Economy of Pakistan

Economy of Pakistan
The economy of Pakistan is the 24th largest in the

Economy of Pakistan
world in terms of purchasing power parity (PPP), and
42nd largest in terms of nominal gross domestic
product. Pakistan has a population of over 212.2
million [35] (the world's 6th-largest), giving it a
nominal GDP per capita of $1,357 in 2019,[36] which
ranks 154th in the world and giving it a PPP GDP per
capita of 5,839 in 2019, which ranks 132th in the
world for 2019. 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.[37] Pakistan is a Karachi, the financial centre of Pakistan
developing country[38][39][40] and is one of the Next Currency Pakistani rupee (₨) (PKR)
Eleven countries identified by Jim O'Neill in a Fiscal year 1 July – 30 June
research paper as having a high potential of becoming,
Trade WTO, SAARC, ECO, OIC, SAFTA, AIIB, SCO, IMF, Commonwealth of Nations, World Bank,
along with the BRICS countries, among the world's organisations Developing-8, Group of 77 and others
largest economies in the 21st century.[41] The
economy is semi-industrialized, with centres of Country group Developing/Emerging[1]
growth along the Indus River.[42][43][44] Primary Lower-middle income economy[2]
export commodities include textiles, leather goods,
Statistics
sports goods, chemicals, carpets/rugs and medical
Population 212,215,030 (2018)[3]
instruments.[45][46]
GDP $284.214 billion (nominal; 2019 est.)[4]
Growth poles of Pakistan's economy are situated along
$1.202 trillion (PPP; 2019 est.)[4]
the Indus River;[43][47] the diversified economies of
Karachi and major urban centers in the Punjab, GDP rank 42th (nominal; 2019)
coexisting with lesser developed areas in other parts of 24th (PPP; 2019)
the country.[43] The economy has suffered in the past
GDP growth 5.5% (2016) 5.6% (2017)
from internal political disputes, a fast-growing
population, mixed levels of foreign investment.[48]
5.8% (2018) 3.3% (2019e)[5]
Foreign exchange reserves are bolstered by steady 3.29% (FY 2019)[6]
worker remittances, but a growing current account GDP per capita $1,388 (nominal; 2019 est.)[4]
deficit – driven by a widening trade gap as import
$5,872 (PPP; 2019 est.)[4]
growth outstrips export expansion – could draw down
reserves and dampen GDP growth in the medium GDP per capita 147th (nominal; 2018)
rank
term.[49][50] Pakistan is currently undergoing a 133rd (PPP; 2018)
process of economic liberalization, including
GDP by sector Agriculture: 18.5%
privatization of all government corporations, aimed to
attract foreign investment and decrease budget Industry: 20.3%
deficit.[51] In October 2016, foreign currency reserves Services: 61.2% (2019 est.) [7]
crossed $24.0 billion[52] which has led to stable Inflation (CPI) 10.3% (July 2019)[8]
outlook on the long-term rating by Standard &
3.925% (2018)[4]
Poor's.[53][54] In 2016, BMI Research report named
Pakistan as one of the ten emerging economies with a Base borrowing 13.25% (as on 16 July 2019)[9]
rate
particular focus on its manufacturing hub.[55]
Population below 34.7% on less than $3.20/day (2015)[10]
In October 2016, the IMF chief Christine Lagarde poverty line
1.0% in extreme poverty (September 2019)[11]
confirmed her economic assessment in Islamabad that
(World Poverty Clock estimate)
Pakistan's economy was 'out of crisis'[56] The World
Bank predicted in 2016 that by 2018, Pakistan's Gini coefficient 33.5 medium (2015, World Bank)[12]
economic growth will increase to a "robust" 5.4% due Human 0.562 medium (2017)[13] (150th)
to greater inflow of foreign investment, namely from Development Index
0.387 IHDI (2017)[14]
the China-Pakistan Economic Corridor.[57] As of May
2019, the growth rate has been revised and the IMF Labour force 73,917,020 (2018)[15]
has predicted that future growth rates will be 2.9%, the 48.9% employment rate (2018)[16]
lowest in South Asia.[58] According to the World
Labour force by Agriculture: 37.4%
Bank, poverty in Pakistan fell from 64.3% in 2002 to occupation
29.5% in 2014.[59][60][61] The country's worsening Industry: 24.0%
macroeconomic position has led to Moody's Services: 38.6%
downgrading Pakistan's debt outlook to "negative".[62] (2017–18)[17]
In 2017, Pakistan's GDP in terms of purchasing power Unemployment 5.7% (2017–18)[17]

parity crossed $1 trillion.[63] By May 2019, the Main industries Textiles and apparel · food processing · pharmaceuticals · surgical instruments · construction
Pakistani rupee had undergone a year-on-year materials · fertilizer · shrimp · paper products
depreciation of 30% vis-a-vis the US Dollar.[64] Ease-of-doing- 108th (medium, 2020)[18]
business rank
External
$24.217 billion (FY 2019)[19]
Contents Exports
Export goods Textiles: $13,553.2 million
Economic history
First five decades Food: $4,627.8 million
21st century Petroleum: $675.8 million
Economic resilience
Background
All Other: $1,303.8 million
Macroeconomic reform and prospects Other Exports: $3,812.3 million[20]
Doing business
Main export United States 16.7%
Economic indicators of Pakistan (2000– partners
2019)
China 7.6%
Gross domestic product (GDP) United Kingdom 7.2%
Industrial sector
United Arab Emirates 5.7%
Agricultural sector
Commodity producing sector growth rate Germany 5.4%
Service sector Afghanistan 4.9%
Per capita income Netherlands 3.9%
Inflation
Government revenues and expenditures
(2019 est.)[21]
Current account Imports $52.436 billion (FY 2019)[22]
Government debt and liabilities
Import goods Food: $4,749.7 million
Pakistan External Debt Servicing
(Principal + Interest)[103] Machinery: $6,766.2 million
Foreign exchange reserves Transport: $2,314.7 million
Foreign direct investment
PSE 100 index growth rate
Textile: $3,841.4 million
Foreign trade Agriculture and other chemicals: $8,390.3 million
Workers' remittances Metal: $3,903.5 million
Stock market
Miscellaneous: $1,027.4 million
Middle class
Poverty alleviation expenditures All Other: $5,345.4 million
Employment Other Imports: $3,533.2 million [23]
Tourism
Revenue Main import China 19.4%
partners
Currency system United Arab Emirates 16.9%
Rupee Singapore 6.3%
Foreign exchange rate
Saudi Arabia 5.7%
Foreign exchange reserves
United States 4.0%
Structure of economy
Major sectors
India 3.2%
Agriculture Japan 2.9%
Mining
FDI stock $41.865 Billion (FY 2018)[24]
Industry
Construction material Current account −$19.897 billion (2018 est.)[25]
Information communication
Gross external $106.3 billion (Jun 2019)[26] (50th)
technology industry
debt
Defence industry
Textiles Public finances
Other Public debt 84.8% of GDP (June 2019)[27]
Services Budget balance −5.8% of GDP (2017 est.)[28]
Telecommunication
Transportation Revenues 12.7% of GDP, Pkr 4900.7 Billion or $36.0 billion (FY 2019)[29]
Finance Expenses 21.6% of GDP, Pkr 8238.3 Billion or $52.2 billion (FY 2019)[29]
Housing
Economic aid $2.28 billion (2017)[30]
Minor sectors
Energy Credit rating List of ratings
Chemicals and pharmaceuticals Standard & Poor's:[31]
Foreign trade, remittances, aid, and B− (Domestic)
investment B− (Foreign)
Investment
B− (T&C Assessment)
Foreign acquisitions and mergers
Outlook: Stable
Foreign trade
External imbalances Moody's:[32]
Economic aid B3
Remittances Outlook: Negative
Government finances Fitch:[33]
Revenues and taxation B−
Expenditures Outlook: Stable
Income distribution
Foreign reserves $8.4 billion (01 Nov 2019)[34] (80th)
See also
Main data source:
References
CIA World Fact Book (https://www.cia.gov/library/publications/resources/the-world-factbook/geos/pk.html)
Bibliography
All values, unless otherwise stated, are in US dollars.
Further reading
External links
Economic history
First five decades

