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Economy of Pakistan

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Economy of Pakistan
Karachi, the financial hub of Pakistan
CurrencyPakistani rupee (₨) (PKR)
1 July – 30 June
Trade organisations
ECO, SAFTA, WTO, AIIB, ADB, and others
Country group
Statistics
PopulationIncrease 242,923,845 (5th; 2022 est.) [3]
GDP
GDP rank
GDP growth
GDP per capita
  • Increase $1,658 (Nominal; 2022)
  • Increase $6,662 (PPP; 2022 est.)[4]
GDP per capita rank
GDP by sector
GDP by component
  • Negative increase 27.3% (August 2022 YoY)[9]
Negative increase 15.00% (July 2022)[10]
Population below poverty line
31.6 medium (2018, World Bank)[15]
Labour force
  • Total 71.76 million
  • Employed 67.25 million
  • Unemployed 4.51 million (2021)[18]
Labour force by occupation
Unemployment
  • Positive decrease 6.3% (2020-21)
  • Negative increase 6.9% (2018–19)[20]
Main industries
External
ExportsIncrease $32.467 billion (FY 2022)[21]
Export goods
Main export partners
ImportsNegative increase $72.043 billion (FY 2022)[21]
Import goods
Main import partners
FDI stock
Increase $34.798 billion (FY 2019)[25]
Decrease -17.318 billion US$ (FY 2022)[26]
Negative increase $130.192 billion (June 2022)[27]
Public finances
Negative increase 73.5% of GDP (Jun 2022)[28]
Negative increase −7.9% of GDP (FY 2022)[29]
RevenuesDecrease 12.0% of GDP; 8,035 billion PKR or $45 billion (FY 2022)[29]
ExpensesNegative increase 19.9% of GDP; 13,295 billion PKR $75 billion (FY 2022)[29]
Decrease $3.2bn (February 2023)[34] (115th)
All values, unless otherwise stated, are in US dollars.


Economy of Pakistan is classified as a low income developing economy. It is the 23rd-largest worldwide in terms of GDP based on purchasing power parity (PPP). In 2021, the country had a population of 227 million people. As of FY22, the nominal GDP of Pakistan stands at US$376 billion with a nominal GDP per capita of US$1,658 (177th worldwide); its GDP based on PPP stands at US$1.512 trillion with a GDP (PPP) per capita of US$6,662 (168th worldwide).[4] The country ranks poorly in most of development indicators set by UNDP and World Bank and has been left behind by most countries in South Asia.

Falling low on budgets for paying interest on its debt, Pakistan has been facing an economic crisis since 2022. Amid adverse effects of ongoing Russo-Ukrainian War, Pakistan has been facing shortage in supply and high inflation in prices of food, oil, gas and electricity. The crisis has led to sharp deappreciation of Pakistani ruppee and downgrading of country's credit ratings by various agencies which has further increased the possibility of default.

In the formative decades of Pakistan, the economy was largely based on private industries. Nationalisation of significant portion of the sector including financial services, manufacturing and transportation had begun in early 1970s. With the beginning of Zia-ul Haq's regime in 1980s, a more "Islamic" economy was adopted which outlawed economic practices forbidden in Sharīʿah and mandated traditional religious practices instead. Although, the economy began to privatise in 1990s.

Pakistan was classified as a semi-industrial economy for first time in late 1990s albeit an underdeveloped country[35] with heavy dependence on agriculture, textile industry being dependent on cotton production.[36][37][38] Primary export commodities include textiles, leather goods, sports equipment, chemicals, and carpets/rugs.[39][40]

Pakistan is currently undergoing a process of economic liberalization, including the privatization of all government corporations, which is aimed at attracting foreign investment and decreasing budget deficits.[41] Howevee, the country continues to face the challenges of rapidly growing population, high illiteracy, corruption, political instability, a hostile neighborhood and heavy foreign debt.

Economic history

Main article: Economic history of Pakistan

First five decades

Pakistan, soon after its independence in 1947, faced the issue of dwindling resources since India refused to give the due share of its wealth to newly born country. The settlement of refugees from India was another major challenge that aggravated the already severe economic conditions. However, economy quickly revitalized with the economic policies of the successive governments. Key sectors of economy progressed at a much faster pace especially during the Green revolution of 1960's and the subsequent industrial development of 1970's. At the time of independence, the country was a predominantly agrarian economy. In the year 1950, agriculture accounted for almost 60% of the total GDP. After the signing of Indus water treaty between India and Pakistan, Green revolution started during early 1960's. The main elements of Green revolution were fertilizers, pesticides, high yielding varieties of seeds, irrigation and farm mechanization in the form of tube wells, tractors, threshers and other farm machinery which resulted in increasing of cropped area and cropping intensity. Pakistan built large dams like Tarbela and Mangla during 1960's and 70's which further boosted the agriculture sector by improving the water availability. In the subsequent years, Pakistan has emerged as one of the leading world exporter of textile and food related products. At the time of independence, Pakistan inherited only 34 industrial units out of the total 921 in British India. Main industries included were cotton, textile, sugar, cigarettes, rice husking and flour milling which together contributed for only 7% of the GDP. Pakistan announced its new industrial policy in 1959 which encouraged private sector and promoted agro-based industries which resulted in massive industrial growth in the country. Pakistan's manufactured exports in the 1960s were higher than those of Malaysia, Philippines, Thailand and Indonesia. Pakistan launched its first digital communication satellite Badr-1 in 1990 and conducted a successful nuclear test in May 1998. 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 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.[42][better source needed]

Economic resilience

Pakistan's economy in the period 2008-2012 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:

Data

Gross domestic product (GDP)

See also: List of Pakistani provinces by gross domestic product

The following table shows the main economic indicators from 1980 to 2022. Inflation below 5% is in green.[44]

Year GDP

(Billion US $ PPP)

GDP per capita

(US$ PPP)

GDP

(Billion US $ nominal)

GDP per capita

(US$ nominal)

GDP growth

(Real)

Inflation rate

(Percent)

Unemployment

(Percent)

Government debt

(% of GDP)

1980 79.0 950.0 34.8 418.9 Increase7.3% Negative increase11.9% n/a n/a
1981 Increase91.8 Increase1,072.8 Increase41.2 Increase481.3 Increase6.4% Negative increase11.9% n/a n/a
1982 Increase104.9 Increase1,190.0 Increase45.0 Increase511.0 Increase7.6% Negative increase5.9% n/a n/a
1983 Increase116.4 Increase1,283.6 Decrease42.0 Decrease463.7 Increase6.8% Negative increase6.4% 3.9% n/a
1984 Increase125.4 Increase1,345.3 Increase45.6 Increase489.8 Increase4.0% Negative increase6.1% Positive decrease3.8% n/a
1985 Increase140.6 Increase1,468.4 Steady45.6 Decrease476.7 Increase8.7% Negative increase5.6% Positive decrease3.7% n/a
1986 Increase152.5 Increase1,551.3 Increase46.7 Decrease475.3 Increase6.4% Increase3.5% Positive decrease3.3% n/a
1987 Increase165.4 Increase1,638.5 Increase48.8 Increase483.9 Increase5.8% Increase4.7% Positive decrease3.1% n/a
1988 Increase182.2 Increase1,759.4 Increase56.3 Increase543.1 Increase6.4% Negative increase8.8% Steady3.1% n/a
1989 Increase198.5 Increase1,868.3 Increase58.7 Increase552.0 Increase4.8% Negative increase7.9% Steady3.1% n/a
1990 Increase215.4 Increase1,970.1 Increase58.9 Decrease538.4 Increase4.6% Negative increase9.1% Steady3.1% n/a
1991 Increase234.1 Increase2,094.8 Increase66.9 Increase598.4 Increase5.4% Negative increase12.6% Negative increase5.9% n/a
1992 Increase257.5 Increase2,211.1 Increase71.5 Increase614.2 Increase7.6% Increase4.8% Steady5.9% n/a
1993 Increase269.2 Increase2,252.4 Increase75.7 Increase633.6 Increase2.1% Negative increase9.8% Positive decrease4.7% n/a
1994 Increase286.9 Increase2,341.1 Increase76.3 Decrease622.8 Increase4.4% Negative increase11.3% Negative increase4.8% 64.8%
1995 Increase307.8 Increase2,449.6 Increase89.2 Increase709.9 Increase5.1% Negative increase13.0% Negative increase5.4% Positive decrease58.0%
1996 Increase334.1 Increase2,594.8 Increase93.1 Increase723.5 Increase6.6% Negative increase10.8% Steady5.4% Negative increase58.2%
1997 Increase345.6 Increase2,620.8 Decrease91.8 Decrease696.4 Increase1.7% Negative increase12.8% Negative increase6.1% Negative increase58.5%
1998 Increase361.7 Increase2,678.9 Decrease91.4 Decrease677.0 Increase3.5% Negative increase6.8% Positive decrease5.9% Negative increase59.5%
1999 Increase382.2 Increase2,765.6 Decrease86.6 Decrease626.5 Increase4.2% Negative increase5.7% Steady5.9% Negative increase67.2%
2000 Increase406.1 Increase2,855.1 Increase89.7 Increase630.3 Increase3.9% Increase3.6% Negative increase7.8% Negative increase68.4%
2001 Increase423.4 Increase2,916.7 Decrease87.4 Decrease602.0 Increase3.7% Increase4.4% Steady7.8% Negative increase72.2%
2002 Increase443.4 Increase2,995.0 Increase87.9 Decrease593.9 Increase2.4% Increase3.5% Negative increase8.3% Positive decrease67.6%
2003 Increase473.5 Increase3,119.8 Increase101.1 Increase666.1 Increase5.6% Increase3.1% Steady8.3% Positive decrease62.7%
2004 Increase522.6 Increase3,376.5 Increase118.8 Increase767.8 Increase7.7% Increase4.6% Positive decrease7.7% Positive decrease56.3%
2005 Increase587.3 Increase3,722.9 Increase132.8 Increase842.0 Increase7.5% Negative increase9.3% Steady7.7% Positive decrease52.3%
2006 Increase640.6 Increase3,986.8 Increase154.5 Increase961.4 Increase5.6% Negative increase7.9% Positive decrease6.2% Positive decrease48.4%
2007 Increase694.4 Increase4,244.6 Increase171.5 Increase1,048.4 Increase5.5% Negative increase7.8% Positive decrease5.2% Positive decrease47.1%
2008 Increase743.0 Increase4,362.9 Increase191.4 Increase1,124.0 Increase5.0% Negative increase12.0% Steady5.2% Negative increase51.9%
2009 Increase750.5 Decrease4,314.4 Decrease189.0 Decrease1,186.5 Increase0.4% Negative increase19.6% Negative increase5.5% Negative increase52.8%
2010 Increase779.1 Increase4,386.4 Increase199.4 Decrease1,122.7 Increase2.6% Negative increase10.1% Negative increase6.0% Negative increase54.5%
2011 Increase824.1 Increase4,545.1 Increase240.4 Increase1,325.8 Increase3.6% Negative increase13.7% Steady6.0% Positive decrease52.8%
2012 Increase847.1 Increase4,577.9 Increase252.5 Increase1,364.8 Increase3.8% Negative increase11.0% Steady6.0% Negative increase56.7%
2013 Increase883.4 Increase4,679.4 Increase260.3 Increase1,378.6 Increase3.7% Negative increase7.4% Steady6.0% Negative increase57.9%
2014 Increase931.7 Increase4,838.4 Increase275.1 Increase1,428.4 Increase4.1% Negative increase 8.6% Steady6.0% Positive decrease57.1%
2015 Increase981.6 Increase4,998.5 Increase304.5 Increase1,550.5 Increase4.1% Increase4.5% Positive decrease5.9% Positive decrease57.0%
2016 Increase1,010.7 Increase5,048.9 Increase313.6 Increase1,566.6 Increase4.6% Increase2.9% Steady5.9% Negative increase60.8%
2017 Increase1,058.5 Increase5,159.0 Increase339.2 Increase1,653.4 Increase4.6% Increase4.1% Positive decrease5.8% Negative increase60.9%
2018 Increase1,149.8 Increase5,481.8 Increase356.2 Increase1,698.0 Increase6.1% Increase3.9% Steady5.8% Negative increase64.8%
2019 Increase1,206.9 Increase5,641.0 Decrease321.1 Decrease1,500.7 Increase3.1% Negative increase6.7% Negative increase6.9% Negative increase77.5%
2020 Increase1,209.9 Decrease5,544.0 Decrease300.4 Decrease1,376.5 Decrease-0.9% Negative increase10.7% Positive decrease6.6% Negative increase79.6%
2021 Increase1,332.6 Increase5,986.6 Increase348.2 Increase1,564.4 Increase5.7% Negative increase8.9% Positive decrease6.3% Positive decrease74.9%
2022 Increase1,512.5 Increase6,662.1 Increase376.5 Increase1658.4 Increase6.0% Negative increase12.1% Positive decrease6.2% Negative increase77.8%

