Global InformationEconomy of Pakistan information
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|
 Karachi, the financial hub of Pakistan | |
| Currency | Pakistani rupee (₨) (PKR) |
|---|---|
Fiscal year | 1 July – 30 June |
Trade organisations | ECO, SAFTA, WTO, AIIB, ADB, and others |
Country group |
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| Statistics | |
| Population |  241,499,431 (5th, 2023 Census)[3] |
| GDP |
|
| GDP rank |
|
GDP growth |
|
GDP per capita |
|
GDP per capita rank |
|
GDP by sector |
|
GDP by component |
|
Inflation (CPI) |
|
Base borrowing rate |  22.00% (January 2024)[9] |
Population below poverty line |
|
Gini coefficient | 31.6 medium (2018, World Bank)[14] |
Human Development Index |
|
Labour force |
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Labour force by occupation |
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| Unemployment |
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Main industries |
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| External | |
| Exports |  $35.210 billion (FY 2023)[19] |
Export goods |
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Main export partners |
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| Imports | $60.013 billion (FY 2023)[19] |
Import goods |
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Main import partners |
|
FDI stock |
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Current account | -2.557 billion US$ (FY 2023)[24] |
Gross external debt |  $125.7 billion (Mar 2023)[25] |
| Public finances | |
Government debt | 74.8% of GDP (Jun 2023)[26] |
Budget balance | −7.7% of GDP (FY 2023)[27] |
| Revenues | 11.4% of GDP; 9,634 billion PKR or $39 billion (FY 2023)[27] |
| Expenses | 19.1% of GDP; 16,155 billion PKR $65 billion (FY 2023)[27] |
| Economic aid | $2.6983 billion (2021)[28] |
Credit rating |
[33]
|
Foreign reserves | $8.27bn (January 2024)[34] (115th) |
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars. | |
The economy of Pakistan is categorized as a developing economy. It ranks as the 24th-largest based on GDP using purchasing power parity (PPP) and the 46th largest in terms of nominal GDP. With a population of 241.5 million people as of 2023, Pakistan’s position at per capita income ranks 161st by GDP (nominal) and 138th by GDP (PPP) according to the International Monetary Fund (IMF).[4]
In its early years, Pakistan's economy relied heavily on private industries. The nationalization of a significant portion of the sector, including financial services, manufacturing, and transportation, began in the early 1970s under Zulfikar Ali Bhutto. During Zia-ul Haq's regime in the 1980s, an "Islamic" economy was adopted, outlawing economic practices forbidden in Sharīʿah and mandating traditional religious practices. The economy started privatizing again in the 1990s.
The economic growth centers in Pakistan are located along the Indus River;[35][36] these include the diversified economies of Karachi and major urban centers in Punjab (such as Faisalabad, Lahore, Sialkot, Rawalpindi, and Gujranwala), alongside less developed areas in other parts of the country.[35] Pakistan was classified as a semi-industrial economy for the first time in the late 1990s, albeit an underdeveloped country[37] with a heavy dependence on agriculture, particularly the textile industry relying on cotton production.[38][35][39] Primary export commodities include textiles, leather goods, sports equipment, chemicals, and carpets/rugs.[40][41]
Pakistan is presently undergoing economic liberalization, including the privatization of all government corporations, aimed at attracting foreign investment and reducing budget deficits.[42] However, the country continues to grapple with challenges such as a rapidly growing population, high illiteracy, political instability, a hostile neighborhood, and heavy foreign debt.
- ^ "World Economic Outlook Database, April 2019". International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Pakistan results PBS" (PDF). Pakistan Bureau of Statistics.
- ^ a b c d e f g Cite error: The named reference
:2was invoked but never defined (see the help page). - ^ Desk, Monitoring (6 December 2023). "Pakistan's economy to grow by 2.1% in 2024: Bloomberg". Profit by Pakistan Today. Retrieved 26 March 2024.
- ^ "Sectoral Shares in GDP" (PDF). Pakistan Bureau of Statistics. Retrieved 17 April 2024.
- ^ "GDP – composition, by end use-CIA World Factbook". The World Factbook. Retrieved 23 May 2022.
- ^ "Monthly Review on Price Indices" (PDF). PBS. Retrieved 24 January 2024.
