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Pakistan Economy 2014
http://www.theodora.com/wfbcurrent/pakistan/pakistan_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

Economy - overview:
Decades of internal political disputes and low levels of foreign investment have led to slow growth and underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and Pakistan's failure to expand a viable export base for other manufactures has left the country vulnerable to shifts in world demand. Official unemployment is under 6%, but this fails to capture the true picture, because much of the economy is informal and underemployment remains high. Over the past few years, low growth and high inflation, led by a spurt in food prices, have increased the amount of poverty - the UN Human Development Report estimated poverty in 2011 at almost 50% of the population. Inflation has worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012. As a result of political and economic instability, the Pakistani rupee has depreciated more than 40% since 2007. The government agreed to an International Monetary Fund Standby Arrangement in November 2008 in response to a balance of payments crisis. Although the economy has stabilized since the crisis, it has failed to recover. Foreign investment has not returned, due to investor concerns related to governance, energy, security, and a slow-down in the global economy. Remittances from overseas workers, averaging about $1 billion a month since March 2011, remain a bright spot for Pakistan. However, after a small current account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit in fiscal year 2012, spurred by higher prices for imported oil and lower prices for exported cotton. Pakistan remains stuck in a low-income, low-growth trap, with growth averaging about 3% per year from 2008 to 2012. Pakistan must address long standing issues related to government revenues and energy production in order to spur the amount of economic growth that will be necessary to employ its growing and rapidly urbanizing population, more than half of which is under 22. Other long term challenges include expanding investment in education and healthcare, adapting to the effects of climate change and natural disasters, and reducing dependence on foreign donors.

GDP (purchasing power parity):
$546.7 billion (2012 est.)
country comparison to the world: 27

$523.8 billion (2011 est.)
$505.3 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$222.5 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.4% (2012 est.)
country comparison to the world: 81

3.7% (2011 est.)
2.6% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,100 (2012 est.)
country comparison to the world: 175

$3,000 (2011 est.)
$2,900 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
13.3% of GDP (2012 est.)
country comparison to the world: 111

12.9% of GDP (2011 est.)
14.8% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 82.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 10.5%
investment in fixed capital: 13.3%
investment in inventories: 1.6%
exports of goods and services: 12.3%
imports of goods and services: -20.3%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 24.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22%
services: 53.6% (2012 est.)

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:
2.7% (2012 est.)
country comparison to the world: 93
[see also: Industrial production growth rate country ranks ]

Labor force:
59.21 million
country comparison to the world: 10
note: extensive export of labor, mostly to the Middle East, and use of child labor (2012 est.)
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 45.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.7%
services: 34.2% (2010 est.)

Unemployment rate:
6% (2012 est.)
country comparison to the world: 62

6% (2011 est.)
note: substantial underemployment exists
[see also: Unemployment rate country ranks ]

Population below poverty line:
22.3% (FY05/06 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 39.3% (FY07/08)

Distribution of family income - Gini index:
30.6 (FY07/08)
country comparison to the world: 113

41 (FY98/99)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $27.48 billion
[see also: Budget revenues country ranks ]
expenditures: $42.15 billion (2012 est.)

Taxes and other revenues:
12.4% of GDP (2012 est.)
country comparison to the world: 202
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.6% of GDP (2012 est.)
country comparison to the world: 184
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
52.1% of GDP (2012 est.)
country comparison to the world: 59

48.7% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
9.7% (2012 est.)
country comparison to the world: 199

11.9% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
12% (31 January 2012 est.)
country comparison to the world: 13

14% (31 December 2010 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
12.41% (31 December 2012 est.)
country comparison to the world: 55

14.12% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$62.29 billion (31 December 2012 est.)
country comparison to the world: 44

$56.34 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$76.16 billion (31 December 2011 est.)
country comparison to the world: 58

$71.36 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$94.65 billion (31 December 2012 est.)
country comparison to the world: 52

$86.76 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$32.76 billion (31 December 2011)
country comparison to the world: 55

$38.17 billion (31 December 2010)
$33.24 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-2.072 billion (2012 est.)
country comparison to the world: 143

$-2.234 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$24.71 billion (2012 est.)
country comparison to the world: 71

$26.31 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 13.6%, China 11.1%, UAE 8.5%, Afghanistan 7.8% (2012)

Imports:
$40.07 billion (2012 est.)
country comparison to the world: 60

$38.85 billion (2011 est.)
[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 19.7%, Saudi Arabia 12.3%, UAE 12.1%, Kuwait 6.3% (2012)

Reserves of foreign exchange and gold:
$13.8 billion (31 December 2012 est.)
country comparison to the world: 69

$18.09 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$54.5 billion (31 December 2012 est.)
country comparison to the world: 60

$60.18 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$22.73 billion (31 December 2012 est.)
country comparison to the world: 68

$21.88 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.519 billion (31 December 2012 est.)
country comparison to the world: 76

$1.432 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Pakistani rupees (PKR) per US dollar -

93.3952 (2012 est.)
86.3434 (2011 est.)
85.194 (2010 est.)
81.71 (2009)
70.64 (2008)


NOTE: The information regarding Pakistan on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Pakistan Economy 2014 information contained here. All suggestions for corrections of any errors about Pakistan Economy 2014 should be addressed to the CIA.



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