Stock market

Main article: Pakistan Stock Exchange

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".[45][citation needed] The stock market capitalisation of listed companies in Pakistan was valued at $5,937 million in 2005 by the World Bank.[46] 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.[47] 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.[48] 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.[49] 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.[50] In the fiscal year 2018, the stock market showed a negative growth of 7.1% over the last fiscal year and stood at 47000 points at average.[51] Pakistan's stock market's performance has been remarkable in FY2021. During July 2020 to April 2021 period, the benchmark KSE-100 index improved from 34,889.41 points to 44262.35 points. Pakistan Stock exchange also successfully powered through initial COVID-19 induced economic downturn and earned the title of being the ‘best Asian stock market and fourth best-performing market across the world in 2020.’ The PSE-100 index continued to climb throughout the year. Nearly 40 percent growth in the PSE-100 Index in FY 2021 was driven by government's large stimulus package, central bank's stable policy rate, an uptick in large scale manufacturing, improvement in external accounts and reforms introduced by the Security and Exchange Commission of Pakistan (SECP) and PSX in the wake of COVID-19.[52]

PSX 100 index growth rate[53]

List FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
PSX 100 index growth % Increase 34.1 Increase 37.9 Decrease -10.8 Decrease -41.7 Increase 35.7 Increase 28.5 Increase 10.4 Increase 52.2 Increase 41.2 Increase 16.0 Increase 9.8 Increase 23.2 Decrease-10.0 Decrease-19.1 Increase 0.1 Increase 39.5 Decrease -5.1

The sales of all companies (non-financial) surged to Rs 9,521 billion in the fiscal year 2021, posted a substantial increase of Rs 1,465 billion when compare to a decline of Rs 807 billion in preceding year. EBIT (earnings before interest and tax) recorded an increase of Rs 433 billion (53.21 percent YoY growth) during FY21, as the General, administrative & other expense witnessed relatively smaller rise in the same period. The interest expenses dropped to Rs 224 billion in FY21 from Rs 299 billion in FY20, resulted into a massive YoY increase of Rs 514 billion in profit before taxation. Besides, profit after tax of all companies rose by Rs 404 billion, posted a YoY growth of 125.06 percent during FY21 over FY20. Net profit margin of all companies jumped up to 7.64 in FY21 from 4.01 in FY20, primarily because of exceptional improvement in private sector companies’ net profit margin. Return on assets (ROA), and return on equity (ROE) of all companies rose to 6.37 percent and 17.93 percent in FY21 as compare to 3.10 percent and 8.91 percent in the preceding year. Private sector companies were the prime contributors in the improvement of ROA and ROE, the public sector companies contributed marginally. The key statistics of all public and private companies (non-finanical) listed at Pakistan Stock Exchange have been given in the following table;[54]

(Billion Rupees)
List 2016 2017 2018 2019 2020 2021
Total Assets 6,781 Increase 7,672 Increase 8,845 Increase 10,131 Increase 10,712 Increase 12,143
Total Liabilities 4,024 Negative increase 4,646 Negative increase 5,598 Negative increase 6,628 Negative increase 6,955 Negative increase 7,780
Shareholders' Equity 2,757 Increase 3,025 Increase 3,247 Increase 3,503 Increase 3,756 Increase4 3,63
Total Sales 5,504 Increase 6,405 Increase 7,702 Increase 8,863 Decrease 8,056 Increase 9,521
Profit Before Tax 498 Increase 606 Increase 613 Decrease 612 Decrease 482 Increase 996
Profit After Tax 361 Increase 435 Decrease 431 Decrease 412 Decrease 323 Increase 728
%
Net Profit Margin 6.55 Increase 6.79 Decrease 5.59 Decrease 4.65 Decrease 4.01 Increase 7.64
Return on Assets 0.84 Increase 0.89 Increase 0.93 Steady 0.93 Decrease 0.77 Increase 0.83
Return on Equity 13.77 Increase 15.03 Decrease 13.76 Decrease 12.20 Decrease 8.91 Increase 17.93
earnings per share 3.91 Increase 4.49 Decrease 4.47 Decrease 4.17 Decrease 3.18 Increase 6.87

Middle class

See also: Labour force of Pakistan

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.[55] Official figures also show that the proportion of households that own a motorcycle and washing machines has grown impressively over the past 15 years.[56] 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 recorded at Rs. 179 billion during the FY 2022. Auto finance continued to be the dominated segment, followed by House building which showed remarkable growth after the Mera Pakistan Mera Ghar scheme which was initiated by State Bank of Pakistan in December 2020. Under the scheme, 100 billion rupees have been disbursed by the banks until June 30, 2022. Total amount approved by banks reached to Rs. 236 billion while requested amount crossed half a tillion rupees.[55][57]

Poverty alleviation expenditures

Main article: Poverty in Pakistan

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 2000–01 to 29.3% in 2013 and 17% in 2015.[58] 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.[59] Significant progress in taxation and business reforms has ensured that many firms now are not compelled to operate in the underground economy.[60]

Government revenues and expenditures

Main article: Taxation in Pakistan

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 more than 80% of the entire national tax collection.