Pakistan was a middle class and predominantly agricultural country when it gained independence in 1947. Pakistan's average economic growth rate in the first five decades (1947–1997) has been
higher than the growth rate of the world economy during the same period. Average annual real GDP growth rates[65] 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.[66]
21st century
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 January–July this year, Indian 100 point index was 6.67% while Karachi Stock Exchange (KSE) had achieved 100 point index of 17 percent.[67]
Economic resilience
Background
Historically, Pakistan's overall economic output (GDP) has grown every year since an 1800 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 (1998–2002) period —
the Asian financial crisis;

economic sanctions – according to Colin Powell, Pakistan was "sanctioned to the eyeballs";[68]
GDP Rate of Growth 2012–2018
The global recession of 2001–2002;
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

According to many sources, the Pakistani government has made substantial economic reforms since 2000,[69] 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."[70]
Doing business
The World Bank (WB) and International Finance Corporation's flagship report Ease of Doing Business Index 2019 ranked Pakistan 136 among 190 National Highways, Motorways &
countries around the globe, indicating a continuous improvement and taking a jump from 147 last year. The top five countries were New Zealand, Strategic Roads of Pakistan.
Singapore, Denmark, Hong Kong and Korea.[71]
With improvement in ease of doing business ranking and giving an investment friendly road map from government, many new auto sector giants like France's Renault, South Korean's Hyundai and
Kia, Chinese JW Forland and German auto giant Volkswagen have stepped in Pakistan auto market through joint ventures with local manufacturers like Dewan Farooque Motors, Khalid Mushtaq
Motors and United Motors.[72]
US oil and gas giant Exxon Mobil has again returned to Pakistan after nearly three decades gap and has acquired 25% shares in offshore drilling in May 2018, with initial survey showing a
potential of huge hydrocarbon reserves discovery at offshore.[73]
With recent agreement from Saudi Arabia to invest more than US dollar 15 billion in establishing a mega oil refinery and petrochemical industry in Gwadar more commitments for investments are
on its way to come in this sector especially from UAE, Qatar, Malaysia and Italy.
To boost Pakistan's unstable foreign-exchange reserves, Qatar announced to invest $3 billion the form of deposits and direct investments in the country.[74] By the end of June 2019, Qatar sent the
first $500 million to Pakistan.[75][76]
Economic indicators of Pakistan (2000–2019)

These are economic indicators of Pakistan from Fiscal Year 2000 to 2018.
Gross domestic product (GDP)

FY FY FY FY
FY FY FY FY
Index List 2008 2009 2010 2011
2004 2005 2006 2007
GDP at mp
1 (Billion 6,203.7 7,126.2 8,216.2 9,239.8 10,637.8 13,199.7 14,867.0 18,276.4
Rupees)[77]
US Dollars,
last day 58.1722 59.6921 60.2138 60.4060
2 average (30 (30 (30 (30 68.2808 (30 Jun) 81.3896 (30 Jun) 85.4634 (30 Jun) 85.9894 (30
exchange Jun) Jun) Jun) Jun)
rates[78]
Nominal
GDP
3 106.6 155.8 162.2 174.0 212.5
(billion US 119.4 136.5 153.0
dollars)
GDP at bp
4 (Billion 6,797.9 7,309.1 7,715.8 8,143.0 8,549.1 8,580.0 8,801.4 9,120.3
Rupees)[79]
Real GDP
5 growth rate 4.99% 0.36% 2.58% 3.62%
[80] 7.70% 7.52% 5.56% 5.54%
Industrial sector
FY
FY FY FY FY FY FY FY FY FY FY FY FY FY FY
List 2018 (Jul-M
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(R)
Industrial
sector growth
6 17.37%
rate 6.51% 3.63% 7.73% 8.47% -5.21% 3.42% 4.51% 2.55% 0.75% 4.53% 5.18% 5.69% 4.55% 4.92%
[82][83]
Mining and
Quarrying
6A sector growth 21.78%
-15.83% 3.60% 7.35% 3.15% -2.46% 2.75% -4.42% 5.16% 3.88% 1.40% 4.97% 6.19% -0.60% 7.72%
rate
[82][83]
Manufacturing
sector growth
6B 16.38%
rate 16.03% 9.39% 9.03% 6.10% -4.18% 1.37% 2.50% 2.08% 4.85% 5.65% 3.88% 3.69% 5.83% 5.43%
[82][83]
Large Scale
Manufacturing
6B(i) 18.83%
growth rate 18.12% 9.92% 9.58% 6.10% -6.04% 0.41% 1.66% 1.13% 4.46% 5.46% 3.28% 2.98% 5.64% 5.12%
[82][83]
Small Scale
Manufacturing
6B(ii) 7.51%
growth rate 7.51% 8.70% 8.25% 8.34% 8.57% 8.47% 8.51% 8.35% 8.28% 8.29% 8.21% 8.19% 8.15% 8.17%
[82][83]
Slaughtering
sector growth
6B(iii) 3.94%
rate 4.00% 4.05% 3.16% 3.26% 3.82% 3.16% 3.67% 3.53% 3.63% 3.38% 3.34% 3.61% 3.55% 3.50%
[82][83]
Agricultural sector
FY 1
FY (Jul-Mar)
Index List 2018
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
(R) [81]
Agriculture
sector
7 growth 2.85% 0.8
7.02% 1.27% 3.42% 1.81% 3.50% 0.23% 1.96% 3.62% 2.68% 2.50% 2.13% 0.15% 2.18% 3.94%
rate
[84][85]
Wheat
production
7A (million 19.5 25
21.6 21.3 23.3 20.9 24.0 23.3 25.2 23.5 24.2 26.0 25.1 25.6 26.7 25.1
tons)
[86][85]
Rice
production
7B (million 4.8 5.0 5.5 5.4 5.6 6.9 6.9 4.8 6.2 5.6 6.8 7.0 6.8 6.8 7.5 7
tons)
[86][85]
Sugarcane
production
7C (million 53.4 67
47.2 44.7 54.7 63.9 50.0 49.4 55.3 58.4 63.8 67.5 62.8 65.5 75.5 83.3
tons)
[86][85]
Cotton
production
7D (million 10.0 9.9 9
14.3 13.0 12.9 11.7 11.8 12.9 11.5 13.6 13.0 12.8 14.0 10.7 11.9
bales)
[86][85]
Commodity producing sector growth rate
2003– 2004– 2005– 2006– 2007– 2008– 2009– 2010– 2011– 2012– 2013– 2014– 2015– 2016– 2017– 2018-
Index List
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Commodity
producing
8 sector growth
9.23% 6.78% 2.38% 5.48% 5.05% -0.88% 1.76% 3.21% 3.09% 1.73% 3.49% 3.63% 2.92% 3.40% 4.45% 1.13
rate
[80]
Service sector
Index
2004– 2005– 2006– 2007– 2008– 2009– 2010– 2011– 2012– 2013– 2014– 2015– 2016– 2017– 2018-
2003–2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Service
sector
9 growth
6.45% 8.14% 8.20% 5.58% 4.94% 1.33% 3.21% 3.94% 4.40% 5.13% 4.46% 4.36% 5.72% 6.52% 6.43%
rate
[80][81]
Per capita income
FY
Index List 2004
2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 201
Per
capita
income
10 746.0 663.2
(US 724.1 897.4 979.9 1053.2 1026.1 1072.4 1274.1 1320.5 1333.7 1388.8 1514.0 1530.8 1630
dollars)
[36]
Inflation
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
Index List
2000 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Consumer price
11 index growth rate 7.3%
[36] 4.7% 9.3% 7.9% 7.8% 12.0% 24.6% 10.1% 13.7% 11.0% 7.4% 8.6% 4.5% 2.9% 4.2% 3.9% 7.0%
Government revenues and expenditures

FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
Index List
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Government total
revenues (billion
12 794.1
rupees) 900.0 1076.6 1298.0 1499.4 1850.9 2077.8 2252.9 2566.5 2982.4 3637.3 3931.0 4447.0 4936.7 5228.0
[87][88][89][90][91][92]
Total tax revenue

12-a (billion rupees) 550.1
[87][88][89][90][91] 632.6 753.0 919.3 1065.2 1316.7 1472.5 1699.3 2052.9 2199.2 2564.5 3017.6 3660.4 3969.2 4467.2
FBR tax collection

12-a-i (billion rupees) - - - -
[93] 1008.1 1161.2 1327.4 1558.0 1882.7 1946.4 2254.5 2590.0 3112.5 3367.9 3842.1
Government total
expenditures
13 923.6
(billion rupees) 1117.0 1401.8 1675.5 2276.5 2531.3 3007.2 3447.3 3936.2 4816.3 5026.0 5387.8 5796.3 6800.5 7488.4
[87][88][89][90][91][92]
Fiscal deficit (billion

14 rupees) 129.5
[87][88][89][90][91] 217.0 325.2 377.5 777.2 680.4 929.4 1194.4 1369.7 1833.9 1388.7 1456.7 1349.3 1863.8 2260.4
Total revenues
15 as % of GDP 14.3%
[86] 13.8% 13.1% 14.0% 14.1% 14.0% 14.0% 12.3% 12.8% 13.3% 14.5% 14.3% 15.3% 15.5% 15.1%
Tax revenue as %
16 of GDP 11.0
[87][88][89][90] 10.1% 9.8% 9.6% 9.9% 9.1% 9.9% 9.3% 10.2% 9.8% 10.2% 11.0% 12.6% 12.4% 13.0%
Total expenditures
17 as % of GDP 16.7%
[86] 17.2% 17.1% 18.1% 21.4% 19.2% 20.2% 18.9% 21.4% 21.5% 20.0% 19.6% 19.9% 21.3% 21.6%
Fiscal Deficit as %
18 of GDP 2.4%
[94][95] 3.3% 4.0% 4.1% 7.3% 5.2% 6.2% 6.5% 8.8% 8.2% 5.5% 5.3% 4.6% 5.8% 6.5%
Current account
Amounts in Million US Dollars [96][97][98]

FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
Index List
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
19 Credit 20,570 22,003 27,006 31,761 33,016 37,247 35,357 38,135 47,703 48,243 50,197 51,153 52,920 51,336 51,867 54,443
20 Debit 16,500 20,192 28,540 36,751 39,894 51,121 44,617 42,081 47,489 52,901 52,693 54,283 55,629 56,203 64,488 74,340
30 Net 214
4,070 1,811 -1,534 -4,990 -6,878 -13,874 -9,261 -3,946 -4,658 -2,496 -3,130 -2,709 -4,867 -12,621 -19,897
Government debt and liabilities

