Treatise On Pakistani Economics

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Economy of Pakistan
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Economy of Pakistan
Karachi Clifton Skyline.JPG
Karachi, the financial centre of Pakistan
Currency
Pakistani rupee (PKR) Rs.1 = 100 [1]Paisas
1 USD = 104.65 PKR (April 2017)

Fiscal year
1 July 30 June
Trade organisations
WTO, SAARC, ECO, OIC, SAFTA, AIIB, SCO, IMF, Commonwealth of Nations, World Bank.
Statistics
GDP $284.185 billion (Nominal, 2017) [2]
GDP rank 25th (PPP, 2017)
42nd (Nominal, 2015)
GDP growth
4.0% (2015), 4.7% (2016e),
5.2% (2017f), 5.5% (2018f)[3]
GDP per capita
$1,470 (nominal; 150th;2016)
$4,906 (PPP; 133rd; 2016)[4]

GDP by sector
agriculture: 25.1%, industry: 20%, services: 54.9% (2015 est.)
Inflation (CPI)
3.7% (February 2017)[5]
Population below poverty line
6.6% (2017)
Labour force
61.04 million (201516)[6]
Labour force by occupation
agriculture: 43%, []: 15.2%, manufacturing: 13.3%, wholesale and retail: 9.2%,
transport and communication: 7.3% (201213)[7]
Unemployment 3.5% (2017 est.)[8]
Main industries
textiles and apparel, food processing, pharmaceuticals, construction materials,
chemicals, cement, mining, machinery, steel, engineering, software and hardware,
automobiles, motorcycle and auto parts, electronics, paper products, fertiliser,
shrimp, defence products, shipbuilding
Ease-of-doing-business rank
144th (2017)[9]
External
Exports Total $30 billion (2014-15 est.), Goods $24.131 billion, Services
$5.741 billion[10]
Export goods
Textiles ($13,653 million)
Vegetable Products ($3,094 million)
Mineral ($1,698 million)
Leather ($1,237 million)
Food and Beverages ($956 million)
Animal Farming ($756 million)
Manufactured Items ($571 million)
Metals ($531 million)
Plastic ($505 million)
Chemical ($489 million)
[10]
Main export partners
United States 13.3%
China 10.9%
United Arab Emirates 8.6%
Afghanistan 8.5%[citation needed]
Germany 5.1%[11]
Imports Total $50.123 billion (2014-15 est.), Goods $41.280 billion, Services
$8.843 billion [12]
Import goods
Food $4.15 billion
Machinery $5.05 billion
Transport Vehicles $1.66 billion
Textile $2.29 billion
Fertilizers and other chemicals $6.86 billion
Raw metal $2.7 billion
Refined Petroleum $9.02 billion
Crude Petroleum=$5.75 billion
Main import partners
China 17%
United Arab Emirates 15%
Kuwait 8.8% (2012 est.)
Saudi Arabia 8.5%
Malaysia 4.8%
[13]
Public finances
Public debt
61.8% of GDP (201415)[14]
Revenues Increase15.75% of GDP, Pkr 4.694 trillion or $45 billion[15]
Expenses Increase19.83% of GDP, Pkr 5.915 trillion or $57 billion[15]
Credit rating
Standard & Poor's:[16]
B (Domestic)
B (Foreign)
B (T&C Assessment)
Outlook: Positive[17]
Moody's:
B2[18]
Outlook: Stable
Foreign reserves
Decrease $ 15,434.9 million (SBP)(July 2017)[19]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
The economy of Pakistan is the 24th largest in the world in terms of purchasing
power parity (PPP), and 42nd largest in terms of nominal gross domestic product.
Pakistan has a population of over 190 million (the world's 6th-largest), giving it
a nominal GDP per capita of $1,428, which ranks 147th in the world for 2016.
However, Pakistan's undocumented economy is estimated to be 36% of its overall
economy, which is not taken into consideration when calculating per capita income.
[20] Pakistan is a developing country[21][22][23] and is one of the Next Eleven,
the eleven countries and have a potential to be among the world's large economies
in the 21st century.[24] However, after decades of war and social instability, as
of 2013, serious deficiencies in basic services such as railway transportation and
electric power generation had developed.[25] The economy is semi-industrialized,
with centres of growth along the Indus River.[26][27][28] Primary export
commodities include textiles, leather goods, sports goods, chemicals, carpets/rugs
and medical instruments.[29][30]
Growth poles of Pakistan's economy are situated along the Indus River;[27][31] the
diversified economies of Karachi and major urban centers in the Punjab, coexisting
with lesser developed areas in other parts of the country.[27] The economy has
suffered in the past from internal political disputes, a fast-growing population,
mixed levels of foreign investment.[25] Foreign exchange reserves are bolstered by
steady worker remittances, but a growing current account deficit driven by a
widening trade gap as import growth outstrips export expansion could draw down
reserves and dampen GDP growth in the medium term.[32] Pakistan is currently
undergoing a process of economic liberalization, including privatization of all
government corporations, aimed to attract foreign investment and decrease budget
deficit.[33] In 2014, foreign currency reserves crossed $18.4 billion[34] which has
led to stable outlook on the long-term rating by Standard & Poor's.[35][36] In
2016, BMI Research report named Pakistan as one of the ten emerging economies with
a particular focus on of its manufacturing hub.[37]
In October 2016, the IMF chief Christine Lagarde confirmed her economic assessment
in Islamabad that Pakistan's economy was 'out of crisis'[38] The World Bank
predicts that by 2018, Pakistan's economic growth will increase to a "robust" 5.4%
due to greater inflow of foreign investment, namely from the China-Pakistan
Economic Corridor.[39] According to the World Bank, poverty in Pakistan fell from
64.3% in 2002 to 29.5% in 2014.[40] Pakistan's fiscal position continues to improve
as the budget deficit has fallen from 6.4% in 2013 to 4.3% in 2016.[41][42] The
country's improving macroeconomic position has led to Moody's upgrading Pakistan's
debt outlook to "stable".[43]
In 2017, Pakistan's GDP in terms of purchasing power parity crossed $1 trillion.

[44]
Contents [hide]
1 Economic history
1.1 First five decades
1.2 Recent decades
1.3 Economic resilience
1.3.1 Background
1.4 Macroeconomic reform and prospects
1.4.1 Doing business
2 The economy today
2.1 Stock market
2.2 Middle class
2.3 Poverty alleviation expenditures
2.3.1 Employment
2.4 Tourism
2.5 Revenue
3 Currency system
3.1 Rupee
3.2 Foreign exchange rate
3.3 Foreign exchange reserves
4 Structure of economy
5 Major sectors
5.1 Primary
5.1.1 Agriculture
5.1.2 Mining
5.2 Secondary
5.2.1 Industry
5.2.2 Construction material
5.2.3 Information Communication Technology Industry
5.2.4 Defence Industry
5.2.5 Textiles
5.2.6 Other
5.3 Services
5.3.1 Communication
5.3.2 Transportation
5.3.3 Finance
5.3.4 Housing
5.3.5 Minor Sectors
5.3.6 Energy
5.3.7 Chemicals and pharmaceuticals
6 Foreign trade, remittances, aid, and investment
6.1 Investment
6.1.1 Foreign acquisitions and mergers
6.2 Foreign trade
6.3 External imbalances
6.4 Economic aid
6.5 Remittances
7 Government finances
7.1 Revenues and taxation
7.2 Expenditures
7.3 Sovereign bonds
8 Income distribution
9 Economic Indicators Of Pakistan ( 2000-2017 )
10 Gross Domestic Product ( GDP )
11 Manufacturing Sector
12 Agriculture Sector
13 Commodity Producing Sector Growth Rate
14 Service Sector
15 Per Capita Income
16 Consumer Price Index ( CPI ) Growth Rate
17 Government Revenues And Expenditures
18 Overall Deficit As % Of GDP
19 PSE 100 Index Growth Rate
20 Foreign Trade
21 Worker's Remittances
22 References
22.1 Bibliography
23 See also
24 Further reading
25 External links
Economic history[edit]
Main article: Economic history of Pakistan
First five decades[edit]
Pakistan was a very poor and predominantly agricultural country when it gained
independence in 1947. Pakistan's average economic growth rate in the first five
decades (19471997) has been higher than the growth rate of the world economy
during the same period. Average annual real GDP growth rates[45] were 6.8% in the
1960s, 4.8% in the 1970s, and 6.5% in the 1980s. Average annual growth fell to 4.6%
in the 1990s with significantly lower growth in the second half of that decade.[46]
Recent decades[edit]
This is a chart of trend of gross domestic product of Pakistan at market prices
estimated[47] by the International Monetary Fund with figures in millions of
Pakistani Rupees. See also[46]
Year Gross Domestic Product US Dollar Exchange Inflation Index
(2000=100) Per Capita Income
(as % of US)
1947 2,058 1 Pakistani Rupee -1.08
1951 10,029 1 Pakistani Rupee 1.72
1960 20,058 4.76 Pakistani Rupees 3.37
1978 283,460 9.97 Pakistani Rupees 21 2.83
1985 569,114 16.28 Pakistani Rupees 30 2.07
1990 1,029,093 21.41 Pakistani Rupees 41 1.92
2014 25,068,059 105.95 Pakistani Rupees 260
Economic resilience[edit]
GDP Rate of Growth 19512009

Background[edit]
Historically, Pakistan's overall economic output (GDP) has grown every year since a
1951 recession. Despite this record of sustained growth, Pakistan's economy had,
until a few years ago, been characterised as unstable and highly vulnerable to
external and internal shocks. However, the economy proved to be unexpectedly
resilient in the face of multiple adverse events concentrated into a four-year
(19982002) period
the Asian financial crisis;

economic sanctions according to Colin Powell, Pakistan was "sanctioned to the
eyeballs";[48]
The global recession of 20012002;
a severe drought the worst in Pakistan's history, lasting about four years;
the post-9/11 military action in neighbouring Afghanistan, with a massive influx of
refugees from that country;
Macroeconomic reform and prospects[edit]
National Highways, Motorways & Strategic Roads of Pakistan.