Data is taken from Ministry of Finance.[61]

Consolidated Federal and Provincial Fiscal Operations (Amounts in billion PKR)
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Total Revenues Increase 1499.4 Increase 1850.9 Increase 2077.8 Increase 2252.9 Increase 2566.5 Increase 2982.4 Increase 3637.3 Increase 3931.0 Increase 4447.0 Increase 4936.7 Increase 5228.0 Decrease 4900.7 Increase 6272.2 Increase 6903.4 Increase 8035.4
Tax Revenue Increase 1065.2 Increase 1316.7 Increase 1472.5 Increase 1699.3 Increase 2052.9 Increase 2199.2 Increase 2564.5 Increase 3017.6 Increase 3660.4 Increase 3969.2 Increase 4467.2 Increase 4473.4 Increase 4747.8 Increase 5272.7 Increase 6755.2
FBR Taxes Increase 1008.1 Increase 1161.2 Increase 1327.4 Increase 1558.0 Increase 1882.7 Increase 1946.4 Increase 2254.5 Increase 2590.0 Increase 3112.5 Increase 3367.9 Increase 3842.1 Decrease 3829.5 Increase 3997.9 Increase 4764.3 Increase 6142.8
Total Expenditures Negative increase 2276.5 Negative increase 2531.3 Negative increase 3007.2 Negative increase 3447.3 Negative increase 3936.2 Negative increase 4816.3 Negative increase 5026.0 Negative increase 5387.8 Negative increase 5796.3 Negative increase 6800.5 Negative increase 7488.4 Negative increase 8345.6 Negative increase 9648.5 Negative increase 10306.7 Negative increase 13295.3
Fiscal Deficit Negative increase777.2 Positive decrease680.4 Negative increase929.4 Negative increase1194.4 Negative increase1369.7 Negative increase1833.9 Positive decrease1388.7 Negative increase1456.7 Positive decrease1349.3 Negative increase1863.8 Negative increase2260.4 Negative increase3444.9 Positive decrease3376.3 Negative increase3403.3 Negative increase5259.9
As % of GDP
Total Revenue Increase14.1 Decrease14.0 Steady14.0 Decrease12.3 Increase12.8 Increase13.3 Increase14.5 Decrease14.3 Decrease13.6 Increase13.9 Decrease13.3 Decrease11.2 Increase13.2 Decrease12.4 Decrease12.0
Tax Revenue Increase9.9 Decrease9.1 Increase9.9 Decrease9.3 Increase10.2 Decrease9.8 Increase10.2 Increase11.0 Decrease10.4 Steady10.4 Increase10.8 Decrease9.7 Decrease9.3 Decrease9.4 Increase10.1
Total Expenditure Negative increase21.4 Positive decrease19.2 Negative increase20.2 Positive decrease18.9 Negative increase21.4 Negative increase21.5 Positive decrease20.0 Positive decrease19.6 Positive decrease17.7 Negative increase19.1 Steady19.1 Steady19.1 Negative increase20.3 Positive decrease18.5 Negative increase19.9
Fiscal Deficit Negative increase7.3 Positive decrease5.2 Negative increase6.2 Negative increase6.5 Negative increase8.8 Positive decrease8.2 Positive decrease5.5 Positive decrease5.3 Positive decrease4.1 Negative increase5.2 Negative increase5.8 Negative increase7.9 Positive decrease7.1 Positive decrease6.1 Negative increase7.9

Currency system

Main article: Pakistani rupee

Rupee

The basic unit of currency is the rupee, ISO code PKR and abbreviated Rs, which is divided into 100 paisas. Currently, 5,000 rupee note is the largest denomination in circulation. From 13 August 2005, the SBP started introducing its fifth generation design of banknotes with additional security features, with the Rs. 20 note being the first issuance. New designs of Rs. 5 (July 2008, later replaced by a coin) 10 (May 2006), Rs. 20 (March 2008, new color scheme), Rs. 50 (July 2008), Rs. 100 (November 2006), Rs. 500 (January 2010), Rs. 1000 (February 2007) and Rs. 5000 (May 2006) were gradually introduced.[62][63][64]

The Pakistani rupee was pegged to the pound sterling until 1982, when the government of General Zia-ul-Haq, changed it to a managed float regime. 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.

US$ to PKR average exchange rates[65]
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
62.55 78.50 83.80 85.50 89.23 96.73 102.86 101.29 104.23 104.70 109.84 136.09 158.02 160.02 177.45

Foreign exchange reserves

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.[66] 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. The country's forex reserves were at a historic low covering only two weeks' worth of imports. In January 2020, Pakistan's Foreign exchange reserves stood at US$11.503 billion.[67]

Amounts in million US dollars[68][69]
List Jun 2008 Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022
Total Reserves Decrease 11,399 Increase 12,425 Increase 16,750 Increase 18,244 Decrease 15,289 Decrease 11,020 Increase 14,141 Increase 18,699 Increase 23,099 Decrease 21,403 Decrease 16,384 Decrease 14,482 Increase 18,886 Increase 24,397 Decrease 15,536
SBP Reserves 8,577 9,118 12,958 14,784 10,803 6,008 9,097 13,526 18,143 16,145 9,765 7,285 12,132 17,298 9,816
Banks Reserves 2,822 3,307 3,792 3,460 4,485 5,011 5,044 5,173 4,956 5,258 6,618 7,196 6,754 7,099 5,720

Structure of economy

See also: Economic liberalisation in Pakistan

Agriculture accounted for about 53% of the 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).

Sectoral Shares % in GDP (at constant basic prices)[70]
Sectors FY 2000 FY 2005 FY 2010 FY 2020 FY 2021 FY 2022
Agricultural Decrease 27.08 Decrease 23.98 Decrease 22.03 Increase 23.53 Decrease 23.02 Decrease 22.68
Industrial Increase 19.31 Increase 21.34 Decrease 21.04 Decrease 18.53 Increase 18.90 Increase 19.11
Services Increase 53.61 Increase 54.68 Increase 56.93 Decrease 57.94 Increase 58.08 Increase 58.20

Major sectors

Agriculture

Main article: Agriculture in Pakistan

Majority of the population, directly or indirectly, dependent on this sector. It contributes about 19.2% percent of gross domestic product (GDP) and accounts for 37.4% of employed labor force in 2021 and is the largest source of foreign exchange earnings.[71] 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.[72] In the previous market year of 2018/19 Pakistan exported a record 4.5 million tonnes of rice as compared to around 4 MMT during the corresponding period in the previous year.[73]

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.[74] 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 oil seed production, play a central role in the government's economic reform package.

Data is from Ministry of Finance and Pakistan Bureau of Statistics.[53][75][76]

List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Agriculture growth (%) Increase 1.81 Increase 3.50 Increase 0.23 Increase 1.96 Increase 3.62 Increase 2.68 Increase 2.50 Increase 2.13 Increase 0.15 Increase 2.22 Increase 3.88 Increase 0.94 Increase 3.91 Increase 3.48 Increase 4.40
Production of Important Crops (Million Tonnes)
Wheat 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 26.7 Decrease 25.1 Decrease 24.3 Increase 25.2 Increase 27.5 Decrease 26.4
Rice 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 Increase 7.5 Decrease 7.2 Increase 7.4 Increase 8.4 Increase 9.3
Sugarcane Increase 63.9 Decrease 50.0 Decrease 49.4 Increase 55.3 Increase 58.4 Increase 63.8 Increase 67.5 Decrease 62.8 Increase 65.5 Increase 75.5 Increase 83.3 Decrease 67.2 Decrease 66.4 Increase 81.0 Increase 88.7
Cotton * 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 Increase 11.9 Decrease 9.9 Decrease 9.1 Decrease 7.1 Increase 8.3
Maize Increase 3.6 Steady 3.6 Decrease 3.3 Increase 3.7 Increase 4.3 Decrease 4.2 Increase 5.0 Decrease 4.9 Increase 5.3 Increase 6.1 Decrease 5.9 Increase 6.8 Increase 7.9 Increase 8.9 Increase 9.5

* cotton production in million bales.

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. Zarai Taraqiati Bank Limited is the largest financial institution geared towards the development of agriculture sector through provision of financial services and technical expertise.

During 2017–18, agriculture sector recorded a remarkable growth of 3.88 percent and surpassed its targeted growth of 3.5 percent and last year's growth of 2.22 percent. All the major crops showed a positive trend in their production except wheat and maize.[77] Sugarcane and rice production surpassed their historic level with 83.3 and 7.5 million tons respectively. Pakistan Bureau of Statistics provisionally valued this sector at Rs. 11,542,998 million for the year 2021 thus registering the growth of 20.1% over the last year.[78] Again in 2018–19, Agriculture sector did not hit its target growth and only grew by 0.94%. Major crops except maize fell below their previous year output. The agriculture sector's performance during 2020-21 broadly stands encouraging as it grows by 3.48 percent against the target of 2.8 percent. The production of major crops such as wheat, sugarcane, maize and rice indicated considerable improvement compared to last year and surpassed the production targets. The production of sugarcane increased by 22.0 percent to 81.009 million tonnes from 66.380 million tonnes, rice by 13.6 percent to 8.419 million tonnes from 7.414 million tonnes and maize to 8.9 million tonnes from 7.883 million tonnes. However, the cotton crop suffered mainly due to decline in area sown, heavy monsoon rains and pest attacks. The cotton production reduced by 22.8 percent, to 7.064 million bales from 9.148 million bales last year.

Industry

Main article: Industry of Pakistan

Pakistan's industrial sector accounts for approximately 19.12% of GDP.[70] In 2021 it recorded a growth of 7.81% as compared to the growth of negative 5.75% in 2020.[75] 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.[79] 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.

