison to the world: 57
[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 28.1%, Saudi Arabia 10.9%, UAE 10.8%, Kuwait 5.6% (2015)

Reserves of foreign exchange and gold:
$20.53 billion (31 December 2016 est.) $20.05 billion (31 December 2015 est.)
country comparison to the world: 57
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$64.04 billion (31 December 2016 est.) $60.91 billion (31 December 2015 est.)
country comparison to the world: 59
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$33.82 billion (31 December 2016 est.) $31.82 billion (31 December 2015 est.)
country comparison to the world: 65
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$2.059 billion (31 December 2016 est.) $2.009 billion (31 December 2015 est.)
country comparison to the world: 79
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Pakistani rupees (PKR) per US dollar - 105.1 (2016 est.) 102.769 (FY2015 est.) 102.769 (FY2014 est.) 101.1 (FY2013 est.) 93.4 (2012 est.)


NOTE: The information regarding Pakistan on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Pakistan Economy 2017 information contained here. All suggestions for corrections of any errors about Pakistan Economy 2017 should be addressed to the CIA.




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