According to many sources, the Pakistani government has made substantial economic
reforms since 2000,[49] and medium-term prospects for job creation and poverty
reduction are the best in nearly a decade.
In 2005, the World Bank reported that
"Pakistan was the top reformer in the region and the number 10 reformer globally
making it easier to start a business, reducing the cost to register property,
increasing penalties for violating corporate governance rules, and replacing a
requirement to license every shipment with two-year duration licences for
traders."[50]
Doing business[edit]
The World Bank (WB) and International Finance Corporation's flagship report Ease of
Doing Business Index 2017 ranked Pakistan 144 among 190 countries around the globe.
The top five countries were New Zealand, Singapore, Hong Kong, Denmark and South
Korea.[51]
Many Western companies refuse to do business with Pakistan, citing problems of

corruption, lack of resources and lack of infrastructure as key problems.[52]
The economy today[edit]

Today the Nominal GDP of Pakistan is 270.96 billion USD which is better than its
last decades performance due to high growth rate.[53]
Economic comparison of Pakistan 19992017
A view of I. I. Chundrigar Road of Karachi(Financial Capital of Pakistan)
Main Industries by Region - Pakistan. Source:[54]

Indicator 1999 2007 2008 2009 2017
GDP $75 billion $70 billion $170 billion $185 billion $350.96 billion
GDP Purchasing Power Parity (PPP) $270 billion $200.5 billion $250 billion
$255.6 billion $1130.95 billion
GDP per Capita Income $450 $380 $350 $390 $1810
Revenue collection Rs. 305 billion Rs. 298 billion Rs. 320 billion Rs.
370 billion Rs 4.984 trillion
Foreign reserves $18.9 billion $16.4 billion $8.89 billion $12.21
billion $30 billion
Exports $18.5 billion $16.5 billion $17.22 billion $19.45 billion
$40.414 billion
Textile Exports $11.5 billion $5.2 billion
KHI stock exchange (100-Index) $95 billion at 19000 points $75 billion at
14,000 points $46 billion at 9,300 points $180.5 billion at 46,000 points
Foreign Direct Investment $15 billion $8.4 billion $5.19 billion $4.6
billion $18 billion [17]
External Debt & Liabilities $39 billion $40.17 billion $70.9 billion $75.1
billion $78 billion[citation needed]
Poverty level 60%[citation needed] 43%[citation needed] 37%[citation
needed] 29%[citation needed] 13%[citation needed]
Literacy rate 45% 53% 59% 61% 58%[18]
Development programs Rs. 80 billion Rs. 520 billion Rs. 549.7 billion Rs.
621 billion Rs970 billion
In 2016, the Atlantic Media Company (AMC) of the United States has ranked Pakistan
as a relatively stronger economy in the South Asian markets and expected that it
will grow rapidly during days ahead. AMC said that during the period JanuaryJuly
this year, Indian 100 point index was 6.67% while Karachi Stock Exchange (KSE) had
achieved 100 point index of 17 percent. [19]
Stock market[edit]
Main articles: Karachi Stock Exchange, Lahore Stock Exchange, Islamabad Stock
Exchange, and Sialkot Trading Floor
In the first four years of the twenty-first century, Pakistan's KSE 100 Index was
the best-performing stock market index in the world as declared by the
international magazine "Business Week".[55][citation needed] The stock market
capitalisation of listed companies in Pakistan was valued at $5,937 million in 2005
by the World Bank.[56] But in 2008, after the General Elections, uncertain
political environment, rising militancy along western borders of the country, and
mounting inflation and current account deficits resulted in the steep decline of
the Karachi Stock Exchange. As a result, the corporate sector of Pakistan has
declined dramatically in recent times. However, the market bounced back strongly in
2009 and the trend continues in 2011. By 2014 the stock market burst into uncharted
territories as the benchmark KSE 100 Index rose 907 points (3.1%) and shot past the
30,000-point barrier to close at a new record high, this came days after Moody's
announced that it was upgrading the outlook of 5 major Pakistani banks from
Negative to Stable, resulting in heavy buying in the banking sector. The rally was
supported by heavy buying in the oil and gas and cement sectors.[57]
Middle class[edit]
See also: Labour force of Pakistan
As of 2013, according to Macro Economic Insights, a research firm in Islamabad, the
size of the Pakistani middle class is conservatively estimated at approximately 70
million, out of a total population of about 186 million. This represents 40% of the
population of the country.[58]
On measures of income inequality, the country ranks slightly better than the
median. In late 2006, the Central Board of Revenue estimated that there were almost
2.8 million income-tax payers in the country.[59] However, by 2013, the number of
taxpayers was drastically reduced to just 768,000 out of a total population of 190
million, meaning that only 0.57% of the population pay taxes[60]
Poverty levels have decreased by 10% since 2001[61] Foreign companies selling to
the Pakistani middle classes have been very successful. For example, demand for
Unilever products have recently been so high that even after doubling production
the Anglo-Dutch company struggled to meet demand and its chairman stated
"Pakistanis cant seem to have enough".[62]
Poverty alleviation expenditures[edit]

Main article: Poverty in Pakistan
Socio-Economic Status of Pakistanis, source:[63]

Pakistan government spent over 1 trillion Rupees (about $16.7 billion) on poverty
alleviation programmes during the past four years, cutting poverty from 35% in
200001 to 29.3% in 2013 and 17% in 2015.[64] Rural poverty remains a pressing
issue, as development there has been far slower than in the major urban areas.
Employment[edit]
The high population growth in the past few decades has ensured that a very large
number of young people are now entering the labor market. Even though it is among
the six most populous Asian nations. In the past, excessive red tape made firing
from jobs, and consequently hiring, difficult.[65] Significant progress in taxation
and business reforms has ensured that many firms now are not compelled to operate
in the underground economy.[66]
In late 2006, the government launched an ambitious nationwide service employment

scheme aimed at disbursing almost $2 billion over five years.[67][68]
Mean wages were $0.98 per man-hour in 2009. Rate of unemployment is 15%.
High inflation and limited wage growth have drawn more women into the workforce to
feed their families.[69]
Government sector is also contributing in employment and according to estimate 4.5

million people are employed by federal, provincial and local governments in
different sectors from Armed forces to education and health.[70]
Tourism[edit]
Main article: Tourism in Pakistan
Malam Jabba Ski Resort, Swat, Kyber Pakhtunkhwa, Pakistan
Faisal Mosque in the capital Islamabad.

Tourism in Pakistan has been stated as being the tourism industry's "next big
thing". Pakistan, with its diverse cultures, people and landscapes, has attracted
90 million tourists to the country, almost double to that of a decade ago. Due to
threat of terrorism the number of foreigner tourists has gradually declined and the
shock of 2013 Nanga Parbat tourist shooting has terribly adversely effected the
tourism industry.[71] As of 2016 tourism has begun to recover in Pakistan, albeit
gradually.[72]
Revenue[edit]
Although the country is a Federation with constitutional division of taxation
powers between the Federal Government and the four provinces, the revenue
department of the Federal Government, the Federal board of Revenue, collects almost
95% of the entire national revenue. The Federal Board of Revenue collected nearly
two trillion rupees ($24 p .1 billion) in taxes in the 20072008 financial year,
[73] while it collected about 1558 billion ($18.3 billion) during FY 20102011.
Currency system[edit]
Main article: Pakistani rupee
Rupee[edit]
The basic unit of currency is the Rupee, ISO code PKR and abbreviated Rs, which is
divided into 100 paisas. Currently the newly printed 5,000 rupee note is the
largest denomination in circulation. Recently the SBP has introduced all new design
notes of Rs. 10, 20, 50, 100, 500, 1000 and 5000.
Dollar-Rupee exchange rate