Data is from Pakistan Bureau of Statistics.[75][80]

% growth
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Industrial sector Increase 8.47 Decrease -5.21 Increase 3.42 Increase 4.51 Increase 2.55 Increase 0.75 Increase 4.53 Increase 5.18 Increase 5.69 Increase 4.61 Increase 9.18 Increase 0.25 Decrease -5.75 Increase 7.81 Increase 7.19
Manufacturing Increase 6.10 Decrease -4.18 Increase 1.37 Increase 2.50 Increase 2.08 Increase 4.85 Increase 5.65 Increase 3.88 Increase 3.69 Increase 4.87 Increase 7.08 Increase 4.52 Decrease -7.80 Increase 10.52 Increase 9.80
Mining Increase 3.15 Decrease -2.46 Increase 2.75 Decrease -4.42 Increase 5.16 Increase 3.88 Increase 1.40 Increase 4.97 Increase 6.19 Decrease -0.89 Increase 7.26 Increase 0.54 Decrease -7.17 Increase 1.21 Decrease -4.47
Construction Increase15.36 Decrease-9.88 Increase8.35 Decrease-8.56 Increase3.08 Increase1.08 Increase5.96 Increase7.26 Increase13.68 Increase10.20 Increase19.55 Decrease-18.14 Decrease-3.08 Increase 2.48 Increase 3.14

Manufacturing

It is the largest of Pakistan's industrial sectors, accounting for approximately 12.13% of GDP.[81] 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.[82] Major sectors in industries include cement, fertiliser, edible oil, sugar, steel, tobacco, chemicals, machinery, food processing and medical instruments, primarily surgical.[83][84][85] Pakistan is one of the largest manufacturers and exporters of surgical instruments.[86][87]

Production of Selected Manufactured Goods[88]
Manufactured Goods Unit of quantity 2016 2017 2018 2019 2020 2021 2022
Cotton Yarn Metric Tonne 3,406,000 3,428,000 3,430,000 3,431,000 3,060,000 3,442,000 3,459,000
Cotton Cloth Million Meters 1,039 1,043 1,044 1,046 935 1,048 1,051
Jute Goods Metric Tonne 55,000 60,000 74,000 67,000 65,000 70,000 58,000
Vegetable Ghee Metric Tonne 1,241,000 1,280,000 1,347,000 1,392,000 1,454,000 1,455,000 1,393,000
Cooking Oil Metric Tonne 380,000 390,000 391,000 406,000 442,000 460,000 510,000
Sugar Metric Tonne 5,115,000 7,049,000 6,566,000 5,260,000 4,881,000 5,694,000 7,921,000
Cigarettes Billion Numbers 54 34 59 61 46 52 60
Cement Metric Tonne 35,432,000 37,022,000 41,148,000 39,924,000 39,121,000 49,797,000 48,011,000
Nitrogenous Fertilizers NT 3,018,000 3,063,000 2,758,000 2,990,000 3,139,000 3,324,000 3,391,000
Phosphatic Fertilizers NT 664,000 683,000 619,000 633,000 631,000 748,000 804,000
Caustic Soda Metric Tonne 225,000 224,000 270,000 247,000 342,000 394,000 405,000
Hydrogen Chloride Metric Tonne 172,000 177,000 251,000 425,000 361,000 417,000 510,000
Sulphuric Acid Metric Tonne 75,000 56,000 49,000 49,000 40,000 72,000 111,000
Paper & Board Metric Tonne 610,000 669,000 731,000 704,000 707,000 730,000 825,000
Cycle Tyres & Tubes Thousand 11,490 11,507 11,470 14,491 13,496 10,314 10,876
Motor Tyres & Tubes Thousand 34,202 34,345 35,057 36,321 35,678 31,906 30,296
Jeeps & Cars Numbers 180,717 193,996 231,738 218,845 106,764 182,389 271,923
Tractors Numbers 34,914 53,975 71,894 49,902 32,608 50,700 58,922
Trucks & Buses Numbers 8,331 10,548 13,425 9,684 4,848 5,977 7,934
Motorcycle Numbers 2,071,000 2,501,000 2,825,000 2,460,000 1,813,000 2,476,000 2,190,000
Bicycle Numbers 199,000 200,000 200,000 174,000 141,000 79,000 141,000
Electric Transformers Numbers 33,000 37,000 47,000 31,000 23,000 29,000 35,000
Refrigerators Numbers 1,477,000 1,834,000 1,348,000 1,084,000 716,000 1,351,000 1,389,000
Air Conditioners Numbers 388,000 471,000 451,000 518,000 216,000 508,000 540,000
Electric Fans Numbers 2,033,000 2,523,000 2,596,000 2,591,000 2,124,000 2,499,000 2,600,000
Electric Meters Numbers 1,310,000 1,923,000 1,715,000 1,550,000 1,039,000 1,419,000 2,030,000

Pakistan's largest corporations are mostly involved in utilities like oil, gas, electricity, automobile, cement, food, fertilizer, civil aviation, and telecommunication.

Their assets, sales and profit/loss for year 2020 is listed below:[59]

Amounts are in Billion PKR
Name Total Assets Sales Profit / (Loss) after Tax
Pakistan State Oil Co. Ltd. 341.718 1108.358 (6.466)
Sui Northern Gas Pipelines Limited 800.997 744.555 5.998
K-Electric 703.414 288.807 (2.959)
Sui Southern Gas Co. Ltd 528.937 297.167 (18.363)
Oil and Gas Development Co. Ltd. 861.464 244.857 100.082
Attock Petroleum Ltd. 51.238 201.079 1.008
Byco Petroleum 120.269 173.899 (2.935)
Shell Pakistan Ltd. 54.646 165.140 (4.821)
Pakistan International Airlines Corporation Ltd. 298.799 164.646 (56.037)
Pakistan Petroleum Ltd. 541.902 157.593 50.256
Hascol Petroleum Ltd 87.554 156.335 (25.877)
Pakistan Telecommunication Co. Ltd. 391.368 129.422 10.054
Mari Petroleum Co. Ltd 282.077 126.848 30.313
National Refinery Ltd. 63.313 125.613 (14.863)
Lucky Cement Ltd. 291.887 123.768 7.317
Attock Refinery Ltd. 103.011 119.901 (6.517)
Nestle Pakistan Ltd. 60.906 118.781 8.885
Engro Fertilizers Ltd. 131.713 105.846 17.251
Fauji Fertilizer Co. Ltd. 216.210 102.744 29.751
Pakistan Refinery Ltd. 35.452 90.524 (7.591)
Indus Motor Co. Ltd. 80.279 86.167 5.082
Pak Suzuki Motor Co. Ltd. 66.704 76.720 (1.589)
Cement Industry

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. The government has introduced an incentive package for the construction industry in April 2020, which stimulated the industry especially the private sector housing projects. Package included amnesty scheme, tax exemptions and Rs 36 billion subsidy for Naya Pakistan Housing Scheme. Further, banks were directed to increase construction sector loans to 5 percent of their total loan book and FED reduction on cement from Rs 2/kg to Rs 1.5/kg have given impetus to this industry.[89]

Cement production capacity & dispatches (million tonnes)[90]
Indicators 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Production Capacity 37.68 42.28 45.34 42.37 44.64 44.64 44.64 45.62 45.62 46.39 48.66 59.74 63.63 69.26
Local Dispatches 22.58 20.33 23.57 22.00 23.95 25.06 26.15 28.20 33.00 35.65 41.15 40.34 39.97 48.12
Exports 7.72 10.98 10.65 9.43 8.57 8.37 8.14 7.20 5.87 4.66 4.75 6.54 7.85 9.31
Total Dispatches 30.30 31.31 34.22 31.43 32.52 33.43 34.28 35.40 38.87 40.32 45.89 46.88 47.81 57.43
Fertilizer industry

Fertilizer is an important and costly input responsible for 30 to 50 percent increase in the crop productivity. The overall objective is sustainability and growth in agricultural sector that should match the growing population for food security and the promotion of economic growth. There are nine urea manufacturing plants, one DAP, three NP, four SSP, two CAN, one SOP and two plants of blended NPKs having a total production capacity of 9,172 thousand tonnes per annum in 2021. Urea is main fertilizer having 70 percent share in total production. Installed production capacity of 6,307 thousand tonnes per annum is enough to meet local demand subject to the availability of uninterrupted gas and RLNG supply.

Defence industry
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 tank, 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 2004–2008 and 2009–13, with China providing 54pc and the USA 27pc of Pakistan's imports.

Textiles industry
Main article: Textile industry in Pakistan

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.[citation needed] 2.7% of United States imports of clothing and other textiles is from Pakistan.[91]

Textile is the most important manufacturing sector of Pakistan and has the longest production chain, with inherent potential for value addition at each stage of processing, from cotton to ginning, spinning, fabric, dyeing and finishing, made-ups and garments. This sector contributes nearly one-fourth of industrial value-added and provides employment to about 40 percent of industrial labor force. Barring seasonal and cyclical fluctuations, textiles products have maintained an average share of about 60 percent in national exports.

Automobile Industry
Main article: Automotive industry in Pakistan

The auto sector constitutes about 7 percent to LSM in 2021, which accounts for the significant industrial output of the country. According to PBS, automobile recorded 23.4 percent upsurge during July–March FY2021. In 2021, government has announced Pakistan's new Auto Policy 2021–2026.[92] Given government support, removal of irritants is soon going to bear fruits in the wake of industrial expansion as many new investors have joined with commercial production while the existing players have already made huge investments and a lot more is in waiting. Among the automakers that are yet to start production, Proton, MG, and Volkswagen are the names that could make a significant impact in the local passenger vehicle market. Meanwhile, KIA, Hyundai, Changan, and Prince DFSK have already started productions in Pakistan.[93]

Production & Sale of Vehicles[94]
Type FY 1996 FY 2001 FY 2006 FY 2011 FY 2016 FY 2021 FY 2022
Car Production 33,419 41,556 170,487 133,972 179,944 151,794 226,433
Sales 0 40,310 165,965 127,944 181,145 151,182 234,180
Truck Production 2,994 912 4,518 2,901 5,666 3,808 5,659
Sales ~ 925 4,273 2,942 5,550 3,695 5,802
Bus Production 474 1,326 825 490 1,070 570 661
Sales ~ 1,384 927 515 1,017 652 696
Jeep & Pick-Up Production 4,956 5,441 21,624 20,025 36,609 31,072 44,421
Sales ~ 5,473 21,471 18,553 36,534 30,215 45,087
Farm Tractor Production 16,093 31,635 48,887 70,770 34,914 50,751 58,880
Sales ~ 31,121 48,802 69,203 33,986 50,920 58,947
2/3 Wheelers Production 0 108,850 520,124 838,665 1,362,096 1,902,415 1,826,467
Sales 0 108,649 516,640 835,455 1,358,643 1,903,932 1,821,885

Note: These figures do not include the production / sale of companies which are not members of Pakistan Automotive Manufacturers Association (PAMA).

