Short facts about the economy in Pakistan
| Economy -
overview: |
Pakistan is a poor, heavily populated
country, suffering from internal political disputes, lack of foreign investment,
and a costly confrontation with neighboring India. Pakistan's economic outlook
continues to be marred by its weak foreign exchange position, which relies on
international creditors for hard currency inflows. The MUSHARRAF government will
face an estimated $21 billion in foreign debt coming due in 2000-03, despite
having rescheduled nearly $2 billion in debt with Paris Club members. Foreign
loans and grants provide approximately 25% of government revenue, but debt
service obligations total nearly 50% of government expenditure. Although
Pakistan successfully negotiated a $600 million IMF Stand-By Arrangement, future
loan installments will be jeopardized if Pakistan misses critical IMF benchmarks
on revenue collection and the fiscal deficit. MUSHARRAF has complied largely
with IMF recommendations to raise petroleum prices, widen the tax net, privatize
public sector assets, and improve the balance of trade. However, Pakistan's
economic prospects remain uncertain; too little has changed despite the new
administration's intentions. Foreign exchange reserves hover at roughly $1
billion, GDP growth hinges on crop performance, the import bill has been
hammered by high oil prices, and both foreign and domestic investors remain wary
of committing to projects in Pakistan. |
| GDP: |
purchasing power parity - $282 billion
(2000 est.) |
| GDP - real
growth rate: |
4.8% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $2,000 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 25.4%
industry: 24.9%
services: 49.7% (1999
est.) |
| Population
below poverty line: |
40% (2000
est.) |
| Household
income or consumption by percentage share: |
lowest 10%: 4.1%
highest 10%: 27.7%
(1996) |
| Inflation
rate (consumer prices): |
5.2% (2000
est.) |
| Labor
force: |
40 million
note:
extensive export of labor, mostly to the Middle East, and use of child labor
(2000 est.) |
| Labor force
- by occupation: |
agriculture 44%, industry 17%, services
39% (1999 est.) |
| Unemployment
rate: |
6% (FY99/00
est.) |
| Budget: |
revenues: $8.9 billion
expenditures: $11.6 billion, including
capital expenditures of $NA (FY00/01
est.) |
| Industries: |
textiles, food processing, beverages,
construction materials, clothing, paper products,
shrimp |
| Industrial
production growth rate: |
3.8% (1999
est.) |
| Electricity
- production: |
62.078 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 63.38%
hydro: 36.51%
nuclear:
0.11%
other: 0% (1999) |
| Electricity
- consumption: |
57.732 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
cotton, wheat, rice, sugarcane, fruits,
vegetables; milk, beef, mutton, eggs |
| Exports: |
$8.6 billion (f.o.b.,
FY99/00) |
| Exports -
commodities: |
textiles (garments, cotton cloth, and
yarn), rice, other agricultural products |
| Exports -
partners: |
US 24%, Hong Kong 7%, UK 7%, Germany
6%, UAE 6% (FY99/00) |
| Imports: |
$9.6 billion (f.o.b.,
FY99/00) |
| Imports -
commodities: |
machinery, petroleum, petroleum
products, chemicals, transportation equipment, edible oils, grains, pulses,
flour |
| Imports -
partners: |
Saudi Arabia 8%, UAE 8%, US 6%, Japan
6%, Malaysia 4% (FY99/00) |
| Debt -
external: |
$38 billion (2000
est.) |
| Economic aid
- recipient: |
$2 billion
(FY99/00) |
| Currency: |
Pakistani rupee
(PKR) |
| Exchange
rates: |
Pakistani rupees per US dollar - 59.152
(January 2001), 52.814 (2000), 49.118 (1999), 44.943 (1998), 40.918 (1997),
35.909 (1996) |
| Fiscal
year: |
1 July - 30 June | Source: World Factbook |