Total Public Debt = Gross Public Debt + External Liabilities
Gross Public Debt = Government (Federal+Provincial) Domestic Debt + Government (Federal+Provincial) External Debt + Debt from IMF
Total Debt of Government / Net Public Debt = Gross Public Debt – Government Deposits in the Banking System. (introduced in June 2017)
Public External Debt = Government External Debt + Debt from IMF (Foreign Exchange Liabilities are not included)
Total External Debt = Public External Debt + Public Sector Enterprises + Banks + Private Sector + Debt Liabilities to Direct Investors
Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun Jun
Index List
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total Public
Debt (Billion
19 - - - - 7835.5
Rupees) 9,232.2 10,990.7 12,924.3 14,574.7 16,315.5 17,757.7 20,053.7 21,785.5 25,574.1 3
[99][100]
Total Public
Debt as %
19(a) - - - - 59.4%
of GDP 62.1% 60.1% 64.5% 65.1% 64.8% 64.7% 69.0% 68.2% 73.9% 8
[99][100]
Gross
Public Debt
20 (Billion - - - - 7,731.1
9,010.4 10,770.8 12,696.7 14,291.7 15,991.3 17,380.2 19,676.6 21,408.7 24,952.9 3
Rupees)
[99][100]
Gross
Public Debt
20(a) as % of - - - - 58.6%
60.6% 58.9% 63.3% 63.9% 63.5% 63.3% 67.7% 67.1% 72.1% 8
GDP
[99][100]
Total Debt
Of
Government
/ Net Public
21 - - - - 7,204.9
Debt ( 8,410.8 9,927.6 11,890.2 13,457.3 14,623.9 15,986.0 17,823.2 19,635.4 23,024.0 2
Billion
Rupees)
[99][100]
Total Debt
Of
Government
21(a) / Net Public - - - - 54.6%
56.6% 54.3% 59.3% 60.1% 58.1% 58.3% 61.3% 61.4% 66.5% 7
Debt as %
of GDP
[99][100]
Public
External
22 Debt (Billion 46.4 49.8 55.3 53.5 48.1 51.3 50.9 57.7 62.5 70.2
34.0 35.7 38.7 40.7
US $)
[101][102]
Public
External
22(a) Debt as %
29.6% 26.9% 25.4% 26.1% 28.6% 28.7% 26.0% 25.2% 21.4% 20.2% 18.9% 20.8% 20.5% 24.7% 3
of GDP
[101][102]
Total
External
23 Debt (Billion 52.3 61.6 66.3 65.5 60.9 65.3 65.2 73.9 83.5 95.2
35.4 37.2 40.3 46.1
US $)
[101][102]
Pakistan External Debt Servicing (Principal + Interest)[103]
FY 2019
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
Index List Jul-Dec
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Principal
24 (Million US 4115 1916 1718 1593 1867 2837 3140 2458 3294 5046 5659 3499 3076 4439 3322 2323
$)
Interest
25 (Million US 916 867 906 1091 1248 1159 1015 1074 1019 933 909 1172 1346 1625 2316 1378
$)
Total
26 (Million US 5030 2783 2624 2684 3115 3996 4155 3531 4312 5978 6567 4671 4422 6064 5638 3701
$)
2003- 2004– 2005– 2006– 2007– 2008– 2009– 2010– 2011– 2012– 2013– 2014– 2015– 2016– 2017–
Index List
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Foreign exchange
reserves SBP +
24 Scheduled Banks (Billion 13.2
13.3 14.6 18.9 13.4 14.0 18.0 21.0 16.5 11.0 14.1 18.7 23.1 21.4 16.4
US Dollars)
[104][105][106][107][108]
Foreign direct investment

Index List
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Foreign
direct
investment
25 949.4
(Million US 1524.0 3521.0 5139.6 5410.2 3719.9 2150.8 1634.8 820.6 1456.5 1698.6 987.9 2305.3 2746.8 3471.2 1737.1
Dollars)
[109][110]
PSE 100 index growth rate
2003– 2004– 2005– 2006– 2007– 2008– 2009– 2010– 2011– 2012– 2013– 2014– 2015– 2016– 2017– 2018-
Index List
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
PSE 100
index growth
26
rate 55.2% 41.1% 34.1% 37.9% -10.8% -41.7% 35.7% 28.5% 10.4% 52.2% 41.2% 16.0% 9.8% 23.2% -10.0% -7.8
[86][111]
Foreign trade
Note : This is the merchandised trade data (export and import) as released by the SBP.This may differ from the data compiled by Pakistan Bureau of Statistics.
FY FY FY FY FY FY FY FY FY FY
Index List FY 2014 FY 2015 FY 2016 FY 201
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
USD to
PKR
27 exchange 57.5745
59.3576 59.8566 60.6342 62.5465 78.4983 83.8017 85.5017 89.2359 96.7272 102.8591 101.2947 104.2351 104.697
rates
[112]
Exports
of
Pakistan
28 (billion 12.396 25.078 24.089 21.972 22.00
14.401 16.553 17.278 20.427 19.121 19.673 25.354 24.718 24.802
US
dollars)
[113][114]
Exports
growth
29(a) 13.8% 4.5% 2.9% 0.3% 1.1% -3.9% -8.8% 0.1%
rate 16.2% 13.8% 18.0% -6.4% 28.9% -2.6%
[113]
Imports
of
Pakistan
30 (billion 13.604 41.668 41.357 41.255 48.68
18.753 24.994 26.989 35.397 31.747 31.132 35.796 40.371 40.157
US
dollars)
[113][114]
Imports
growth
31(a) 20.0% 8.0% 3.8% -0.7% -0.2% 18.0%
rate 37.8% 31.6% 31.2% -10.3% -1.7% 15.0% 12.8% -0.5%
[113]
Trade
deficit
(billion
32 1.208 16.590 17.267 19.283 26.68
US 4.352 8.441 9.711 14.970 12.627 11.452 10.427 15.652 15.355
dollars)
[113][114]
Trade
deficit
33 as % of 1.2% 4.0% 6.5% 6.2% 8.8% 7.5% 6.5% 4.9% 7.0% 6.6% 6.8% 6.4% 6.9% 8.8%
GDP
[86]
Workers' remittances
Index List
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
34 (billion US dollars ) – – 4.6 5.4 6.4 7.8 8.9
[115][116][25] 11.2 13.1 13.9 15.8 18.7 19.9 19.4 19.9 21.8
35 growth rate -8.6%
[86] 7.7% 10.4% 19.4% 17.4% 21.1% 14.0% 25.8% 17.7% 5.6% 13.7% 18.2% 6.4% -2.8% 2.9% 9.7%
Stock market
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".[118] The stock market capitalisation of listed companies in Pakistan was valued at $5,937 million in 2005 by the World Bank.[119] 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.[120] On 11 January
2016, aimed to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological
expertise all the three stock exchanges including Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange were inducted
into a unified Pakistan Stock Exchange.[121] In May 2017 American provider of stock market indexes and analysis tools, MSCI has confirmed that
the Pakistan Stock Exchange (PSX) has been reclassified from Frontier Markets to Emerging Markets in its semi-annual index review.[122]
Euphoria over the stock exchange's reclassification as an emerging market propelled the PSE-100 Index past another milestone when the Index
recorded an increase of 636.96 points, or 1.23%, to end at 52,387.87.[123] In the fiscal year 2018, the stock market showed a negative growth of A view of I. I. Chundrigar Road of
7.1% over the last fiscal year and stood at 47000 points at average.[36] Karachi (Financial Capital of
Pakistan)
Middle class
As of 2017, according to Wall Street Journal, citing estimates largely based on income and the purchase of consumption goods, had suggested that
as many as 42% of Pakistan's population may now belong to the upper and middle classes. If these numbers are correct, or even indicative in any
broad sense, then 87 million Pakistanis belong to the middle and upper classes, a population size which is larger than that of Germany.[124] Official
figures also show that the proportion of households that own a motorcycle and washing machines has grown impressively over the past 15
years.[125] Furthermore, the IBA-SBP Consumer Confidence Index recorded its highest-ever level of 174.9 points in January 2017, showing an
increase of 17 points from July 2016.
Separately, consumer financing posted an increase of Rs37.6 billion during first half of the current fiscal year of 2017. Auto finance continued to be
the dominated segment, while personal loans showed a pickup as well. "The net credit off-take of Rs13.7 billion of personal loans witnessed in first
half of the fiscal year 2017 is the highest half-year figure in about a decade," the report stated.[124]
Poverty alleviation expenditures