After the entry of new models and brands by new entrants and due to the significant low benchmark interest rate of 7%, the consumer financing hit an all-time high in 2021. This trend started when a new Automotive Development Policy (2016-2021) was first approved by the ECC in its meeting held on March 18, 2016.

Such growth in demand for car financing was last seen during President Pervez Musharraf's regime (2001-2008) when banks, having ample liquidity, lent significant amount for cars without checking borrowers’ capabilities whether they were able to repay the debt. Later on, the car financing bubble busted when a large number of people defaulted on paying off the car financing.

Outstanding Loans of Consumer Financing for Automobiles (Billion PKR)[57]
Jun 2006 Jun 2007 Jun 2010 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022
97.777 105.444 64.199 85.123 111.960 154.248 193.597 215.461 211.113 308.096 367.845

Mining

Main article: Mining in Pakistan

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 2.4%.

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 6 fiscal years is given in the table below :-[95]

Minerals Unit of Quantity 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Coal Metric ton 3,406,851 Increase3,749,312 Increase3,953,992 Increase4,477,555 Increase5,406,878 Increase8,428,237 Increase9,230,000
Natural Gas MMCFT 1,465,759 Increase1,481,550 Decrease1,471,854 Decrease1,458,935 Decrease1,436,546 Decrease1,316,636 Decrease1,279,097
Crude Oil JSB 34,490,000 Decrease31,652,000 Increase32,269,000 Increase32,557,000 Decrease32,495,000 Decrease28,091,000 Decrease27,560,000
Chromite Metric ton 100,516 Decrease69,333 Increase105,238 Decrease97,420 Increase138,244 Decrease121,435 Increase134,000
Magnesite Metric ton 4,611 Increase35,228 Decrease19,656 Increase23,596 Increase42,996 Decrease16,165 Decrease15,000
Dolomite Metric ton 223,117 Increase666,755 Decrease301,124 Increase488,825 Decrease472,474 Decrease302,045 Increase388,000
Gypsum Metric ton 1,417,007 Increase1,871,716 Increase2,079,629 Increase2,475,893 Increase2,517,825 Decrease2,149,873 Increase2,527,000
Limestone Metric ton 40,470,357 Increase46,123,367 Increase52,149,137 Increase70,818,725 Increase75,596,328 Decrease65,809,924 Increase76,632,000
Rock salt Metric ton 2,136,361 Increase3,552,984 Decrease3,534,075 Increase3,653,746 Increase3,799,106 Decrease3,368,978 Decrease3,366,000
Sulphur Metric ton 19,730 Decrease14,869 Increase23,740 Decrease22,040 Decrease20,715 Decrease19,948 Decrease19,000
Barytes Metric ton 24,689 Increase57,024 Increase75,375 Increase145,189 Decrease116,480 Decrease55,341 Decrease52,000
Soap stone Metric ton 100,724 Increase125,985 Increase152,279 Decrease141,504 Increase156,935 Decrease150,009 Increase289,000
Marble Metric ton 2,815,601 Increase4,746,638 Increase4,906,233 Increase8,813,025 Decrease7,736,443 Decrease5,796,879 Increase7,917,000
Quartz Metric ton 38,117 Increase90,588 Increase98,909 Increase125,014 Decrease112,308 Decrease4,592 n/a

Energy

Main article: Electricity sector in Pakistan

Main sources of Pakistan primary energy supplies include Gas, Oil, Coal, imported LNG and Hydro electricity with the share of 33.1%, 22.6%, 18.3%, 10.3% and 9.9% respectively in 2020. Since the coal mining in Thar desert and the LNG imports from Qatar, Coal and imported LNG have increased their shares manyfold in just 5 years in primary energy supplies of country. The share of Gas is decreasing from 50% in 2005 to 33% in 2020 and oil since 2015 from 35% to 23% in 2020 and are replacing largely by Coal and LNG. As Pakistan intends to generate around 8,800 megawatts of nuclear power by 2030 and 40,000 megawatts by 2050, it's share is also increasing gradually.

Primary Energy Supplies by Source[96]
Fiscal Year Unit Gas Oil Coal LNG

Import

Hydro

Electricity

Nuclear

Electricity

LPG Renewable

Electricity

Imported

Electricity

Total
2005 MTOE Increase 27.95 Increase 16.33 Increase 4.23 - Decrease 6.13 Increase 0.67 Increase 0.25 - Increase 0.03 Increase 55.59
%Share Increase 50.3 Decrease 29.4 Increase 7.6 - Decrease 11.0 Increase 1.2 Increase 0.5 - Increase 0.0 100
2010 MTOE Increase 30.81 Increase 19.81 Increase 4.62 - Increase 6.71 Increase 0.69 Increase 0.40 - Increase 0.06 Increase 63.09
%Share Decrease 48.8 Increase 31.4 Decrease 7.3 - Decrease 10.6 Decrease 1.1 Increase 0.6 - Increase 0.1 100
2015 MTOE Decrease 29.98 Increase 24.97 Increase 4.95 Increase 0.47 Increase 7.75 Increase 1.38 Increase 0.46 Increase 0.19 Increase 0.11 Increase 70.26
%Share Decrease 42.7 Increase 35.5 Decrease 7.0 Increase 0.7 Increase 11.0 Increase 2.0 Increase 0.7 Increase 0.3 Steady 0.1 100
2020 MTOE Decrease 26.66 Decrease 18.19 Increase 14.71 Increase 8.32 Increase 8.02 Increase 2.58 Increase 1.03 Increase 0.99 Increase 0.12 Increase 80.62
%Share Decrease 33.1 Decrease 22.6 Increase 18.3 Increase 10.3 Decrease 9.9 Increase 3.2 Increase 1.3 Increase 1.2 Increase 0.2 100

Central Power Purchasing Agency-Guarantee (CPPA-G) purchases electricity from power producers and the National Transmission and Despatch Company (NTDC) transmits this electricity via its transmission lines to Distribution Companies (DISCOs) which then distribute this electricity via their distribution lines to end consumers. For decades, the matter of balancing Pakistan's supply against the demand for electricity has remained a largely unresolved matter. Since 2018, the availability of electricity has improved with the substantial induction of generation capacity, but the cost of electricity has increased due to many factors like circular debt, fuel cost, currency devaluation, low recovery and Transmission and Distribution losses. Pakistan faces a significant challenge in revamping its network responsible for the supply of electricity.

NEPRA Reports[96]
indicator 2010 2013 2016 2017 2018 2019 2020 2021 2022
Installed Capacity (MW) Increase 22,064 Increase 23,725 Increase 25,421 Increase 28,712 Increase 35,979 Increase 38,995 Decrease 38,719 Increase 39,772 Increase 43,775
Max Generation Capability (MW) Increase 12,751 Increase 14,600 Increase 17,261 Increase 19,020 Increase 23,766 Increase 24,565 Increase 27,780 Increase 27,819 Decrease 27,748
Peak hours demand (MW) Increase 18,467 Increase 18,827 Increase 22.559 Increase 25,117 Increase 26,741 Decrease 25,627 Increase 26,252 Increase 28,253 Increase 30,231
+Surplus/-Deficit (MW) Negative increase -5,716 Increase -4,227 Negative increase -5,298 Negative increase -6,097 Increase -2,975 Increase -1,062 Increase +1,528 Negative increase -434 Negative increase -2,483
Electricity Generation (GWh) Increase 100,020 Decrease 98,655 Increase 114,093 Increase 120,622 Increase 133,588 Increase 137,005 Decrease 134,242 Increase 143,589 Increase 153,874
Electricity Consumption (GWh) Increase 78,768 Increase 81,389 Increase 94,354 Increase 99,616 Increase 110,891 Increase 113,142 Decrease 112,071 Increase 121,206 Increase 133,665
Transmission losses (%) Positive decrease 3.15 Positive decrease 3.05 Positive decrease 2.57 Positive decrease 2.31 Negative increase 2.43 Negative increase 2.83 Positive decrease 2.76 Negative increase 2.78 Positive decrease 2.62
Distribution losses (%) Negative increase 18.37 Negative increase 18.59 Positive decrease 18.14 Positive decrease 17.93 Negative increase 18.32 Positive decrease 17.61 Negative increase 18.86 Positive decrease 17.95 Positive decrease 17.13
(%) share in Electricity Generation
Hydel Decrease 28.56 Increase 30.44 Decrease 30.29 Decrease 26.59 Decrease 21.01 Increase 24.16 Increase 28.83 Decrease 27.02 Decrease 23.10
Thermal Increase 68.50 Decrease 64.91 Decrease 64.57 Increase 65.34 Increase 68.87 Decrease 65.25 Decrease 60.21 Increase 61.76 Decrease 60.50
Nuclear Decrease 2.67 Increase 4.24 Decrease 3.70 Increase 5.20 Increase 6.78 Decrease 6.67 Increase 7.37 Increase 7.72 Increase 11.89
Renewable Energy Increase 0.01 Increase 0.03 Increase 1.04 Increase 2.45 Increase 2.92 Increase 3.57 Decrease 3.21 Decrease 3.15 Increase 4.18
Import 0.42 Decrease 0.36 Increase 0.38 Decrease 0.35 Decrease 0.33

Services

Pakistan's service sector accounts for about 61.7% of GDP.[70] 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.