The Pakistani Rupee was pegged to the Pound sterling until 1982, when the
government of General Zia-ul-Haq, changed it to managed float. As a result, the
rupee devalued by 38.5% between 1982/83 many of the industries built by his
predecessor suffered with a huge surge in import costs. After years of appreciation
under Zulfikar Ali Bhutto and despite huge increases in foreign aid the Rupee
depreciated.
Foreign exchange rate[edit]

The Pakistani rupee depreciated against the US dollar until around the start of the
21st century, when Pakistan's large current-account surplus pushed the value of the
rupee up versus the dollar. Pakistan's central bank then stabilised by lowering
interest rates and buying dollars, in order to preserve the country's export
competitiveness
PKR per US dollar 19952008

Year Highest ? Lowest ?
Date Rate Date Rate
1996 PKR 30.930
1997 PKR 35.266
1998 PKR 40.185
1999 PKR 44.550
2000 PKR 51.90
2001 PKR 53.6482
2002 PKR 61.9272
2003 PKR 59.7238
2005 PKR 57.752
2006 PKR 58.000
2009 05 Aug PKR 60.75 01 Nov PKR 60.50
2010 October 10 PKR 80.00 01 Apr PKR 63.50
Source: PKR exchange rates in USD, SBP
Foreign exchange reserves[edit]
Pakistan maintains foreign reserves with State Bank of Pakistan. The currency of
the reserves was solely US dollar incurring speculated losses after the dollar
prices fell during 2005, forcing the then Governor SBP Ishrat Hussain to step down.
In the same year the SBP issued an official statement proclaiming diversification
of reserves in currencies including Euro and Yen, withholding ratio of
diversification.
Following the international credit crisis and spikes in crude oil prices,
Pakistan's economy could not withstand the pressure and on October 11, 2008, State
Bank of Pakistan reported that the country's foreign exchange reserves had gone
down by $571.9 million to $7749.7 million.[74] The foreign exchange reserves had
declined more by $10 billion to a level of $6.59 billion.
Structure of economy[edit]
The economy of Pakistan is suffering with high inflation rates well above 26%. Over
1,081 patent applications were filed by non-resident Pakistanis in 2004 revealing a
new-found confidence.[75] Agriculture accounted for about 53% of GDP in 1947. While
per-capita agricultural output has grown since then, it has been outpaced by the
growth of the non-agricultural sectors, and the share of agriculture has dropped to
roughly one-fifth of Pakistan's economy. In recent years, the country has seen
rapid growth in industries (such as apparel, textiles, and cement) and services
(such as telecommunications, transportation, advertising, and finance).
Major sectors[edit]
See also: List of Pakistani companies
Primary[edit]
Agriculture[edit]
Main article: Agriculture in Pakistan
Agriculture by Province
Mango Orchard in Multan, Pakistan

The most important crops are wheat, sugarcane, cotton, and rice, which together
account for more than 75% of the value of total crop output. Pakistan's largest
food crop is wheat. In 2005, Pakistan produced 21,591,400 metric tons of wheat,
more than all of Africa (20,304,585 metric tons) and nearly as much as all of South
America (24,557,784 metric tons), according to the FAO.[76] The country is expected
to harvest 47 to 64 million tons of wheat in 2015. Pakistan has also cut the use of
dangerous pesticides dramatically.[77]
Pakistan is a net food exporter, except in occasional years when its harvest is
adversely affected by droughts. Pakistan exports rice, cotton, fish, fruits
(especially Oranges and Mangoes), and vegetables and imports vegetable oil, wheat,
pulses and consumer foods. The country is Asia's largest camel market, second-
largest apricot and ghee market and third-largest cotton, onion and milk market.
The economic importance of agriculture has declined since independence, when its
share of GDP was around 53%. Following the poor harvest of 1993, the government
introduced agriculture assistance policies, including increased support prices for
many agricultural commodities and expanded availability of agricultural credit.
From 1993 to 1997, real growth in the agricultural sector averaged 5.7% but has
since declined to about 4%. Agricultural reforms, including increased wheat and
oilseed production, play a central role in the government's economic reform
package.
Majority of the population, directly or indirectly, dependent on this sector. It

contributes about 24 percent of Gross Domestic Product (GDP) and accounts for half
of employed labor force and is the largest source of foreign exchange earnings.[78]
Pakistan's Top commodities by export value in 2011 were:[79]
Commodity Value [1000 USD]

Wheat 674424
Cotton lint 359341
Flour of Wheat 352014
Tangerines, mandarins, clem. 120893
Potatoes 102185
Cattle meat 71729
Maize 70028
Cotton Waste 65707
Dates 64081
Vegetables fresh nes 53136
Pakistan's principal natural resources are arable land and water. About 25% of
Pakistan's total land area is under cultivation and is watered by one of the
largest irrigation systems in the world. Pakistan irrigates three times more acres
than Russia. Pakistan agriculture also benefits from year round warmth. Agriculture
accounts for about 23% of GDP and employs about 44% of the labour force. Zarai
Taraqiati Bank Limited is the largest financial institution geared towards the
development of agriculture sector through provision of financial services and
technical expertise.
Mining[edit]
Main article: Mining in Pakistan
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Pakistan is endowed with significant mineral resources and is emerging as a very
promising area for prospecting/exploration for mineral deposits. Based on available
information, the country's more than 6,00,000 km of outcrops area demonstrates
varied geological potential for metallic and non-metallic mineral deposits. Except
oil, gas and nuclear minerals regulated at federal level, minerals are a provincial
subject, under the constitution of the Islamic Republic of Pakistan. Provincial
governments are responsible for development and exploitation of minerals, besides,
enforcing regulatory regime. In line with the constitutional framework the federal
and provincial governments have jointly set out Pakistan's first National Mineral
Policy in 1995, duly implemented by the provinces, providing appropriate
institutional and regulatory framework and equitable and internationally
competitive fiscal regime.
In the recent past, exploration by government agencies as well as by multinational

mining companies presents ample evidence of the occurrences of sizeable minerals
deposits. Recent discoveries of a thick oxidised zone underlain by sulphide zones
in the shield area of the Punjab province, covered by thick alluvial cover have
opened new vistas for metallic minerals exploration. Pakistan has a large base for
industrial minerals. The discovery of coal deposits having over 175 billion tones
of reserves at Thar in the Sindh province has given an impetus to develop it as an
alternate source of energy. There is vast potential for precious and dimension
stones.
The enforcement of Mineral Policy (1995) has paved the way to expand mining sector
activities and attract international investment in this sector. International
mining companies have responded favorably to the NMP and presently at least four
are engaged in mineral projects development.
Currently about 52 minerals are under exploitation although on small scale. The
major production is of coal, rock salt and other industrial and construction
minerals. The current contribution of the mineral sector to the GDP is about 0.5%
and likely to increase considerably on the development and commercial exploitation
of Saindak & Reco Diq copper and gold deposits (world's largest gold mine), Duddar
zinc lead, Thar coal and gemstone deposits.
Secondary[edit]
Industry[edit]
Main article: Industry of Pakistan
Manufacturing by Province
Pakistan's industrial sector accounts for about 24% of GDP. Cotton textile
production and apparel manufacturing are Pakistan's largest industries, accounting
for about 66% of the merchandise exports and almost 40% of the employed labour
force.[80] Other major industries include cement, fertiliser, edible oil, sugar,
steel, tobacco, chemicals, machinery, and food processing.
The government is privatizing large-scale industrial units, and the public sector
accounts for a shrinking proportion of industrial output, while growth in overall
industrial output (including the private sector) has accelerated. Government
policies aim to diversify the country's industrial base and bolster export
industries. Large Scale Manufacturing is the fastest-growing sector in Pakistani
economy[81] Major Industries include textiles, fertiliser, cement, oil refineries,
dairy products, food processing, beverages, construction materials, clothing, paper
products and shrimp
In Pakistan SMEs have a significant contribution in the total GDP of Pakistan,

according to SMEDA and Economic survey reports, the share in the annual GDP is 40%
likewise SMEs generating significant employment opportunities for skilled workers
and entrepreneurs. Small and medium scale firms represent nearly 90% of all the
enterprises in Pakistan and employ 80% of the non-agricultural labor force. These
figures indicate the potential and further growth in this sector.[65]
Pakistan's largest corporation are mostly involved in utilities like oil, gas and
telecommunication:
Rank[82] Name Headquarters Revenue