Main Industries by Region –
Pakistan government spent over 1 trillion Rupees (about $16.7 billion) on poverty alleviation programmes during the past four years, cutting Pakistan. Source:[117]
poverty from 35% in 2000–01 to 29.3% in 2013 and 17% in 2015.[127] Rural poverty remains a pressing issue, as development there has been far
slower than in the major urban areas.
Employment
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.[128] Significant progress in taxation and business reforms has ensured that many firms
now are not compelled to operate in the underground economy.[129]
Socio-Economic Status of Pakistanis,
"In 2016 government took a remarkable initiative by announcing the Prime Minister's Youth
source:[126]
Program to combat unemployment in the country. This program has a broad canvas of schemes 1000 Rupees Banknote of Pakistan
enabling youth and poor segment of society to get better employment opportunities, economic
empowerment, acquiring skills needed for gainful employment, access to IT and imparting on-the-job training for young graduates to improve the
probability of getting a productive job. Prime Minister’s Youth Program includes six schemes which are Prime Minister’s Youth Business Loan Scheme, Prime Minister’s Interest Free Loan
Scheme, Prime Minister’s Youth Skill Development Program, Prime Minister’s Program for Provision of Laptops to Talented Students, Prime Minister’s Fee Reimbursement Scheme,Prime
Minister’s Youth Training Scheme".[130] 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.[131]
Tourism
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.[132] As of 2016
tourism has begun to recover in Pakistan, albeit gradually.[133]
Revenue
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 86% of the entire national tax collection. The Faisal Mosque in the capital
Federal Board of Revenue collected 3.842 trillion rupees in taxes against the revised target of 3.935 trillion rupees in the fiscal year 2017–2018. In Islamabad.
FY 2013, FBR tax collection was Rs.1,946 billion. So in only 5 years it almost double its tax revenue which is a phenomenal achievement.[134]
Currency system
Rupee
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.
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
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

Dollar-Rupee exchange rate
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 11 October 2008, State Bank of Pakistan reported that the
country's foreign exchange reserves had gone down by $571.9 million to $7749.7 million.[135] The foreign exchange reserves had declined more by $10 billion to a level of $6.59 billion. in June
2013 Pakistan was on the brink of default on its financial commitments. Country's Forex reserves were at an historic low covering only two weeks' worth of imports. Today in November 2017
Pakistan's Foreign exchange reserves are at a comfortable level (20 billion dollars), sufficient to cover about 3 months of imports.
Structure of economy
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
Agriculture
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 2017, Pakistan produced 26,674,000 tonnes of wheat, almost equal to all of Africa (27.1 million tonnes)
and more than all of South America (25.9 million tonnes), according to the FAOSTAT.[136] In the current year of 2018/19 Pakistan has exported 1.7
million tonnes of wheat and 4.0 million tonnes of rice so far.[137] Pakistan has also cut the use of dangerous pesticides dramatically.[138]
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 Agriculture by Province
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 oil seed 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 18.5% percent of Gross Domestic Product (GDP)
and accounts for 37.4% of employed labor force and is the largest source of foreign exchange earnings.[85] During 2017–18, agriculture sector
recorded a remarkable growth of 3.70 percent and surpassed its targeted growth of 3.5 percent and last year's growth of 2.18 percent. All the major
crops showed a positive trend in their production except maize.[139] Sugarcane and rice production surpassed their historic level with 82.1 and 7.4
million tons respectively. Pakistan Bureau of Statistics provisionally valued this sector at Rs. 7,764,218 million for the year 2018 thus registering
the growth of 6.1% over the last year.[77] Again in 2018-19, Agriculture sector did not hit its target growth and only grew by 0.85%. Major crops Mango Orchard in Multan, Pakistan
except wheat fell below their previous year output. Pakistan's Top commodities productions in 2017 and provisionally in 2018 are :[140]
Commodity Value 2016–2017 2017-2018(P)

Wheat Tonnes 26,674,000 25,492,000
Cotton Bales 10,671,000 11,935,000
Rice Tonnes 6,849,000 7,442,000
Sugarcane Tonnes 75,482,000 82,102,000
Maize Tonnes 6,134,000 5,702,000
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 18.9% of GDP and employs about 42.3% 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
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 km² of outcrops area demonstrates varied geological potential for metallic and non-metallic mineral deposits. In the wake of 18th amendment to the constitution all the
provinces are free to exploit and explore the mineral resources which are in their jurisdiction. Mining and quarrying contributes 13.19% in industrial sector and its share in GDP is 2.8%. Pakistan
mining and quarrying sector grew by 3.04% in 2018 against the negative growth of -0.38% last year.
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 tonnes of reserves at Thar in the Sindh province has given an impetus to develop it as an alternative
source of energy. There is vast potential for precious and dimension stones.
Extraction of principal minerals in the last 4 fiscal years is given in the table below :-[141]
Minerals Unit of quantity 2014–2015 2015–2016 2016–2017 2017–2018
Coal Metric Ton
3,406,851 3,749,312 3,953,992 4,469,938
Natural Gas MMCFT

1,465,759 1,481,550 1,471,854 1,458,933
Crude Oil JSB

34,490,000 31,652,000 32,269,000 32,558,000
Chromite Metric Ton

100,516 69,333 105,238 97,420
Magnesite Metric Ton

4,611 35,228 19,656 23,596
Dolomite Metric Ton

223,117 666,755 301,124 488,825
Gypsum Metric Ton

1,417,007 1,871,716 2,079,629 2,489,451
Limestone Metric Ton

39,819,401 48,296,551 52,144,064 70,792,933
Rock Salt Metric Ton

2,136,361 3,552,984 3,534,075 3,590,511
Sulphur Metric Ton

19,730 14,869 23,740 22,040
Barytes Metric Ton

118,568 157,858 91,711 88,847
Soap Stone Metric Ton

100,724 125,985 152,279 141,504
Marble Metric Ton

2,520,170 4,747113 4,904,141 8,812,892
Bauxite Metric Ton

24,689 57,024 75,375 146,045
Quartz Metric Ton

38,117 90,588 98,909 126,324
Industry
Pakistan's industrial sector accounts for approximately 18.17% of GDP.[142] In 2018 it recorded a growth of 5.80% as compared to the growth of
5.43% in 2017.[143] Manufacturing is the largest of Pakistan's industrial sectors, accounting for approximately 12.13% of GDP.[144] Manufacturing
sub-sector is further divided in three components including large-scale manufacturing (LSM) with the share of 79.6% percent in manufacturing
sector, small scale manufacturing share is 13.8 percent in manufacturing sector, while slaughtering contributes 6.5 percent in the
manufacturing.[145] Major sectors in industries include cement, fertiliser, edible oil, sugar, steel, tobacco, chemicals, machinery, food processing
and medical instruments, primarily surgical.[146][147][148] Pakistan is one of the largest manufacturers and exporters of surgical
instruments.[149][150]
Manufacturing by Province
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.[151] 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.[128]
Pakistan's largest corporation are mostly involved in utilities like oil, gas and telecommunication:
Revenue
Rank[152] Name Headquarters
(Mil. $)
1. Pakistan State Oil Karachi 13,094[153]