Data is from Pakistan Bureau of Statistics.[75]

% growth
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Service sector Increase 4.94 Increase 1.33 Increase 3.21 Increase 3.94 Increase 4.40 Increase 5.13 Increase 4.46 Increase 4.36 Increase 5.72 Increase 5.62 Increase 5.95 Increase 5.00 Decrease -1.21 Increase 6.00 Increase6.19

Telecommunication

Main article: Telecommunications 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 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.[97] Pakistan won the prestigious Government Leadership award of GSM Association in 2006.[98]

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

  1. Jazz Pakistan (parent: VEON, Netherlands)
  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 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.[99]

Since liberalisation, over the past four years from 2003 to 2007 the Pakistani telecom sector has attracted more than $9 billion in foreign investments.[100] 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.

According to the PC World, 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.[101] 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.[97]

After the successful implementation of Device Identification Registration and Blocking System (DIRBS) in 2019 along with comprehensive mobile manufacturing policy, created a favorable environment for mobile device manufacturing in Pakistan. For the first time in history of Pakistan, local mobile phone manufacturing exceeded the number of mobile phones that were imported in 2021. Mobile Device Manufacturing (MDM) licence have been issued to 26 companies including the world famous Samsung, Nokia, Oppo, TECNO, Infinix, Vgotel, Q-mobile etc.[102]

PTA Reports[103][104]
Indicators 2003 2004 2005 2006 2007 2017 2018 2019 2020 2021 2022
Teledensity 4.31% 6.25% 11.9% 26.24% 44.06% 72.4% 74.1% 77.7% 79.9% 85.3% 89.5%
Cellular Mobile Subscribers (Millions) 2.4 5.0 12.7 34.5 62.3 139.8 151.5 162.3 168.6 184.2 194.6
Broadband Subscribers (Millions) 0.03 0.05 44.8 58.7 71.5 83.8 102.7 118.8
Broadband Penetration 0.0% 0.0% 22.7% 28.1% 33.8% 38.5% 46.9% 53.9%
Cellular Mobile Data Usage (Petabytes) 690 1,262 2,493 4,510 6,855 8,970
Telecom Revenues ( Billion PKR) 118 144 195 236 528 540 606 597 651 694
Telecom contribution to exchequer (Billion PKR) 30.0 38.0 67.1 77.1 100.0 160.9 162.8 115.5 291.9 225.8 325.2
Total Telecom investment ( Million US $ ) 1,473 1,731 4,109 1,133 1,132 840 1,394 1,336 2,073
Mobile (CBU) imports (Million units) 18.11 12.07 16.28 24.51 10.26 1.53
Local Assembly / Manufacturing (Million units) 1.72 5.2 11.74 13.05 24.66 21.94

Transportation

Main article: Transportation in Pakistan
Air linkage

The year 1955 marked the inauguration of the Pakistan airline's first scheduled international service – to the glittering, glitzy capital city of London, via Cairo and Rome. In 1959, the Government of Pakistan appointed Air Commodore Nur Khan as the managing director of PIA. With his visionary leadership, PIA ‘took off’ and within a short span of 6 years, gained the stature and status of one of the world's frontline carriers. In aviation circles, this period has often been referred to as the "golden years of PIA".On 29 April 1964, with a Boeing 720B, PIA earned the distinction of becoming the first airline from a non-communist country to fly into the People's Republic of China. 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.

PIA Annual Reports[105]
Indicators 2003 2008 2013 2018 2019 2020 2021
Route Kilometers 290,129 311,131 411,936 332,303 389,725 705,820 374,054
Passengers carried 4,556,000 5,617,000 4,449,000 5,203,000 5,290,000 2,541,000 2,657,000
Operating Revenue (Billion PKR) 47.952 88.863 95.771 103.490 147.500 94.989 86.185
Operating Expenses (Billion PKR) 42.574 120.499 123.151 150.524 165.324 100.619 108.559
Profit+/-Loss after Tax (Billion PKR) +1.298 -36.138 -44.322 -67.328 -50.602 -34.643 -50.101
Railway Linkage

Pakistan Railways (PR) is a major mode of transport in the public sector, contributing to the country's economic growth and providing national integration. Pakistan Railways comprises a total of 466 locomotives (461 Diesel Engine and 05 Steam Engines) for the 7,791 km route length.

Pakistan Railway Year Books[106]
Indicators 2016 2017 2018 2019 2020
Route Kilometers 7,791 7,791 7,791 7,791 7,791
Passengers carried 52,192,000 52,388,000 54,907,000 60,387,000 44,304,000
Operating Revenue (Billion PKR) 36.582 40.065 49.570 54.508 47.584
Operating Expenses (Billion PKR) 41.858 50.072 52.071 53.772 59.288
Net Loss (Billion PKR) 26.532 40.303 36.049 32.124 49.477
Road Linkage

The National Highway Authority (NHA) was created, in 1991, through an Act of the Parliament, for planning, development, operation, repair and maintenance of National Highways and Strategic Roads specially entrusted to NHA by the Federal Government or by a Provincial Government or other authority concerned. NHA is custodian of 39 national highways/ motorways/ expressway/ strategic routes having a total length of 12,131 km. It is 4.6% of total national roads network i.e. 263,775 km, however, it carries 80% of commercial traffic and N-5 which is blood-line of Pakistan, carries 65% of this load in the country.

Maritime Linkage

Pakistan National Shipping Corporation (PNSC) is a National flag carrier. It came into existence by a merger of National Shipping Corporation (NSC) and Pakistan Shipping Corporation in 1979. PNSC has worldwide operations in the Dry Bulk segment of shipping market since incorporation and is involved in transportation of liquid cargo since 1998 locally and internationally. The corporation's head office is located in Karachi. At present, PNSC fleet comprises 11 vessels of various types/sizes (05 Bulk carriers,04 Aframax tankers and 02 LR-1 Clean Product tankers) with a total deadweight capacity (cargo carrying capacity) of 831,711 metric tons, the highest ever carrying capacity since inception of PNSC.[107]

Finance

Main articles: Banking in Pakistan and Insurance in Pakistan

Pakistan has a large and diverse banking system. In 1974, a nationalization program led to the creation of six government-owned banks.[108] A privatization program in the 1990s led to the entry of foreign-owned and local banks into the industry.[108] 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.[108]

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 in 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.[109]

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]

Financial Statements of Major Banks 2021 (Billion PKR)[111][112]
Bank Total assets Revenue Profit After Tax
STATE BANK OF PAKISTAN 13,608.462 813.285 757.021
HABIB BANK LTD. 4,074.588 151.672 34.271
NATIONAL BANK OF PAKISTAN 3,846.684 134.559 28.008
UNITED BANK LTD. 2,618.166 95.138 30.882
MCB BANK LTD. 1,970.468 84.061 30.811
MEEZAN BANK LTD. 1,902.971 83.813 28.355
ALLIED BANK LTD. 2,010.156 61.525 17.314
BANK AL-HABIB LTD. 1,849.652 69.636 18.702
BANK ALFALAH LTD. 1,734.321 62.522 14.217
HABIB METROPOLITAN BANK LTD. 1,224.416 40.637 13.459
THE BANK OF PUNJAB 1,196.952 37.780 12.440

In recent years, banking through digital channels has been gaining popularity in the country. These channels offer alternatives resulting in faster delivery of financial services to a wide range of customers. Significant progress has been observed in the usage of Internet Banking and Mobile Banking channels during the last few years, which is evident from the fact that in the last 5 year, the internet banking transactions have seen compound annualized growth of 31%, whereas mobile banking transactions have grown by 86% during the said period.. New regulations such as regulations for Electronic Money Institutions (EMIs), Security of Digital Payments, Payment Card Security Regulations, Internet Banking Security Regulations, and Guidelines for White Labels ATMs have been issued by SBP in recent years. These steps have been taken with the motivation to bring in innovation in Payments systems with an adequate balance of security and providing a level playing field to all the stakeholders.

Payment System Infrastructure[113][114][115]
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Number of Banks 42 45 45 45 44 44 44
Bank branches 13,179 14,293 14,970 15,598 16,067 16,308 17,031
Total Number of ATMs 11,381 12,689 14,019 14,722 15,612 16,355 17,133
Internet Banking Users 1,958,034 2,347,026 3,113,728 3,278,611 3,983,235 5,239,301 8,369,872
Mobile Phone Banking Users 2,451,420 2,484,044 3,385,889 5,626,137 8,451,997 10,872,844 12,339,053
Registered Call Centers/IVR Banking Users 19,200,005 22,389,113 26,484,765 29,748,743 32,322,973 33,436,122 35,351,561
Real time Online Branches (RTOB) 12,674 14,150 14,850 15,481 15,922 16,170 16,603
POS Machines 50,769 54,490 53,511 56,911 49,067 71,907 104,865
No. of Banks' Accounts 46,491,242 50,565,334 53,923,303 54,731,001 63,035,802 67,523,103
Credit Cards 1,450,095 1,292,136 1,453,867 1,589,120 1,655,030 1,720,949 1,799,702
Debit Cards 17,857,561 21,712,069 24,831,777 26,698,046 29,849,278 30,162,289
Payment System Statistics[113][115]
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
PRISM System Transactions Transactions (Millions) 0.9 Increase1.1 Increase1.7 Increase2.5 Increase2.6 Increase4.2 Increase4.4
Amount (Billion PKR) 231,710.5 Increase279,464.4 Increase361,048.2 Increase398,168.9 Decrease394,293.0 Increase444,574.2 Increase681,580.8
E-Banking Financial Transactions Transactions (Millions) 543.1 Increase625.6 Increase756.2 Increase869.8 Increase905.9 Increase1,183.1 Increase1,611.8
Amount (Billion PKR) 37,225.0 Decrease37,061.9 Increase47,403.7 Increase58,820.7 Increase65,987.3 Increase86,482.3 Increase137,857.1
Paper Based Transactions Transactions (Millions) 339.8 Increase451.8 Increase466.5 Decrease465.3 Decrease424.6 Decrease395.8 Decrease391.9
Amount (Billion PKR) 134,410.1 Increase139,590.6 Increase150,362.1 Decrease145,853.9 Decrease131,193.8 Increase151,615.1 Increase190,393.4
Total Transactions Transactions (Millions) 883.8 Increase1,078.5 Increase1,224.4 Increase1,337.6 Decrease1,331.1 Increase1,583.1 Increase2,008.1
Amount (Billion PKR) 403,345.6 Increase456,116.9 Increase558,814.0 Increase602,843.4 Decrease591,474.1 Increase682,671.6 Increase1,009,831.4

Housing

Main article: Housing in Pakistan

The property sector has expanded twenty-threefold since 2001, particularly in metropolises like Lahore.[116] 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.[117] To promote affordable housing and home ownership among low to middle-income group, who currently do not own a house, SBP in 2020 has introduced Government's Mark-Up Subsidy Scheme through which subsidized financing is provided to individuals for construction or purchase of a new house. Since then huge demand for house financing has been witnessed by the commercial banks.