(Mil. $)
1. Pakistan State Oil Karachi 13,094[83]
2. Pak-Arab Refinery Qasba Gujrat 3,000
3. Sui Northern Gas Pipelines Limited Lahore 2,520
4. Shell Pakistan Karachi 2,380
5. Oil and Gas Development Company Islamabad 2,230
6. National Refinery Karachi 1,970
7. Hub Power Company Hub, Balochistan 1,970
8. K-Electric Karachi 1,951[84]
9. Attock Refinery Rawalpindi 1,740
10. Attock Petroleum Rawalpindi 1,740
11. Pakistan Telecommunication Company Islamabad 1,326
12. Engro Corporation Karachi 1,012[85]
13. Fauji Fertilizer Company Limited Rawalpindi 754
Construction material[edit]
In 1947, Pakistan had inherited four cement plants with a total capacity of 0.5
million tons. Some expansion took place in 195666 but could not keep pace with the
economic development and the country had to resort to imports of cement in 197677
and continued to do so till 199495. The cement sector consisting of 27 plants is
contributing above Rs 30 billion to the national exchequer in the form of taxes.
However, by 2013, Pakistan's cement is fast-growing mainly because of demand from
Afghanistan and countries boosting real estate sector, In 2013 Pakistan exported
7,708,557 metric tons of cement.[86] Pakistan has installed capacity of 44,768,250
metric tons of cement and 42,636,428 metric tons of clinker. In the 20122013
cement industry in Pakistan became the most profitable sector of economy.[87]
Information Communication Technology Industry[edit]

Main article: Information technology in Pakistan
Information Communication Technology (ICT) industry grossed over $4.8 billion in
2013. However, it is expected to exceed the $13 billion mark by 2018.[88] A marked
increase in software export figures are an indication of this booming industry's
potential. The total number of IT companies increased to 1306 and the total
estimated size of IT industry is $2.8 billion. In 2007, Pakistan was for the first
time featured in the Global Services Location Index by A.T. Kearney and was rated
as the 30th best location for offshoring.[89] By 2009, Pakistan had improved its
rank by ten places to reach 20th.[90] According to Pakistan Startup report, there
are about 1 million freelancers working from Pakistan mainly via elance, oDesk and
freelancer world's famous online market places that count Pakistan among top 5
freelancing nations.
Defence Industry[edit]
Main article: Defence industry of Pakistan
The defence industry of Pakistan, under the Ministry of Defence Production, was
created in September 1951 to promote and coordinate the patchwork of military
production facilities that have developed since independence.It is currently
actively participating in many joint production projects such as Al Khalid 2,
advance trainer aircraft, combat aircraft, navy ships and submarines. Pakistan is
manufacturing and selling weapons to over 40 countries, bringing in $20 million
annually.The country's arms imports increased by 119 per cent between the 20042008
and 200913, with China providing 54pc and the USA 27pc of Pakistan's imports.
Textiles[edit]
Main article: Textile industry in Pakistan
Most of the Textile Industry is established in Punjab. 10% of United States imports
regarding clothing and other form of textiles is covered by Pakistan.[citation
needed]
Other[edit]
As of 2010, Pakistan is one of the largest users of CNG (compressed natural gas) in
the world. Presently, more than 3,000 CNG stations are operating in the country in
99 cities and towns, and 1000 more would be set up in the next two years. It has
provided employment to over 50,000 people in Pakistan, but the CNG industry is
struggling to survive the 2013 energy crisis.[91][92]
Services[edit]
PRC Towers, Karachi.

Pakistan's service sector accounts for about 53.3% of GDP.[93] Transport, storage,
communications, finance, and insurance account for 24% of this sector, and
wholesale and retail trade about 30%. Pakistan is trying to promote the information
industry and other modern service industries through incentives such as long-term
tax holidays.
Communication[edit]
Main article: Communications in Pakistan
PTCL's One Stop Shop in Islamabad

After the deregulation of the telecommunication industry, the sector has seen an
exponential growth. Pakistan Telecommunication Company Ltd has emerged as a
successful Forbes 2000 conglomerate with over US $1 billion in sales in 2005. The
mobile telephone market has exploded fourteen-fold since 2000 to reach a subscriber
base of 91 million users in 2008, one of the highest mobile teledensities in the
entire world.[94] In addition, there are over 6 million landlines in the country
with 100% fibre-optic network and coverage via WLL in even the remotest areas.[95]
As a result, Pakistan won the prestigious Government Leadership award of GSM
Association in 2006.[96]
The World Bank estimates that it takes about 3 days to get a phone connection in
Pakistan.[97]
In Pakistan, the following are the top mobile phone operators:
Mobilink (Parent: VimpelCom Ltd., Netherland)

Ufone (Parent: PTCL (Etisalat), Pakistan/UAE)
Telenor (Parent: Telenor, Norway)
Zong (Parent: China Mobile, China)
By March 2009, Pakistan had 91 million mobile subscribers 25 million more
subscribers than reported in the same period in 2008. In addition to the 3.1
million fixed lines, while as many as 2.4 million are using Wireless Local Loop
connections. Sony Ericsson, Nokia and Motorola along with Samsung and LG remain the
most popular brands among customers.[94]
Since liberalisation, over the past four years,[when?] the Pakistani telecom sector
has attracted more than $9 billion in foreign investments.[98] During 200708, the
Pakistani communication sector alone received $1.62 billion in Foreign Direct
Investment (FDI) about 30% of the country's total foreign direct investment.
Present growth of state-of-the-art infrastructures in the telecoms sector during

the last four years has been the result of the PTA's vision and implementation of
the deregulation policy. Paging and mobile (cellular) telephones were adopted early
and freely. Cellular phones and the Internet were adopted through a rather laissez-
faire policy with a proliferation of private service providers that led to the fast
adoption. With a rapid increase in the number of Internet users and ISPs, and a
large English-speaking population, Pakistani society has seen an unparalleled
revolution in communications.
According to the PC World,[99] a total of 6.37 billion text messages were sent
through Acision messaging systems across Asia Pacific over the 2008/2009 Christmas
and New Year period. Pakistan was amongst the top five ranker with one of the
highest SMS traffic with 763 million messages.
Pakistan is ranked 4th in terms of broadband Internet growth in the world, as the
subscriber base of broadband Internet has been increasing rapidly. The rankings are
released by Point Topic Global broadband analysis, a global research centre.[100]
Pakistan has more than 20 million Internet users in 2009.[101] The country is said
to have a potential to absorb up to 50 million mobile phone Internet users in the
next 5 years thus a potential of nearly 1 million connections per month.
Almost all of the main government departments, organisations and institutions have
their own websites.
The use of search engines and instant messaging services is also booming.
Pakistanis are some of the most ardent chatters on the Internet, communicating with
users all over the world. Recent years have seen a huge increase in the use of
online marriage services, for example, leading to a major re-alignment of the
tradition of arranged marriages.
As of 2007 there were six cell phone companies operating in the country with nearly
90 million mobile phone users in the country.
There were 140 million mobile phone users in Pakistan in 2014, eighth largest in
the world.
Wireless local loop and the landline telephony sector has also been liberalised and
private sector has entered thus increasing the teledensity rate. In mid-2008, the
Local Loop installed capacity reached around 5.5 million.[102]
Telecom industry created of 80,000 jobs directly and 500,000 jobs indirectly.
The Federal Bureau of Statistics provisionally valued this sector at Rs.982,353
million in 2005 thus registering over 91% growth since 2000.[103]
Transportation[edit]
Main article: Transportation in Pakistan
See also: Pakistan Railways and List of airlines of Pakistan
A Pakistan International Airlines Boeing 777 being turned around at Manchester

Airport.
Pakistan International Airlines, the flagship airline of Pakistan's civil aviation
industry, has turnover exceeding $25 billion in 2015.[104] The government announced
a new shipping policy in 2006 permitting banks and financial institutions to
mortgage ships.[105] Private sector airlines in Pakistan include Airblue, which
serves the main cities within Pakistan in addition to destinations in the Persian
Gulf and Manchester in the United Kingdom. The other private carrier is Shaheen Air
International whose network covers the main cities of Pakistan and the Persian
Gulf.
A massive rehabilitation plan worth $1 billion over five years for Pakistan
Railways has been announced by the government in 2005.[106] A new rail link trial
has been established from Islamabad to Istanbul, via the Iranian cities of Zahedan,
Kerman and Tehran. It is expected to promote trade, tourism, especially for exports
destined for Europe (as Turkey is part of Europe and Asia).[107][108]
Finance[edit]
Main articles: Banking in Pakistan and Insurance in Pakistan
See also: List of banks in Pakistan
Pakistan's banking sector has remained remarkably strong and resilient during the
world financial crisis in 200809, a feature which has served to attract a
substantial amount of FDI in the sector. Stress tests conducted on June 2008 data
indicate that the large banks are relatively robust, with the medium and small-
sized banks positioning themselves in niche markets. Banking sector turned
profitable in 2002. Their profits continued to rise for the next five years and
peaked to Rs 84.1 ($1.1 billion) billion in 2006.
The credit card market continued its strong growth with sales crossing the 1
million mark in mid-2005.[109] Since 2000 Pakistani banks have begun aggressive
marketing of consumer finance to the emerging middle class, allowing for a
consumption boom (more than a 7-month waiting list for certain car models) as well
as a construction bonanza.

