Economy - overview:
Pakistan, an impoverished and underdeveloped country, has suffered from decades of internal political disputes, low levels of foreign investment, and declining exports of manufactures. Faced with untenable budgetary deficits, high inflation, and hemorrhaging foreign exchange reserves, the government agreed to an International Monetary Fund Standby Arrangement in November 2008. Between 2004-07, GDP growth in the 6-8% range was spurred by gains in the industrial and service sectors, despite severe electricity shortfalls. Poverty levels decreased by 10% since 2001, and Islamabad steadily raised development spending in recent years. In 2008 the fiscal deficit - a result of chronically low tax collection and increased spending - exceeded Islamabad's target of 4% of GDP. Inflation remains the top concern among the public, jumping from 7.7% in 2007 to 24.4% in 2008, primarily because of rising world fuel and commodity prices. In addition, the Pakistani rupee has depreciated significantly as a result of political and economic instability.
GDP (purchasing power parity):
$452.7 billion (2008 est.)
$427.9 billion (2007)
$404.5 billion (2006)
note: data are in 2008 US dollars
GDP (official exchange rate):
$160.9 billion (2008 est.)
GDP - real growth rate:
5.8% (2008 est.)
5.8% (2007 est.)
6.4% (2006 est.)
GDP - per capita:
$2,600 (2008 est.)
$2,500 (2007 est.)
$2,400 (2006 est.)
note: data are in 2008 US dollars
GDP - composition by sector:
agriculture: 20.4%
industry: 26.6%
services: 53% (2008 est.)
Labor force:
50.58 million
note: extensive export of labor, mostly to the Middle East, and use of child labor (2008 est.)
Labor force - by occupation:
agriculture: 43%
industry: 20.3%
services: 36.6% (2005 est.)
Unemployment rate:
7.4% plus substantial underemployment (2008 est.)
Household income or consumption by percentage share:
lowest 10%: 4%
highest 10%: 26.3% (2002)
Distribution of family income - Gini index:
30.6 (FY07/08)
Investment (gross fixed):
20% of GDP (2008 est.)
Budget:
revenues: $22.14 billion
expenditures: $32.09 billion (2008 est.)
Public debt:
49.8% of GDP (2008 est.)
Inflation rate (consumer prices):
20.8% (2008 est.)
Market value of publicly traded shares:
$70.26 billion (31 December 2007)
Agriculture - products:
cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef, mutton, eggs
Industries:
textiles and apparel, food processing, pharmaceuticals, construction materials, paper products, fertilizer, shrimp
Industrial production growth rate:
4.6% (2008 est.)
Electricity - production:
93.26 billion kWh (2007 est.)
Electricity - consumption:
68.4 billion kWh (2006 est.)
Oil - production:
68,670 bbl/day (2007 est.)
Oil - proved reserves:
289.2 million bbl (1 January 2008 est.)
Natural gas - production:
30.8 billion cu m (2007 est.)
Natural gas - proved reserves:
792.8 billion cu m (1 January 2008 est.)
Current account balance:
-$10.57 billion (2008 est.)
Exports:
$20.62 billion f.o.b. (2008 est.)
Exports - commodities:
textiles (garments, bed linen, cotton cloth, yarn), rice, leather goods, sports goods, chemicals, manufactures, carpets and rugs
Exports - partners:
US 18%, UAE 10.4%, Afghanistan 8.4%, China 5.2%, UK 4.7% (2007)
Imports:
$35.38 billion f.o.b. (2008 est.)
Imports - commodities:
petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel, tea