Outstanding Loans of Consumer Financing for House Building (Billion PKR)[57]
Jun 2006 Jun 2010 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022
43.205 54.500 40.207 48.153 60.688 82.939 92.561 79.803 103.631 200.765

Tourism

Main article: Tourism in Pakistan

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. Currently, Pakistan ranks 130th in the world by tourist income. 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.[118] As of 2016, tourism has begun to recover in Pakistan, albeit gradually, with a current global rank of 130.[119]

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.[120]

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.

The World Bank (WB) and International Finance Corporation's flagship report Ease of Doing Business Index 2020 ranked Pakistan 108 among 190 countries around the globe, indicating a continuous improvement and taking a jump from 136 last year. The top five countries were New Zealand, Singapore, Denmark, Hong Kong and South Korea.[121]

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 are considering entry in Pakistan auto market through joint ventures with local manufacturers like Dewan Farooque Motors, Khalid Mushtaq Motors and United Motors.[122] As of March 2022, only the Hyundai Nishat JV materialised.

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.[123]

To boost Pakistan's unstable foreign-exchange reserves, Qatar announced to invest $3 billion the form of deposits and direct investments in the country.[124] By the end of June 2019, Qatar sent the first $500 million to Pakistan.[125][126]

Data is from SBP.[127][128]

Amounts are in million US$
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Foreign Direct Investment Increase 5410.2 Decrease 3719.9 Decrease 2150.8 Decrease 1634.8 Decrease 820.6 Increase 1456.5 Increase 1698.6 Decrease 1033.8 Increase 2392.9 Increase 2406.6 Increase 2780.3 Decrease1362.4 Increase2,597.5 Decrease1,820.5 Increase1,867.8

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.

The foreign exchange receipts from these sales are also helping cover the current account deficit.[132]

Foreign trade

Main article: Foreign trade of Pakistan

Pakistan witnessed the highest export of US$25.4 billion in the FY 2010–11. 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.[133] 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.[134]

Note: This is the trade data (export and import) as released by the SBP.[135] This may differ from the data compiled by Pakistan Bureau of Statistics.

Amounts in billion US dollars
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Total Exports Increase 24.012 Decrease 23.213 Increase 24.893 Increase 31.114 Decrease 29.731 Increase 31.526 Decrease 30.423 Decrease 29.962 Decrease 27.428 Increase 27.918 Increase 30.619 Decrease 30.223 Decrease 27.973 Increase 31.584 Increase 39.424
Exports of Goods Increase 20.448 Decrease 19.126 Increase 19.680 Increase 25.369 Decrease 24.718 Increase 24.802 Increase 25.078 Decrease 24.090 Decrease 21.972 Increase 22.003 Increase 24.768 Decrease 24.257 Decrease 22.536 Increase 25.639 Increase 32.467
Exports of Services Decrease 3.564 Increase 4.087 Increase 5.213 Increase 5.745 Decrease 5.013 Increase 6.724 Decrease 5.345 Increase 5.872 Decrease 5.456 Increase 5.915 Decrease 5.851 Increase 5.966 Decrease 5.437 Increase 5.945 Increase 6.957
Total Imports Increase 45.439 Decrease 39.220 Decrease 38.119 Increase 43.570 Increase 48.688 Decrease 48.445 Increase 49.663 Increase 50.205 Decrease 50.120 Increase 58.577 Increase 67.948 Decrease 62.805 Decrease 52.398 Increase 62.734 Increase 84.130
Imports of Goods Increase 35.282 Decrease 31.665 Decrease 31.132 Increase 35.796 Increase 40.370 Decrease 40.157 Increase 41.668 Decrease 41.357 Decrease 41.118 Increase 48.001 Increase 55.671 Decrease 51.869 Decrease 43.645 Increase 54.273 Increase 72.043
Imports of Services Increase 10.157 Decrease 7.555 Decrease 6.987 Increase 7.774 Increase 8.318 Decrease 8.288 Decrease 7.995 Increase 8.848 Increase 9.002 Increase 10.576 Increase 12.277 Decrease 10.936 Decrease 8.753 Decrease 8.461 Increase 12.087
Trade deficit Negative increase 21.427 Positive decrease 16.008 Positive decrease 13.226 Positive decrease 12.456 Negative increase 18.957 Positive decrease 16.919 Negative increase 19.240 Negative increase 20.243 Negative increase 22.692 Negative increase 30.659 Negative increase 37.329 Positive decrease 32.582 Positive decrease 24.425 Negative increase 31.150 Negative increase 44.706

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's exports of goods recorded their highest level of $25.6 billion during the fiscal year 2020–21, higher than the $25.3 billion recorded in 2010–11.

Exports

Pakistan's major export commodities since fiscal year 2014 are listed in the table below.[136][137]

Amounts are in Million US$
Commodities FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Knitwear 2,194 Increase 2,264 Increase 2,309 Increase 2,335 Increase 2,615 Increase 2,854 Decrease 2,688 Increase 3,372 Increase 4,516
Ready-made garments 1,834 Increase2,044 Increase2,156 Increase 2,279 Increase 2,477 Increase 2,568 Increase 2,595 Increase 2,820 Increase 3,698
Bed wear 2,062 Increase2,207 Decrease2,126 Increase 2,157 Increase 2,346 Increase 2,347 Decrease 2,230 Increase 2,691 Increase 3,255
Rice 2,108 Decrease2,038 Decrease1,853 Decrease 1,575 Increase 1,933 Increase 2,163 Increase 2,274 Decrease 2,211 Increase 2,760
Cotton cloth 2,734 Decrease2,487 Decrease2,332 Decrease 2,123 Increase 2,176 Decrease 2,174 Decrease 1,942 Decrease 1,884 Increase 2,338
Chemical and pharmaceutical 1,138 Increase1,250 Decrease1,052 Increase 1,113 Increase 1,390 Decrease 1,227 Decrease 1,074 Increase 1,147 Increase 1,482
Cotton yarn 2,053 Decrease1,818 Decrease1,266 Decrease 1,140 Increase 1,249 Decrease 1,202 Decrease 1,081 Decrease 921 Increase 1,200
Towels 756 Decrease716 Increase721 Decrease 679 Increase 750 Decrease 713 Decrease 680 Increase 882 Increase 1,080
Leather manufactures 524 Increase547 Decrease488 Decrease 487 Increase 615 Decrease 503 Decrease 480 Increase 560 Increase 649
Sports goods 587 Decrease585 Decrease539 Increase 552 Decrease 551 Decrease 519 Decrease 458 Increase 471 Increase 507
Surgical goods & medical instruments 378 Increase401 Increase424 Decrease 396 Increase 442 Decrease 438 Decrease 411 Increase 480 Decrease 475

Imports

Pakistan's major import commodities since fiscal year 2014 are listed in the table below.[138][139]

Amounts are in Million US$
Commodities FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Petroleum products 9,020 Decrease7,774 Decrease5,098 Increase6,380 Increase 6,768 Decrease 6,039 Decrease 4,190 Increase 4,641 Increase 10,296
Petroleum crude 5,755 Decrease4,393 2,570 Increase2,765 Increase 4,310 Increase 4,915 Decrease 2,606 Increase 3,190 Increase 4,602
Liquefied natural gas (LNG) 0 Increase135 Increase579 Increase1,271 Increase 2,036 Increase 2,872 Decrease 2,375 Decrease 1,776 Increase 3,681
Plastic material 1,680 Increase1,772 Increase1,791 Increase1,875 Increase 2,312 Decrease 2,273 Decrease 1,941 Increase 2,460 Increase 3,251
Palm oil 1,922 Decrease1,681 Decrease1,600 Increase1,775 Increase 1,908 Decrease 1,662 Increase 1,752 Increase 2,443 Increase 3,151
Road vehicles Increase1,774 Increase 2,182 Decrease 1,934 Decrease 1,276 Increase 2,143 Increase 3,010
Iron and steel Decrease1980 Increase 2,523 Decrease 2,008 Decrease 1,491 Increase 2,197 Increase 2,854
Raw cotton Decrease909 Increase 1,198 Decrease 1,181 Increase 1,342 Increase 1,894 Increase 2,283
Telecom Decrease1,023 Increase 1,397 Decrease 1,172 Increase 1,637 Increase 2,513 Decrease 2,252
Electrical machinery & apparatus Decrease1,317 Increase 1,801 Decrease 1,287 Decrease 1,135 Increase 1,452 Increase 1,817
Textile Machinery Increase652 Decrease 615 Increase 654 Decrease 588 Increase 855 Increase 1,212
Power generating machinery Decrease1,337 Increase 1,577 Decrease 732 Increase 734 Increase 930 Decrease 795