An article published in Journal of the Asia Pacific Economy by Mete Feridun of

University of Greenwich in London with his Pakistani colleague Abdul Jalil presents
strong econometric evidence that financial development fosters economic growth in
Pakistan.[110]
Housing[edit]
Main article: Housing in Pakistan
Houses in Bahria Town, the largest private housing society in Asia.

The property sector has expanded twenty-threefold since 2001, particularly in
metropolises like Lahore.[111] Nevertheless, the Karachi Chamber of Commerce and
Industry estimated in late 2006 that the overall production of housing units in
Pakistan has to be increased to 0.5 million units annually to address 6.1 million
backlog of housing in Pakistan for meeting the housing shortfall in next 20 years.
The report noted that the present housing stock is also rapidly aging and an
estimate suggests that more than 50% of stock is over 50 years old. It is also
estimated that 50% of the urban population now lives in slums and squatter
settlements. The report said that meeting the backlog in housing, besides
replacement of out-lived housing units, is beyond the financial resources of the
government. This necessitates putting in place a framework to facilitate financing
in the formal private sector and mobilise non-government resources for a market-
based housing finance system.[112]

Minor Sectors[edit]
million in 2005 thus registering over 65% growth since 2000.[103] The Federal
Bureau of Statistics provisionally valued this sector at Rs.631,229 million in 2005
thus registering over 78% growth since 2000.[103] The Federal Bureau of Statistics
provisionally valued this sector at Rs.1,358,309 million in 2005 thus registering
over 96% growth since 2000. The wholesale and retail trade is the largest sub-
sector of the services. Its share in the overall services sector is estimated at
31.5 percent. The wholesale and retail trade sector is based on the margins taken
by traders on the transaction of commodities traded. In 201213, this sector grew
at 2.5 percent as compared to 1.7 percent in the last year.
Energy[edit]
Main article: Electricity sector in Pakistan
For years, the matter of balancing Pakistan's supply against the demand for
electricity has remained a largely unresolved matter. Pakistan faces a significant
challenge in revamping its network responsible for the supply of electricity. While
the government claims credit for overseeing a turnaround in the economy through a
comprehensive recovery, it has just failed to oversee a similar improvement in the
quality of the network for electricity supply. Most cities in Pakistan receive
substantial sunlight throughout the year, which would suggest good conditions for
investment in solar energy. If the rich people in Pakistan are shifted to solar
energy that they should be forced to purchase solar panels, the shortfall can be
controlled. this will make the economy boost again as before 2007. According to an
econometric analysis published in Quality & Quantity by Mete Feridun of University
of Greenwich and his colleague Muhammad Shahbaz, economic growth in Pakistan leads
to electricity consumption but not vice versa.[113]
.[114]
Chemicals and pharmaceuticals[edit]

Main article: Pharmaceutical industry in Pakistan
Foreign trade, remittances, aid, and investment[edit]
Investment[edit]
Foreign direct investment (FDI) in Pakistan soared by 180.6 percent year-on-year to
US$2.22 billion and portfolio investment by 276 per cent to $407.4 million during
the first nine months of fiscal year 2006, the State Bank of Pakistan (SBP)
reported on 24 April. During JulyMarch 200506, FDI year-on-year increased to
$2.224 billion from only $792.6 million and portfolio investment to $407.4 million,
whereas it was $108.1 million in the corresponding period last year, according to
the latest statistics released by the State Bank.[115] Pakistan has achieved FDI of
almost $8.4 billion in the financial year 06/07, surpassing the government target
of $4 billion.[116] Foreign investment had significantly declined by 2010, dropping
by 54.6% due to Pakistan's political instability and weak law and order, according
to the Bank of Pakistan.[117]
Business regulations have been overhauled along liberal lines, especially since
1999. Most barriers to the flow of capital and international direct investment have
been removed. Foreign investors do not face any restrictions on the inflow of
capital, and investment of up to 100% of equity participation is allowed in most
sectors. Unlimited remittance of profits, dividends, service fees or capital is now
the rule. However, doing business has been becoming increasingly difficult over the
past decade due to political instability, rising domestic insurgency and insecurity
and vehement corruption. This can be confirmed by the World Bank's Ease of Doing
Business Index report degrading its ratings for Pakistan each year since September
2009 when it ranked Pakistan (at 85th) well ahead of neighbours like China (at
89th) and India (at 133rd).[118]
Pakistan is attracting private equity and was the ranked as number 20 in the world
based on the amount of private equity entering the nation. Pakistan has been able
to attract a portion of the global private equity investments because of economic
reforms initiated in 2003 that have provided foreign investors with greater
assurances for the stability of the nation and their ability to repatriate invested
funds in the future.[119]
Tariffs have been reduced to an average rate of 16%, with a maximum of 25% (except
for the car industry). The privatization process, which started in the early 1990s,
has gained momentum, with most of the banking system privately owned, and the oil
sector targeted to be the next big privatization operation.
The recent improvements in the economy and the business environment have been
recognised by international rating agencies such as Moody's and Standard and Poor's
(country risk upgrade at the end of 2003). 47.1% increase in Net FDI in 20142015
(JulyOctober) as compared to 201314 (JulyOctober).[120]
Foreign acquisitions and mergers[edit]

With the rapid growth in Pakistan's economy, foreign investors are taking a keen
interest in the corporate sector of Pakistan. In recent years, majority stakes in
many corporations have been acquired by multinational groups.
PICIC by Singapore-based Temasek Holdings for $339 million

Union Bank by Standard Chartered Bank for $487 million
Prime Commercial Bank by ABN Amro for $228 million
PakTel by China Mobile for $460 million
PTCL by Etisalat for $1.8 billion
Additional 57.6% shares of Lakson Tobacco Company acquired by Philip Morris
International for $382 million
In 2016, Arelik acquired Dawlance for $243 million.[121]
In 2016, FrieslandCampina acquired 51% stake in Engro Foods for $446.81 million.
[122]
In 2016, The Abraaj Group sold its 66.4% stake in K-Electric to Shanghai Electric
for $1.77 billion.[123]
The foreign exchange receipts from these sales are also helping cover the current
account deficit.[124]
Foreign trade[edit]
Main article: Foreign trade of Pakistan
Pakistans external sector continued facing stress during 2016-17. The decline in
export was curtailed but still Pakistans merchandise trade exports declined by 1.4
percent during the fiscal year 2016-17. The imports continued to grow at a much
faster rate and grew by a large percentage of 17.7 during the FY 2017 as compared
to the previous year. [125] World imports had been stagnant between 2011 and 2014
but registered significant drop since early 2015 because of weak commodity and
product prices and weak global economic activity. Economic growth was lacklustre in
the OECD countries which contributed to the slowdown in China. Furthermore, the
ratio between real growth in world imports and world real GDP growth substantially
declined. This decline in the import content of economic activity triggered a shift
in consumption worldwide from traded towards non-traded goods, import substitution,
a slowdown in the pace of trade liberalization, and gave currency to protectionist
measures. A bulk of Pakistans exports are directed to the OECD region and China.
Historical data suggest strong correlation between Pakistani exports to imports in
OECD and China. As per FY 2016 data, more than half of country's exports are
shipped to these two destinations i.e. OECD and China. A decline in Pakistan
overall exports,thus occurred in this backdrop. [126]
Pakistans imports are showing rising trend at a relatively faster rate (17.7
percent) due to the increased economic activity as part of China Pakistan Economic
Corridor (CPEC), particularly in the Energy sector. The construction projects under
CPEC require heavy machinery that has to be imported. It is also observed that the
economy is currently being led both by investments as well as consumption,
resulting in relatively higher levels of imports.
The sharp increase in imports may not be a cause for major worry, the imports
during the current fiscal year included around $12 billion of capital
goods(machinery, metals etc.), which would eventually increase the countrys
industrial capacity and help exports flourish. The increase in import of machinery
will have multiplier effect on the economy as the manufacturing has the highest
backward linkage among the major sectors. As the demand for manufacturing grows, it
in turn will help in the creation of jobs, investments, and innovations.
External imbalances[edit]
During FY 2017, the increase in imports of capital equipment and fuel significantly
put pressure on the external account. A reversal in global oil prices led to
increase in POL imports, accompanied by falling exports, as a result the
merchandised trade deficit grew by 39.4 percent to US$ 26.885 billion in FY 2017.
While remittances and Coalition Support Fund inflows both declined slightly over
the same period last year, however, the impact was offset by an improvement in the
income account, mainly due to lower profit repatriations by oil and gas firms.
[127]
Current account The Current account deficit increased to US$ 6.1 billion in July-
March FY 2017, against US$ 2.4 billion in July-March FY 2016
However, the impact of high current deficit on foreign exchange reserves was not
severe, as financial inflows were available to the country to partially offset the
gap; these inflows helped ensure stability in the exchange rate. Net FDI grew by
12.4 percent and reached US$ 1.6 billion in the nine-months period, whereas net FPI
saw an inflow of US$ 631 million, against an outflow of US$ 393 million last year.
Encouragingly for the country, the period saw the completion of multiple merger and
acquisition deals between local and foreign companies. Moreover, multiple foreign
automakers announced their intention to enter the Pakistani market, and some also
entered into joint ventures with local conglomerates.This indicates that Pakistan
is clearly on foreign investors radar, and provides a positive outlook for FDI
inflows going forward. governments successful issuance of a US$ 1.0 billion Sukuk
in the international capital market, at an extremely low rate of 5.5 percent.
Besides, Pakistan continued to enjoy support from international financial
institutions (IFIs) like the World Bank and Asian Development Bank, and from
bilateral partners like China, in the post-EFF period: net official loan inflows of
US$ 1.1 billion were recorded during the period. As a result, the countrys FX
reserve amounted to US$ 20.8 billion by May 04, 2017 sufficient to finance around
four month of import payments.[128]
Economic aid[edit]
Main article: Foreign aid to Pakistan
Pakistan receives economic aid from several sources as loans and grants. The
International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB),
etc. provides long-term loans to Pakistan. Pakistan also receives bilateral aid
from developed and oil-rich countries.
The Asian Development Bank will provide close to $6 billion development assistance
to Pakistan during 20069.[129] The World Bank unveiled a lending programme of up
to $6.5 billion for Pakistan under a new four-year, 20062009, aid strategy showing
a significant increase in funding aimed largely at beefing up the country's
infrastructure.[130] Japan will provide $500 million annual economic aid to
Pakistan.[131] In November 2008, the International Monetary Fund (IMF) has approved
a loan of 7.6 Billion to Pakistan, to help stabilise and rebuild the country's
economy.
More recently the government of Pakistan received an economic aid of US $5bn