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[154]

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[155]

13. Fauji Fertilizer Company Limited Rawalpindi 754
Construction material
In 1947, Pakistan had inherited four cement plants with a total capacity of 0.5 million tons. Some expansion took place in 1956–66 but could not keep pace with the economic development and the
country had to resort to imports of cement in 1976–77 and continued to do so until 1994–95. 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.[156] Pakistan has installed capacity of 44,768,250 metric tons of cement and 42,636,428 metric tons of clinker. In the 2012–2013 cement industry in Pakistan
became the most profitable sector of economy.[157]
Information communication technology industry

The information communication technology (ICT) industry grossed over $4.8 billion in 2013. It is expected to exceed the $13 billion mark by 2018.[158] 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 $2.8 billion. In 2007, Pakistan was
for the first time featured in the Global Services Location Index by A.T. Kearney and was rated as the 30th best location for offshoring.[159] By 2009, Pakistan had improved its rank by ten places
to reach 20th.[160] According to Pakistan Startup report, there are about 1 million freelancers working from Pakistan mainly via Elance, Upwork, Fiverr, Guru, and freelancer – world's famous
online marketplaces that count Pakistan among top 5 freelancing nations. An annual report that updated by State bank of Pakistan shows Pakistan cross 1 Billion($) IT Export which is a good
achievement of Pakistan IT Industry. Also, an official said that Pakistan Freelance community generate 1 billion($) revenue this year. Overall Pakistan makes 2 Billion($) IT export worldwide.[161]
Defence industry
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 percent between the 2004–2008 and 2009–13,
with China providing 54pc and the USA 27pc of Pakistan's imports.
Textiles
Most of the Textile Industry is established in Punjab. Before 1990, the situation was different; most of the industry was in Karachi. Textile industry in Pakistan is traditional and conservative,
producing and exporting most of low cost raw articles e.g. Raw Cotton, Yarn, fabric etc. Share of finished goods and branded articles is nominal. Pakistan has a potential to quadruple its textile
production and export, due to emerging Chinese markets and with its existing infrastructure. 10% of United States imports regarding clothing and other form of textiles is covered by Pakistan.
The textile sector accounts for 70% of Pakistan's exports, but the working conditions of workers are deplorable. Small manufacturing workshops generally do not sign employment contracts, do not
respect the minimum wage and sometimes employ children. Violations of labour law also occur among major subcontractors of international brands, where workers may be beaten, insulted by their
superiors or paid below the minimum wage. Factories do not comply with safety standards, leading to accidents: in 2012, 255 workers died in a fire at a Karachi factory. With 547 labour inspectors
in Pakistan supervising the country's 300,000 factories, the textile industry is out of control. Nor are workers protected by trade unions, which are prohibited in industrial export zones. Elsewhere,
"workers involved in the creation of trade unions are victims of violence, intimidation, threats or dismissals".[162]
Other
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.[163][164]
Services
Pakistan's service sector accounts for about 60.2% of GDP.[165] 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.
Telecommunication
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 many-
fold since 2003 to reach a subscriber base of 140 million users in July 2017, one of the highest mobile teledensities in the entire world.[166] In PRC Towers, Karachi.
addition, there are over 6 million landlines in the country with 100% fibre-optic network and coverage via WLL in even the remotest areas.[167] As
a result, Pakistan won the prestigious Government Leadership award of GSM Association in 2006.[168]
The World Bank estimates that it takes about 3 days to get a phone connection in Pakistan.[169]
In Pakistan, the following are the top mobile phone operators:
1. Jazz Pakistan (Parent: VEON, Netherland)

2. Ufone (Parent: PTCL (Etisalat), Pakistan/UAE)
3. Telenor (Parent: Telenor, Norway)
4. 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 PTCL's One Stop Shop in Islamabad
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.[170]
Since liberalisation, over the past four years, the Pakistani telecom sector has attracted more than $9 billion in foreign investments.[171] During 2007–08, 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,[172] 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. On 14 August 2010, Pakistan became the first country in the world to experience EVDO's
RevB 3G technology that offers maximum speeds of 9.3 Mbit/s. 3G and 4G was simultaneously launched in Pakistan on 23 April 2014 through a SMRA Auction. Three out of Five Companies got
a 3G licence i.e. Ufone, Mobilink and Telenor while China Mobile's Zong got 3G as well as a 4G licence. Whereas fifth company, Warid Pakistan did not participate in the auction procedure, But
they launched 4G LTE services on their existing 2G 1800 MHz spectrum due to Technology neutral terms and became world's first Telecom Company to transform directly from 2G to 4G. With
that Pakistan joined the 3G and 4G world. In December 2017, 3G and 4G subscribers in Pakistan reached to 46 millions.[166]
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.[173]
Pakistan has more than 20 million Internet users in 2009.[174] 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.
Biometric reverification of SIMs in 2015 had an adverse impact on the cellular subscriber base when subscribers count dropped from 139.9 million to 114.6 million. However,
the industry has survived through the tough period and continues to regain subscribers at a fast pace.
According to the report released by PTA for the FY 2017–18 :-[175]
Total teledensity of Pakistan reached at 74.4%.