External imbalances

See also: Pakistan and the International Monetary Fund

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.[134]

'The current account deficit increased to US$19.2 billion in FY 2018.[140]

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.[134]

Amounts in million US dollars[140]
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Credit 37,247 35,357 38,135 47,703 48,243 50,197 51,153 52,897 51,242 52,218 55,145 55,791 54,254 65,119 73,165
Debit 51,121 44,617 42,081 47,489 52,901 52,693 54,283 55,712 56,203 64,488 74,340 69,225 58,703 67,939 90,571
Net -13,874 -9,261 -3,946 214 -4,658 -2,496 -3,130 -2,815 -4,961 -12,270 -19,195 -13,434 -4,449 -2,820 -17,406
As % of GDP
Net Decrease -8.9 Increase -5.7 Increase -2.3 Increase +0.1 Decrease -2.1 Increase -1.1 Decrease -1.3 Increase -1.0 Decrease -1.7 Decrease -4.0 Decrease -6.1 Increase -4.8 Increase -1.7 Increase-0.6

Economic aid

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. 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.[141][142]

The Asian Development Bank will provide close to $6 billion development assistance to Pakistan during 2006–9.[143] 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.[144] Japan will provide $500 million annual economic aid to Pakistan.[145] 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.[146] 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.[147] In May 2019, Pakistan finalised a US$6 billion foreign aid with IMF.[148] This is Pakistan's 22nd such bailout from the IMF.[149]

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.[150] 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. The SBP's data showed that remittances amounted to $29.4 billion for the year 2021. The government and SBP took measures to incentivise the use of formal channels of sending money home. The orderly foreign exchange market conditions also contributed to the rise in the remittances. Remittances helped improve the country's external sector position despite the challenging global economic conditions due to corona virus pandemic.

Data is taken from SBP and Ministry of Finance.[151][152][53]

Amounts are in billion US$
List FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Workers' remittances Increase 6.4 Increase 7.8 Increase 8.9 Increase 11.2 Increase 13.1 Increase 13.9 Increase 15.8 Increase 18.7 Increase 19.9 Decrease 19.4 Increase 19.9 Increase 21.7 Increase 23.1 Increase 29.4 Increase 31.2

Remittances sent home by overseas Pakistanis in the fiscal year 2020/21 are as under:[133]

Country (Billion US$)
 Saudi Arabia 7.667
 UAE 6.114
 UK 4.067
 Gulf Cooperation Council 3.310
 USA 2.754
 European Union 2.709
 Australia 0.594
 Canada 0.586
 Malaysia 0.204
 Norway 0.111
 Japan 0.085
  Switzerland 0.041
Other countries 1.130

Economic issues

2022 Pakistan economic crisis

Main article: 2022 Pakistan economic crisis
Pakistan bonds
Inverted yield curve in 2019-2020 and 2022
  20 year
  10 year
  5 year
  1 year
Pakistan inflation

Corruption

Main article: Corruption in Pakistan
Corruption Perceptions Index for Pakistan compared to other countries, 2020

The corruption is on-going issue in the government, claiming to take initiatives against it,[153] particularly in the government and lower levels of police forces.[154] In 2011, the country has had a consistently poor ranking at the Transparency International's Corruption Perceptions Index with scores of 2.5,[155] 2.3 in 2010,[156] and 2.5 in 2009[157] out of 10.[158] In 2011, Pakistan ranked 134 on the index with 42 countries ranking worse.[159] In 2012, Pakistan's ranking dropped even further from 134 to 139, making Pakistan the 34th most corrupt country in the world, tied with Azerbaijan, Kenya, Nepal, and Nigeria.[160] However, during Sharif regime (2013–17), Pakistan got improved ranking of 117/180 in 2017 (with an improvement in score 28, 29, 30, 32, 32 [2013–17]), equal to Egypt (better than 59 countries).[161] Due to bad effects of corruption on country, National Accountability Bureau (NAB) was established in 1999. The basic purpose of NAB was to recover looted money from corrupt elements and deposit in the national exchequer. NAB during 2018 to 2020 has recovered Rs 502 billion from corrupt elements which is a record achievement. NAB has recovered Rs 814 billion directly or indirectly from corrupt elements since the bureau's inception, which is more recovery as compared to other such anti corruption organizations.[162]

Debt

Main articles: National debt of Pakistan, Foreign aid to Pakistan, and Periods of stagflation in Pakistan
Map of countries by external debt in US$, 2006

As per the CIA World Factbook, in 2017, Pakistan ranked 57th in the world, with respect to the public external debt to various international monetary authorities (owing ~$107.527 billion in 2019), with a total of 67.1% of GDP (in 2017).[163]

Government debt and liabilities:

  • Total debt & liabilities = Gross Public Debt + External Liabilities + Private Sector External Debt + PSEs External Debt + PSEs Domestic Debt + Commodity Operations + Intercompany External Debt from Direct Investor abroad
  • 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.
  • 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

Data is taken from the State Bank of Pakistan.[164][165][166]

List Jun 2009 Jun 2010 Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun 2015 Jun 2016 Jun 2017 Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022
(Amounts are in Billion PKR)
Total debt & liabilities 8,745.6 Negative increase 10,704.4 Negative increase 12,532.2 Negative increase 14,553.1 Negative increase 16,338.2 Negative increase 18,214.3 Negative increase 19,849.4 Negative increase 22,577.1 Negative increase 25,114.2 Negative increase 29,879.4 Negative increase 40,223.1 Negative increase 44,591.5 Negative increase 47,844.0 Negative increase 59,696.8
Gross public debt 7,731.1 Negative increase 9,010.4 Negative increase 10,770.8 Negative increase 12,696.7 Negative increase 14,291.7 Negative increase 15,991.3 Negative increase 17,380.2 Negative increase 19,676.6 Negative increase 21,408.7 Negative increase 24,952.9 Negative increase 32,707.9 Negative increase 36,398.6 Negative increase 39,866.0 Negative increase 49,192.3
Total debt of govt. 7,204.9 Negative increase 8,410.8 Negative increase 9,927.6 Negative increase 11,890.2 Negative increase 13,457.3 Negative increase 14,623.9 Negative increase 15,986.0 Negative increase 17,823.2 Negative increase 19,635.4 Negative increase 23,024.0 Negative increase 29,520.7 Negative increase 33,235.3 Negative increase 35,668.5 Negative increase 44,330.8
(Amounts are in Billion US$)
Public external debt Negative increase 46.4 Negative increase 49.8 Negative increase 55.3 Positive decrease 53.5 Positive decrease 48.1 Negative increase 51.3 Positive decrease 50.9 Negative increase 57.7 Negative increase 62.5 Negative increase 70.2 Negative increase 73.4 Negative increase 77.3 Negative increase 85.6 Negative increase 88.8
Total external debt Negative increase 52.3 Negative increase 61.6 Negative increase 66.3 Positive decrease 65.5 Positive decrease 60.9 Negative increase 65.3 Positive decrease 65.2 Negative increase 73.9 Negative increase 83.5 Negative increase 95.2 Negative increase 106.3 Negative increase 113.0 Negative increase 122.3 Negative increase 130.2
As % of GDP
Total debt & liabilities 66.3 Negative increase 72.0 Positive decrease 68.6 Negative increase 72.6 Negative increase 73.0 Positive decrease 72.4 Positive decrease 72.3 Negative increase 69.0 Negative increase 70.6 Negative increase 76.2 Negative increase 91.8 Negative increase 93.8 Positive decrease 85.7 Negative increase 89.2
Gross public debt 58.6 Negative increase 60.6 Positive decrease 58.9 Negative increase 63.3 Negative increase 63.9 Positive decrease 63.5 Positive decrease 63.3 Negative increase 60.1 Positive decrease 60.2 Negative increase 63.7 Negative increase 74.7 Negative increase 76.6 Positive decrease 71.5 Negative increase 73.5
Total debt of govt. 54.6 Negative increase 56.6 Positive decrease 54.3 Negative increase 59.3 Negative increase 60.1 Positive decrease 58.1 Negative increase 58.3 Negative increase 54.5 Negative increase 55.2 Negative increase 58.7 Negative increase 67.4 Negative increase 69.9 Positive decrease 63.9 Negative increase 66.2
Public external debt Negative increase 28.6 Negative increase 28.7 Positive decrease 26.0 Positive decrease 25.2 Positive decrease 21.4 Positive decrease 20.2 Positive decrease 18.9 Negative increase 19.6 Positive decrease 19.5 Negative increase 23.4 Negative increase 31.2 Positive decrease 31.1 Positive decrease 24.1 Negative increase 27.1

Pakistan external debt servicing (principal + interest)[167]

Amounts are in million US$
List FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Principal 2,837 Increase3,140 Decrease2,458 Increase3,294 Increase5,046 Increase5,659 Decrease3,499 Decrease3,076 Increase4,439 Decrease3,326 Increase6,527 Increase9,630 Increase10,188 Increase11,555
Interest 1,159 Decrease1,015 Increase1,074 Decrease1,019 Decrease933 Decrease909 Increase1,172 Increase1,346 Increase1,626 Increase2,317 Increase2,951 Increase3,229 Decrease2,229 Increase2,978
Total 3,996 Increase4,155 Decrease3,532 Increase4,313 Increase5,979 Increase6,568 Decrease4,671 Decrease4,422 Increase6,065 Decrease5,642 Increase9,478 Increase12,859 Decrease12,417 Increase14,533

See also

Notes

  1. ^ a b Excluded territories

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Further reading

  • 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, 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 (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.
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