dollars out of which the US pledge of $1bn was described as a down-payment on the
previously announced $1.5bn already promised to Pakistan for each of the next five
years. The European Union promised $640m over four years, while reports said Saudi
Arabia had pledged $700m over two years.[132] Overall Friends of Pakistan had
pledged $1.6 billion in aid, which would help Pakistan move forward on its way to
self-reliance.
The ChinaPakistan Economic Corridor is being developed with $46 billion of Chinese
loans and grants.
Remittances[edit]
The remittances of Pakistanis living abroad has played important role in Pakistan's
economy and foreign exchange reserves. The Pakistanis settled in Western Europe and
North America are important sources of remittances to Pakistan. Since 1973 the
Pakistani workers in the oil rich Arab states have been sources of billions dollars
of remittances.
The 7 million-strong Pakistani diaspora, contributed US$19.3 billion to the economy

in FY2017.[133] The major source countries of remittances to Pakistan include UAE,
US, Saudi Arabia, GCC countries (including Bahrain, Kuwait, Qatar and Oman),
Australia, Canada, Japan, UK and EU countries like Norway, Switzerland, etc.
Remittances sent home by overseas Pakistani workers have seen a negative growth of
3.0 % in the fiscal year 2017 compare to previous year when remittances reached at
all time high of 19.9 billion US dollars. This decline in remittances is mainly due
to the adverse economic conditions of arabian and gulf countries after the fall in
oil prices in 2016. However, the recent development activities in the Qatar FIFA
World Cup, Dubai Expo, Saudi Arabias implementation of its Vision 2030 and
particularly the recent visit of the P.M to Kuwait should all be helpful in opening
new avenues for employment in these countries . Going forward one can expect
improvements in the coming years.
Remittances sent home by overseas Pakistanis in the fiscal year 2016/17 are as
under: [134]
Country [Million USD]

USA 2,443.54
UK 2,338.34
Saudi Arabia 5,469.77
UAE 4,309.88
other GCC countries 2,324.06
EU Countries 482.59
Norway 41.31
Switzerland 26.34
Australia 204.31
Canada 187.22
Japan 14.31
other countries 1,461.91
Government finances[edit]
Fiscal budget summary (FY2017/18) [135]
Fiscal Year: 1 July 30 June

Budget Outlay: Rs 5,013.8 billion Rupees
Revenues Collection Estimated: 4,713.7 Billion Rupees
Expenditures Estimated: 5,103.8 billion Rupees
Bank Borrowing Estimated: 390.1 billion Rupees
Revenues and taxation[edit]
Main article: Taxation in Pakistan
Pakistan has a low tax/GDP ratio, which it is trying to improve. The current tax-
to-GDP ratio is 12.6% (2016)[136] which is a little bit less than its neighbouring
India 16.6% (2016) [137] while a slight more than Sri Lanka 12.3% (2015) [138].The
pace of revenue mobilization has witnessed an upward trajectory since FY 2013.
Overall revenues increased to 15.3 percent of GDP in FY 2016, compared to 13.3
percent of GDP recorded in FY 2013. Among those, tax revenues increased from 9.8
percent of GDP in FY 2013 to 12.6 percent of GDP in FY 2016.
Expenditures[edit]
Government expenditures were 4,383.6 Billion Rupees (FY 2016-2017 july to march)
Total expenditures witnessed a downward trajectory without compromising the
expenditures on development projects and social assistance. Particularly,
expenditures under Public Sector Development Program (PSDP) have been raised
adequately in order to meet the investment requirements. During FY 2017 the size of
federal PSDP has increased to Rs 800 billion from Rs 348.3 billion during FY 2013,
showing a cumulative increase of over 129 percent. During first nine months of
current fiscal year, the fiscal deficit stood at 3.9 percent of GDP against 3.5
percent of GDP recorded in the same period of FY 2016 on account of higher
development expenditures along with various tax incentives to promote investment
and economic activity in the country and security related expenditures. On the
basis of previous estimates of GDP at Rs 33,509 billion, fiscal deficit was
recorded at 3.7 percent during first nine months of current fiscal year against 3.4
percent registered in the comparable period of FY 2016. Total revenues grew at 6.2
percent to Rs 3,145.5 billion during July-March, FY 2017 against Rs 2,961.9 in the
comparable period of FY 2016. [139]
Sovereign bonds[edit]
Pakistan is expected to sell a dual-tranche sovereign bond worth $750 million on 23
March 2006 that analysts said should ensure a favourable reception in the bond
market. The 10-year tranche would be $500 million and the 30-year portion $250
million. Pricing is expected during New York trading hours on 23 March 2006. The
sources said that the 10-year tranche was expected to be priced at around 100125%,
while the longer-dated tranche was expected to be sold at around 70.875%, the top
end of the indicative yield range of 3.75 to 10.875%.
The bonds, consisting of 10-year and 30-year tranches, had generated $1.5 billion
in orders and a total size of as much as $1.25 billion had been anticipated for
what is Pakistan's third foray into the international debt market since 2004.[140]
The Government of Pakistan has been raising money from the international debt
market from time to time.
The details of amount raised in various issues are as follows:
1999 $6230 million
2004 $5000 million @ 6.75%[141]
2005 $6000 million worth Islamic bonds[140][142]
2007 $7500 million @ 6.875% worth Euro Bonds which were highly over
subscribed[143]
Income distribution[edit]
Gini Index: 41
Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 27.7% (1996)
middle 10%: 10.4%
Economic Indicators Of Pakistan ( 2000-2017 )[edit]
These Are Economic Indicators Of Pakistan From The Fiscal Year 2000 To 2017.
Gross Domestic Product ( GDP )[edit]

Note : The "Gross Domestic Product Growth Rate" Is Calculated In Local Currency.
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-