- ^ "Monetary Policy Statement" (PDF). 29 January 2023. Retrieved 29 January 2023.
- ^ World Bank (October 2021). Shifting Gears : Digitization and Services-Led Development. South Asia Economic Focus. World Bank. p. 218. doi:10.1596/978-1-4648-1797-7. hdl:10986/36317. ISBN 978-1-4648-1797-7. S2CID 244900022. Retrieved 23 May 2022.
- ^ "Country Profile-Pakistan" (PDF). Macro Poverty Oulook. World Bank. Retrieved 23 May 2022.
- ^ "Poverty headcount ratio at $3.20 a day (2011 PPP) (% of population) - Pakistan". data.worldbank.org. World Bank. Retrieved 20 October 2020.
- ^ "Select by country:Pakistan". World Poverty Clock. Retrieved 23 May 2022.
- ^ "GINI index (World Bank estimate)". data.worldbank.org. World Bank. Retrieved 18 July 2021.
- ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 December 2020.
- ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 23 December 2020.
- ^ a b "Pakistan Labour Survey" (PDF). PBS. Retrieved 23 March 2023.
- ^ a b "Unemployment rate". International Monetary Fund.
- ^ a b "Exports, Imports and Balance of Trade" (PDF). SBP. Retrieved 23 July 2023.
- ^ "External Sector" (PDF). SBP. Retrieved 23 July 2023.
- ^ a b "SBP Export Receipts by Country" (PDF). SBP. 2021–2022. Retrieved 23 July 2023.
- ^ "Imports Payments by Commodity" (PDF). SBP. Retrieved 23 July 2023.
- ^ "Pakistan: Foreign Investment" (PDF). SBP. Retrieved 27 July 2023.
- ^ "Summary Balance of Payments" (PDF). Retrieved 9 September 2022.
- ^ "External Sector" (PDF). SBP. Retrieved 27 July 2023.
- ^ "Pakistan's Debt and Liabilities-Summary" (PDF). SBP. Retrieved 17 April 2024.
- ^ a b c "Consolidated Fiscal Operations" (PDF). Finance Division. 27 August 2023. Retrieved 17 April 2024.
- ^ "Net official development assistance and official aid received (current US$)". World Bank. Retrieved 14 March 2023.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
- ^ "Moody's downgrades Pakistan's rating to Caa1; outlook remains negative". 6 October 2022.
- ^ https://www.fitchratings.com/research/sovereigns/fitch-revises-pakistan-outlook-to-negative-affirms-at-b-18-07-2022 [bare URL]
- ^ "Fitch Upgrades Pakistan's Rating Citing Improved External Liquidity". Dawn. 10 July 2023.
- ^ "Fitch downgrades Pakistan's issuer default rating to 'CCC+' from 'B-'". 21 October 2022.
- ^ "Pakistani foreign reserves hit six-month high". The Express Tribune. 26 January 2024.
- ^ a b c "World Bank Document" (PDF). 2008. p. 14. Retrieved 2 January 2010.
- ^ "Arquivo.pt". arquivo.pt. Archived from the original on 20 July 2009. Retrieved 6 April 2022.
- ^ Dunn, Kawana, Brewer, Trade Globalization since 1795, American Sociological Review, 2000 February, Vol. 65 article, Appendix with the country list Archived 18 July 2010 at the Wayback Machine
- ^ Henneberry, S. (2000). "An analysis of industrial–agricultural interactions: A case study in Pakistan" (PDF). Agricultural Economics. 22: 17–27. doi:10.1016/S0169-5150(99)00041-9 (inactive 31 January 2024).
{{cite journal}}: CS1 maint: DOI inactive as of January 2024 (link) - ^ "Pakistan Country Report" (PDF). RAD-AID. 2010. pp. 3, 7. Archived from the original (PDF) on 12 January 2012. Retrieved 26 December 2011.
- ^ Design, Websynergi. "Pakistan Trade, Pakistan Industries, India Pakistan Trade Unit". iptu.co.uk. Archived from the original on 14 September 2019. Retrieved 9 October 2014.
- ^ "Pakistan's Top 10 Exports 2020". www.worldstopexports.com. Retrieved 6 April 2022.
- ^ "Privatisation process: Govt to sell assets in sole offering". The Express Tribune. 27 January 2014.
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