Telecom revenues were reached to Rs. 488.8 billion.
Total contribution of telecom sector to the national exchequre was RS. 147.2 billion.
Investment came to the telecom sector was US$670.3 million.
as of June 2018 there were four cell phone companies including PMCL(Jazz), Telenor, Ufone and Zong operating in the country with nearly 150.2 million mobile phone subscribers.[176]
Pakistan Telecommunication Authority released the figures in June 2018 that Broadband subscribers in the country reached to approximately 56.1 millions thus gaining the growth of over 18 fold
since 2006.[176]
Transportation
Pakistan International Airlines, the flagship airline of Pakistan's civil aviation industry, has turnover exceeding $25 billion in 2015.[177] The government announced a new shipping policy in 2006
permitting banks and financial institutions to mortgage ships.[178] 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.[179] 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).[180][181]
Finance
Pakistan has a large and diverse banking system. In 1974, a nationalization program led to the creation of six government-owned banks.[182] A privatization program in the 1990s lead to the entry
of foreign-owned and local banks into the industry.[182] As of 2010, there were five public-owned commercial banks in Pakistan, as well as 25 domestic private banks, six multi-national banks and
four specialized banks.[182]
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. Pakistan's banking sector remained remarkably strong and resilient during the world financial crisis in 2008–09, 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.
The Pakistan Bureau of Statistics provisionally valued this sector at Rs.807,807 million in 2012 thus registering over 510% growth since 2000.[183]
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.[184]
Housing
The property sector has expanded twenty-threefold since 2001, particularly in metropolises like Lahore.[185] 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.[186]
Houses in Bahria Town, the largest
private housing society in Asia.
Minor sectors
The Pakistan Bureau of Statistics provisionally valued this sector at Rs.631,229 million in 2005 thus registering over 78% growth since 2000.[187] The Pakistan 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 2012–13, this sector grew at
2.5 percent as compared to 1.7 percent in the previous year.
Energy
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.[188]
.[189]
Chemicals and pharmaceuticals
Foreign trade, remittances, aid, and investment
Investment
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.[190]
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.
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 2014–2015 (July–October) as compared to 2013–14 (July–October).[191]
Foreign acquisitions and mergers

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, Arçelik acquired Dawlance for $243 million.[192]
In 2016, FrieslandCampina acquired 51% stake in Engro Foods for $446.81 million.[193]
In 2016, The Abraaj Group sold its 66.4% stake in K-Electric to Shanghai Electric for $1.77 billion.[194]
The foreign exchange receipts from these sales are also helping cover the current account deficit.[195]
Foreign trade
Pakistan witnessed the highest export of US$25.1 billion in the FY 2013-14. However, in subsequent years exports have declined considerably. This declined started from financial year 2014-15
when an international commodity slump set in. This was compounded by structural supply side constraints including energy shortages, high input costs and an overvalued exchange rate. From
financial year 2014 to 2016, exports declined by 12.4 percent. Exports growth trend over this period was similar to the world trade growth patterns. Pakistan's external sector continued facing stress
during 2016–17. But still Pakistan's merchandise trade exports grew by 0.1 percent during the fiscal year 2016–17. The imports continued to grow at a much faster rate and grew by a large
percentage of 18.0 during the FY 2017 as compared to the previous year.[196] 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 Pakistan's 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.[197]
Pakistan's imports are showing rising trend at a relatively faster rate 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. During FY 2018 Pakistan's exports picked up and reached to US$24.8 billion showing a growth of 12.6 percent over previous year FY 2017. Imports
on the other hand also increased by 16.2 percent and touched the highest figure of US$56.6 billion. As a result, the trade deficit widened to US$31.8 billion which was the highest since last ten
years. Pakistan major exports commodities for the last five fiscal years are listed in the table below:
FY 2015 FY 2019
Commodities (million FY 2016 (million US $) FY 2017 (million US $) FY 2018 (million US $) (million
US $) US $)
Cotton Cloth 2486.783 2,331.587 2,123.042 2,175.950

2,171.299
Knitwear 2264.114 2,309.248 2,334.599 2,615.135

2,840.402
Ready-made Garments 2044.018 2,156.033 2,279.450 2,477.117

2,566.252
2,
Bed wear 2207.477 2,126.360 2,156.753 2,345.985
343.209
Rice 2037.841 1,852.708 1,574.950 1,933.133

2,091.260
Cotton Yarn 1818.196 1,266.127 1,140.214 1,248.940

1,200.041
Chemical and Pharmaceutical 1,
1249.959 1,052.316 1,113.300 1,389.571
Products 222.956
Pakistan major imports commodities for the last five fiscal years are listed in the table below:-[198]
FY 2015 FY 2019
Commodities (million FY 2016 (million US $) FY 2017 (million US $) FY 2018 (million US $) (million
US $) US $)
Petroleum products 7,773.620 5,098.139 6,379.880 6,768.304

6,030.526
Petroleum crude 4,393.223 2,569.696 2,764.648 4,310.250

4,914.950
Iron and Steel 1,813.412 2,094.016 1980.112 2,523.343

2,006.834
Plastic material 1,771.758 1,791.303 1,875.104 2,311.933

2,271.895
Electrical Machinery & Apparatus 935.290 1,650.692 1,317.167 1,800.559

1,287.970
Palm oil 1,681.170 1,600.041 1,775.118 1,908.304

1,661.444
Power Generating Machinery 897.940 1,356.328 1,336.598 1,576.616

731.226
Road vehicles 1,024.972 1,263.807 1,774.141 2,182.379

1,934.413
Telecom 1,225.078 1,201.062 1,023.021 1,396.777

1,172.472
Liquefied natural gas 135.232 578.924 1,270.680 2,035.506

2,871.909
External imbalances
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.[197]
Current account – The Current account deficit increased to US$12.4 billion in FY 2017, against US$3.2 billion in FY 2016.[199]
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. government's 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 country's FX reserve amounted to US$20.8 billion by 4 May 2017 sufficient to finance
around four month of import payments.[197]
Economic aid
Pakistan receives economic aid from several sources as loans and grants. The International Monetary Fund (IMF), World Bank (WB), Asian Development Bank (ADB), etc. provide long-term
loans to Pakistan. Pakistan also receives bilateral aid from developed and oil-rich countries. Foreign aid has been one of the main sources of money for the Pakistani Economy. Collection of
Foreign aid has been one of the priorities of almost every Pakistani Government with the Prime Minister himself leading delegations on a regular basis to collect Foreign aid.[200][201]
The Asian Development Bank will provide close to $6 billion development assistance to Pakistan during 2006–9.[202] The World Bank unveiled a lending programme of up to $6.5 billion for
Pakistan under a new four-year, 2006–2009, aid strategy showing a significant increase in funding aimed largely at beefing up the country's infrastructure.[203] Japan will provide $500 million
annual economic aid to Pakistan.[204] 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.
Between the 2008 and 2010 fiscal years, the IMF extended loans to Pakistan totalling 5.2 billion dollars.[205] The government decided in 2011 to cut off ties with the IMF. However the government
newly elected in 2013 re-established these ties, and a negotiated a three-year $6.6 billion package which would allow it to deal with on-going debt issues.[206] In May 2019, Pakistan finalised a
US$6 billion foreign aid with IMF.[207] This is Pakistan's 22nd such bailout from the IMF.[208]
The China–Pakistan Economic Corridor is being developed with a contribution of mainly concessionary loans from China under the Belt and Road Initiative. Much like BRI, value of CPEC
investments transcends any fiat currency and is only estimated vaguely as it spans over decades of past and future industrial development and global economic influence.
Remittances
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 of dollars of remittances.
The 9 million-strong Pakistani diaspora, contributed US$19.3 billion to the economy in FY2017.[209] The major source countries of remittances to Pakistan include UAE, US, Saudi Arabia, GCC
countries (including Bahrain, Kuwait, Qatar and Oman), Australia, Canada, Japan, Norway, Switzerland, UK and EU countries.
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 Arabia's 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:[196]
Country [Million USD]