2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
1 Nominal GDP ( Billion US Dollars )
[144] 81.994 Increase 107.751 Increase 120.055 Increase 137.264
Increase 152.385 Increase 177.077 Decrease 168.152 Increase 177.406
Increase 213.755 Increase 224.646 Increase 231.430 Increase 244.692
Increase 270.922 Increase 279.201 Increase 304.327
1(a) Real GDP Growth Rate
[145] 3.91 % Increase 7.70 % Decrease 7.52 % Decrease 5.56 %
Decrease 5.54 % Decrease 4.99 % Decrease 0.36 % Increase 2.58 %
Increase 3.62 % Increase 3.84 % Decrease 3.68 % Increase 4.05 %
Increase 4.06 % Increase 4.51 % Increase 5.28 %
Manufacturing Sector[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
2 Manufacturing Sector Growth Rate
Decrease 9.03 % Decrease 6.10 % Decrease -4.18 % Increase 1.37 %
Increase 2.50 % Decrease 2.08 % Increase 4.85 % Increase 5.65 %
Decrease 3.88 % Decrease 3.66 % Increase 5.27 %
Agriculture Sector[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
3 Agriculture Sector Growth Rate
[145] 6.09 % Decrease 2.85 % Increase 7.02 % Decrease 1.27 %
Increase 3.42 % Decrease 1.81 % Increase 3.50 % Decrease 0.23 %
Increase 1.96 % Increase 3.62 % Decrease 2.68 % Decrease 2.50 %
Decrease 2.13 % Decrease 0.27 % Increase 3.46 %
( a ) Wheat production (Million Tons)
[146] 20.8 Decrease 19.5 Increase 21.6 Decrease 21.3 Increase
23.3 Decrease 20.9 Increase 24.0 Decrease 23.3 Increase 25.2
Decrease 23.5 Increase 24.2 Increase 26.0 Decrease 25.1
Increase 25.6 Increase 25.8
( b ) Rice Production (Million Tons)
[146] 5.2 Decrease 4.8 Increase 5.0 Increase 5.5 Decrease 5.4
Increase 5.6 Increase 6.9 Steady 6.9 Decrease 4.8 Increase 6.2
Decrease 5.6 Increase 6.8 Increase 7.0 Decrease 6.8 Steady
6.8
( c ) Sugarcane Production (Million Tons)
[146] 50.4 Increase 53.4 Decrease 47.2 Decrease 44.7 Increase
54.7 Increase 63.9 Decrease 50.0 Decrease 49.4 Increase 55.3
Increase 58.4 Increase 63.8 Increase 67.5 Decrease 62.8
( d ) Cotton Production (Million Bales)
[146] 11.6 Decrease 10.0 Increase 14.3 Decrease 13.0 Decrease
12.9 Decrease 11.7 Increase 11.8 Increase 12.9 Decrease 11.5
Increase 13.6 Decrease 13.0 Decrease 12.8 Increase 14.0
Decrease 9.9 Increase 10.7
Commodity Producing Sector Growth Rate[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
4 Commodity Producing Sector Growth Rate
Increase 5.48 % Decrease 5.05 % -0.88% -0.88 % Increase 1.76 %
Increase 3.21 % Decrease 3.09 % Decrease 1.73 % Increase 3.49 %
Increase 3.63 % Decrease 3.03 % Increase 4.26 %
Service Sector[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
5 Service Sector Growth Rate
[145] 4.79 % Increase 6.45 % Increase 8.14 % Increase 8.20 %
Decrease 5.58 % Decrease 4.94 % Decrease 1.33 % Increase 3.21 %
Increase 3.94 % Increase 4.40 % Increase 5.13 % Decrease 4.46 %
Decrease 4.36 % Increase 5.55 % Increase 5.98 %
Per Capita Income[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
6 per capita income ( US Dollars )
[146] 746.0 Decrease 663.2 Increase 724.1 Increase 897.4 Increase
979.9 Increase 1053.2 Decrease 1026.1 Increase 1072.4 Increase 1274.1
Consumer Price Index ( CPI ) Growth Rate[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
7 Consumer Price Index Growth Rate
[146] 7.3 % Positive decrease 4.6 % Negative increase 9.3 % Positive decrease
7.9 % Positive decrease 7.8 % Negative increase 12.0 % Negative increase 17.0 %
Positive decrease 10.1 % Negative increase 13.7 % Positive decrease
11.0 % Positive decrease 7.4 % Negative increase 8.6 % Positive decrease 4.5 %
Positive decrease 2.9 % Negative increase 4.1 %
Government Revenues And Expenditures[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
8 Government Total Revenue ( Billion Rupees )
[147][148] [149] - 760.9 Increase 875.3 Increase 1022.7 Increase
1214.0 Increase 1398.9 Increase 1679.3 Increase 2051.9 Increase 2235.9
Increase 4447.0 -
9 Government Total Expenditures ( Billion Rupees )
[147] [148] [149] - 773.1 Negative increase 866.7 Positive decrease 1072.2
Negative increase 1234.1 Negative increase 1771.5 Positive decrease
1887.1 Negative increase 2333.7 Positive decrease 2498.5 Negative
increase 3936.2 Negative increase 4816.3 Positive decrease 5026.0
Positive decrease 5387.8 Negative increase 5796.3 -
10 Fiscal Balance ( Billion Rupees )
[147] [148] [149] - - 12.2 + 8.6 - 49.5 - 20.1 - 372.6
- 207.8 - 281.8 - 262.6 - 1369.7 - 1833.9 - 1388.7 -
1456.7 - 1349.3 -
11 Total Revenue As % Of GDP
[146] - 14.3 % Decrease 13.8 % Decrease 13.1 % Increase 14.0 %
Increase 14.1 % Decrease 14.0 % Steady 14.0 % Decrease 12.3 %
Increase 12.8 % Increase 13.3 % Increase 14.5 % Decrease 14.3 %
Increase 15.3 % -
12 Total Expenditures As % Of GDP
[146] - 16.7 % Negative increase 17.2 % Positive decrease 17.1 %
Negative increase 18.1 % Negative increase 21.4 % Positive decrease
19.2 % Negative increase 20.2 % Positive decrease 18.9 % Negative
increase 21.4 % Negative increase 21.5 % Positive decrease 20.0 %
Positive decrease 19.6 % Negative increase 19.9 % -
Overall Deficit As % Of GDP[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
13 Overall Deficit As % Of GDP
[146] 4.4 % Positive decrease 2.4 % Negative increase 3.3 % Negative increase
4.0 % Negative increase 4.1 % Negative increase 7.3 % Positive decrease 5.2 %
Negative increase 6.2 % Negative increase 6.5 % Negative increase 8.8 %
Positive decrease 8.2 % Positive decrease 5.5 % Positive decrease 5.3 %
Positive decrease 4.6 % Positive decrease 3.9 %
PSE 100 Index Growth Rate[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
14 PSE 100 Index Growth Rate
Increase 37.9 % Decrease -10.8 % Decrease -41.7 % Increase 35.7 %
Decrease 28.5 % Decrease 10.4 % Increase 52.2 % Decrease 41.2 %
Decrease 16.0 % Decrease 9.9 % Increase 27.5
Foreign Trade[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
15 USD To PKR Exchange Rates
[150][151] 51.7709 Increase 57.5745 Increase 59.3576 Increase 59.8566
Decrease 101.2947 Increase 104.2351 Increase 104.6971
16 Exports of Pakistan (Billion US Dollars)
[152] [153][154] [150] - 12.396 Increase 14.401 Increase 16.553
Increase 25.354 Decrease 24.718 Increase 24.802 Increase 25.078
Decrease 24.089 Decrease 21.972 Decrease 21.660
17 Exports Growth Rate
[155] [156][157] [150] - 13.8 % Increase 16.2 % Decrease 13.8 %
Decrease 4.5 % Increase 18.0 % Decrease -6.4 % Increase 2.9 %
Increase 28.9 % Decrease -2.6 % Increase 0.3 % Increase 1.1 %
Decrease -3.9 % Decrease -8.8 % Increase -1.4 %
18 Imports of Pakistan (Billion US Dollars)
[158] [159][160] [150] - 13.604 Increase 18.753 Increase 24.994
Increase 26.989 Increase 35.397 Decrease 31.747 Decrease 31.132
Decrease 41.357 Decrease 41.255 Increase 48.545
19 Imports Growth Rate
[161] [162] [163] [150] - 20.0 % Increase 37.8 % Decrease 31.6 %
Decrease 8.0 % Increase 31.2 % Decrease -10.3 % Increase -1.7 %
Increase 15.0 % Increase 12.8 % Decrease -0.5 % Increase 3.8 %
Decrease -0.7 % Increase -0.2 % Increase 17.7 %
20 Trade Deficit (Billion US Dollars)
[164] [165] [166] [150] - 1.208 Negative increase 4.352 Negative increase
8.441 Negative increase 9.711 Negative increase 14.970 Positive decrease 12.627
Positive decrease 11.452 Positive decrease 10.427 Negative increase
15.652 Positive decrease 15.355 Negative increase 16.590 Negative
increase 17.267 Negative increase 19.283 Negative increase 26.885
21 Trade Deficit As % Of GDP
[146] 3.9 % Positive decrease 1.2 % Negative increase 4.0 % Negative increase
6.5 % Positive decrease 6.2 % Negative increase 8.8 % Positive decrease 7.5 %
Positive decrease 6.5 % Positive decrease 4.9 % Negative increase 7.0 %
Positive decrease 6.6 % Negative increase 6.8 % Positive decrease 6.3 %
Negative increase 6.6 % Positive decrease 5.8 %
Worker's Remittances[edit]
Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-
2009 2009-2010 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015 2015-
2016 2016-2017
22 Worker's Remittances ( Billion US Dollars )
[167] - - - 4.6 Increase 5.4 Increase 6.4 Increase 7.8
Increase 15.8 Increase 18.7 Increase 19.9 Decrease 19.3
23 Worker's Remittances Growth Rate
[146] 26.8 % -8.6% -8.6 % Decrease 7.7 % Increase 10.4 %
Increase 19.4 % Decrease 17.4 % Increase 21.1 % Decrease 14.0 %
Increase 25.8 % Decrease 17.7 % Decrease 5.6 % Increase 13.7 %
Increase 18.2 % Decrease 6.4 % -3.0% -3.0 %
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Bibliography[edit]
Khan Ashan (2014). Economics of Pakistan, 9th edition. Pakistan.
See also[edit]
flag Pakistan portal
icon Economics portal
By province and administrative unit:
Economy of Azad Kashmir

Economy of Balochistan, Pakistan
Economy of the Federally Administered Tribal Areas
Economy of Islamabad
Economy of Khyber Pakhtunkhwa
Economy of Punjab, Pakistan
Economy of Sindh
Economy of Karachi
Economy of Lahore
Economy of Faisalabad
Economy of Rawalpindi
Other
2011 Pakistan federal budget

Agriculture in Pakistan
Economic effects of 2010 Pakistan floods
Economic history of Pakistan
Economy of the OIC
Industry of Pakistan
List of Pakistani Districts by Human Development Index
List of Pakistani provinces by gross domestic product
List of Pakistanis by net worth
List of tariffs in Pakistan
Ministry of Commerce (Pakistan)
Ministry of Finance (Pakistan)
Pakistan Board of Investment
Prize Bonds
Science and technology in Pakistan
Trade Development Authority of Pakistan
Trading Corporation of Pakistan
Further reading[edit]
Gabol, Nasir (1990). Privatisation in Pakistan,. Paris, France: Organisation for
Economic Cooperation and Development. ISBN 92-64-15310-1.
Ahmad, Viqar and Rashid Amjad. 1986. The Management of Pakistan's Economy, 194782.
Karachi: Oxford University Press.
Ali, Imran. 1997. Telecommunications Development in Pakistan, in E.M. Noam (ed.),
Telecommunications in Western Asia and the Middle East. New York: Oxford University
Press.
Ali, Imran. 2001a. The Historical Lineages of Poverty and Exclusion in Pakistan.
Paper presented at Conference on Realm, Society and Nation in South Asia. National
University of Singapore.
Ali, Imran. 2001b. Business and Power in Pakistan, in A.M. Weiss and S.Z. Gilani
(eds), Power and Civil Society in Pakistan. Karachi: Oxford University Press.
Ali, Imran. 2002. Past and Present: The Making of the State in Pakistan, in Imran
Ali, S. Mumtaz and J.L. Racine (eds), Pakistan: The Contours of State and Society.
Ali, Imran, A. Hussain. 2002. Pakistan National Human Development Report.
Islamabad: UNDP.
Ali, Imran, S. Mumtaz and J.L. Racine (eds). 2002. Pakistan: The Contours of State
and Society. Karachi: Oxford University Press.
Amjad, Rashid. 1982. Private Industrial Investment in Pakistan, 196070. London:
Cambridge University Press.
Andrus, J.R. and A.F. Mohammed. 1958. The Economy of Pakistan. Stanford: Stanford
University Press.
Bahl, R., & Cyan, M. (2009). Local Government Taxation in Pakistan (No. paper0909).
International Center for Public Policy, Andrew Young School of Policy Studies,
Georgia State University.
Barrier, N.G. 1966. The Punjab Alienation of Land Bill of 1900. Durham, NC: Duke
University South Asia Series.
Jahan, Rounaq. 1972. Pakistan: Failure in National Integration. New York: Columbia
University Press.
Kessinger, T.G. 1974. Vilyatpur, 18481968. Berkeley and Los Angeles: University of
California Press.
Kochanek, S.A. 1983. Interest Groups and Development: Business and Politics in
Pakistan. New Delhi: Oxford University Press.
LaPorte, Jr, Robert and M.B. Ahmad. 1989. Public Enterprises in Pakistan. Boulder,
Colorado: Westview Press.
Latif, S.M. 1892. Lahore. Lahore: New Imperial Press, reprinted 1981, Lahore:
Sandhu Printers.
Low, D.A. (ed.). 1991. The Political Inheritance of Pakistan. London: Macmillan.
Noman, Omar. 1988. The Political Economy of Pakistan. London: KPI.
Papanek, G.F. 1967. Pakistan's Development: Social Goals and Private Incentives.
Cambridge, Massachusetts: Harvard University Press.
Raychaudhuri, Tapan and Irfan Habib (eds). 1982. The Cambridge Economic History of
India, 2 vols. Cambridge: Cambridge University Press
White, L.J. 1974. Industrial Concentration and Economic Power. Princeton, N.J.:
Princeton University Press.
Ziring, Lawrence. 1980. Pakistan: The Enigma of Political Development. Boulder,
Colorado: Folkestone.
Ali, Imran. 1987. Malign Growth? Agricultural Colonisation and the Roots of
Backwardness in the Punjab, Past and Present, 114
Ali, Imran. August 2002. The Historical Lineages of Poverty and Exclusion in
Pakistan, South Asia, XXV(2).
Ali, Imran and S. Mumtaz. 2002. Understanding PakistanThe Impact of Global,
Regional, National and Local Interactions, in Imran Ali, S. Mumtaz and J.L. Racine
(eds), Pakistan: the Contours of State and Society. Karachi: Oxford University
Press.
Hasan, Parvez. 1998. Pakistan's Economy at the Crossroads: Past Policies and
Present Imperatives. Karachi: Oxford University Press.
Hussain, Ishrat. 1999. Pakistan: The Economy of an Elitist State. Karachi: Oxford
University Press.
Khan, Shahrukh Rafi. 1999. Fifty Years of Pakistan's Economy: Traditional Topics
and Contemporary Concerns. Karachi: Oxford University Press.
Kibria, Ghulam. 1999. Shattered Dream: Understanding Pakistan's Development.
Kukreja, Veena. 2003. Contemporary Pakistan: Political Processes, Conflicts and
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Zaidi, S. Akbar. 1999. Issues in Pakistan's Economy. Karachi: Oxford University
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Faheem, Khan. 2010. Issues in Pakistan's Economy. Peshawar:
External links[edit]
Wikimedia Commons has media related to Economy of Pakistan.
Statistics Division, Government of Pakistan
Ministry of Finance, Government of Pakistan
Ministry of Commerce, Government of Pakistan
World Bank Summary Trade Statistics Pakistan
"Pakistan". The World Factbook. Central Intelligence Agency.
Tariffs applied by Pakistan as provided by ITC's Market Access Map, an online
database of customs tariffs and market requirements
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Next Eleven Economies
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1 USD = 104.65 PKR (April 2017)

$4,906 (PPP; 133rd; 2016)[4]

In 2017, Pakistan's GDP in terms of purchasing power parity crossed $1 trillion.

GDP Rate of Growth 19512009

the Asian financial crisis;

National Highways, Motorways & Strategic Roads of Pakistan.

In 2005, the World Bank reported that

Many Western companies refuse to do business with Pakistan, citing problems of

The economy today[edit]

Economic comparison of Pakistan 19992017

A view of I. I. Chundrigar Road of Karachi(Financial Capital of Pakistan)

Main Industries by Region - Pakistan. Source:[54]

Poverty alleviation expenditures[edit]

Socio-Economic Status of Pakistanis, source:[63]

In late 2006, the government launched an ambitious nationwide service employment

Government sector is also contributing in employment and according to estimate 4.5

Malam Jabba Ski Resort, Swat, Kyber Pakhtunkhwa, Pakistan

Faisal Mosque in the capital Islamabad.

Dollar-Rupee exchange rate

Foreign exchange rate[edit]

PKR per US dollar 19952008

Mango Orchard in Multan, Pakistan

Majority of the population, directly or indirectly, dependent on this sector. It

Pakistan's Top commodities by export value in 2011 were:[79]

Commodity Value [1000 USD]

In the recent past, exploration by government agencies as well as by multinational

In Pakistan SMEs have a significant contribution in the total GDP of Pakistan,

Rank[82] Name Headquarters Revenue

Information Communication Technology Industry[edit]

PRC Towers, Karachi.

PTCL's One Stop Shop in Islamabad

In Pakistan, the following are the top mobile phone operators:

Mobilink (Parent: VimpelCom Ltd., Netherland)

Present growth of state-of-the-art infrastructures in the telecoms sector during

A Pakistan International Airlines Boeing 777 being turned around at Manchester

The Federal Bureau of Statistics provisionally valued this sector at Rs.311,741

An article published in Journal of the Asia Pacific Economy by Mete Feridun of

Houses in Bahria Town, the largest private housing society in Asia.

The Federal Bureau of Statistics provisionally valued this sector at Rs.185,376

Chemicals and pharmaceuticals[edit]

Foreign acquisitions and mergers[edit]

PICIC by Singapore-based Temasek Holdings for $339 million

More recently the government of Pakistan received an economic aid of US $5bn

The 7 million-strong Pakistani diaspora, contributed US$19.3 billion to the economy

Country [Million USD]

Fiscal Year: 1 July 30 June

The details of amount raised in various issues are as follows:

1999 $6230 million

2004 $5000 million @ 6.75%[141]

2005 $6000 million worth Islamic bonds[140][142]

Gross Domestic Product ( GDP )[edit]

Index List 2000s 2003-2004 2004-2005 2005-2006 2006-2007 2007-2008 2008-

Economy of Azad Kashmir

2011 Pakistan federal budget

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