USA 2,443.54
UK 2,338.34
Saudi Arabia 5,469.77
UAE 4,309.88
Gulf Cooperation Council 2,324.06
European Union 482.59
Norway 41.31
Switzerland 26.34
Australia 204.31
Canada 187.22
Japan 14.31
Other countries 1,461.91
Government finances
Fiscal budget summary (FY2017/18)[210]
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

Pakistan has a low tax/GDP ratio, which it is trying to improve. The current tax-to-GDP ratio is 12.6% (2016),[211] which is a little less than its neighbour India 16.6% (2016) [212] while a slight
more than Sri Lanka 12.3% (2015).[213] 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
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, the 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.[211]
Income distribution
GINI Index: 41
Household income or consumption by percentage share:
lowest 10%: 4.1%

highest 10%: 27.7% (1996)
middle 10%: 10.4%
See also
By province and administrative unit:
Economy of Azad Kashmir
Economy of Balochistan, Pakistan
Economy of Khyber Pakhtunkhwa
Economy of Punjab, Pakistan
Economy of Sindh
Economy of Karachi
Economy of Islamabad
Economy of Lahore
Economy of Faisalabad
Economy of Rawalpindi
Other
Ministry of Finance (Pakistan)

2019–20 Pakistan federal budget
Agriculture in Pakistan
Economic effects of 2010 Pakistan floods
Consensus Economics
Economic forecasting
Economic history of Pakistan
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)
Pakistan Board of Investment
Prize Bonds
Science and technology in Pakistan
Trade Development Authority of Pakistan
Trading Corporation of Pakistan
Economy of the OIC
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Bibliography
Khan Ashan (2014). Economics of Pakistan, 9th edition. Pakistan.
Further reading
Gabol, Nasir (1990). Privatisation in Pakistan (https://books.google.com/?id=95EpvLocMYEC&printsec=frontcover). 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, 1947–82. 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.
Karachi: Oxford University Press.
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, 1960–70. 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 (https://ideas.repec.org/p/ays/ispwps/paper0909.html) (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, 1848–1968. 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 Pakistan—The 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. Karachi: Oxford University Press.
Kukreja, Veena. 2003. Contemporary Pakistan: Political Processes, Conflicts and Crises. New Delhi: Sage Publications.
Zaidi, S. Akbar. 1999. Issues in Pakistan's Economy. Karachi: Oxford University Press
Faheem, Khan. 2010. Issues in Pakistan's Economy. Peshawar:
External links
Statistics Division, Government of Pakistan (https://web.archive.org/web/20060903152908/http://www.statpak.gov.pk/)
Ministry of Finance, Government of Pakistan (http://www.finance.gov.pk/)
Ministry of Commerce, Government of Pakistan (http://www.commerce.gov.pk/)
World Bank Summary Trade Statistics Pakistan (http://wits.worldbank.org/CountryProfile/Country/PAK/Year/LTST/Summary)
"Pakistan" (https://www.cia.gov/library/publications/the-world-factbook/geos/pk.html). The World Factbook. Central Intelligence Agency.
Tariffs applied by Pakistan as provided by ITC's Market Access Map (http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?subsite=open_access&country=586&so
urce=1%7CITC), an online database of customs tariffs and market requirements
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Economy of Pakistan

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Economy of Pakistan

The economy of Pakistan is the 24th largest in the

In 2017, Pakistan's GDP in terms of purchasing power Unemployment 5.7% (2017–18)[17]

First five decades

the Asian financial crisis;

Macroeconomic reform and prospects

In 2005, the World Bank reported that

Economic indicators of Pakistan (2000–2019)

Gross domestic product (GDP)

Commodity producing sector growth rate

Per capita income

Government revenues and expenditures

Total tax revenue

FBR tax collection

Fiscal deficit (billion

Amounts in Million US Dollars [96][97][98]

Government debt and liabilities

Pakistan External Debt Servicing (Principal + Interest)[103]

Foreign exchange reserves

Foreign direct investment

PSE 100 index growth rate

Poverty alleviation expenditures

Foreign exchange reserves

Commodity Value 2016–2017 2017-2018(P)

Natural Gas MMCFT

Crude Oil JSB

Chromite Metric Ton

Magnesite Metric Ton

Dolomite Metric Ton

Gypsum Metric Ton

Limestone Metric Ton

Rock Salt Metric Ton

Sulphur Metric Ton

Barytes Metric Ton

Soap Stone Metric Ton

Marble Metric Ton

Bauxite Metric Ton

Quartz Metric Ton

1. Pakistan State Oil Karachi 13,094[153]

8. K-Electric Karachi 1,951[154]

12. Engro Corporation Karachi 1,012[155]

Information communication technology industry

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

1. Jazz Pakistan (Parent: VEON, Netherland)

Total teledensity of Pakistan reached at 74.4%.

Chemicals and pharmaceuticals

Foreign trade, remittances, aid, and investment

Foreign acquisitions and mergers

PICIC by Singapore-based Temasek Holdings for $339 million

Cotton Cloth 2486.783 2,331.587 2,123.042 2,175.950

Knitwear 2264.114 2,309.248 2,334.599 2,615.135

Ready-made Garments 2044.018 2,156.033 2,279.450 2,477.117

Rice 2037.841 1,852.708 1,574.950 1,933.133

Cotton Yarn 1818.196 1,266.127 1,140.214 1,248.940

Petroleum products 7,773.620 5,098.139 6,379.880 6,768.304

Petroleum crude 4,393.223 2,569.696 2,764.648 4,310.250

Iron and Steel 1,813.412 2,094.016 1980.112 2,523.343

Plastic material 1,771.758 1,791.303 1,875.104 2,311.933

Electrical Machinery & Apparatus 935.290 1,650.692 1,317.167 1,800.559

Palm oil 1,681.170 1,600.041 1,775.118 1,908.304

Power Generating Machinery 897.940 1,356.328 1,336.598 1,576.616

Road vehicles 1,024.972 1,263.807 1,774.141 2,182.379

Telecom 1,225.078 1,201.062 1,023.021 1,396.777

Liquefied natural gas 135.232 578.924 1,270.680 2,035.506