Economy - overview:
Pakistan, an impoverished and underdeveloped country, suffers from
internal political disputes, low levels of foreign investment, and a
costly, ongoing confrontation with neighboring India. Pakistan's
economic prospects, although still marred by poor human development
indicators, continued to improve in 2002 following unprecedented
inflows of foreign assistance beginning in 2001. Foreign exchange
reserves have grown to record levels, supported largely by fast
growth in recorded worker remittances. Trade levels rebounded after
a sharp decline in late 2001. The government has made significant
inroads in macroeconomic reform since 2000, but progress is
beginning to slow. Although it is in the second year of its $1.3
billion IMF Poverty Reduction and Growth Facility, Islamabad
continues to require waivers for politically difficult reforms.
Long-term prospects remain uncertain as development spending remains
low, regional tensions remain high, and political tensions weaken
Pakistan's commitment to lender-recommended economic reforms. GDP
growth will continue to hinge on crop performance; dependence on
foreign oil leaves the import bill vulnerable to fluctuating oil
prices; and efforts to open and modernize the economy remain uneven.
GDP:
purchasing power parity - $295.3 billion (2002 est.)
GDP - real growth rate:
4.4% (FY01/02 est.)
GDP - per capita:
purchasing power parity - $2,000 (FY01/02 est.)
GDP - composition by sector:
agriculture: 24%
industry: 25%
services: 51% (FY01/02 est.)
Population below poverty line:
35% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 27.6% (1996-97)
Distribution of family income - Gini index:
41 (FY98/99)
Inflation rate (consumer prices):
3.9% (2002 est.)
Labor force:
40.4 million
note: extensive export of labor, mostly to the Middle East, and use
of child labor (2000)
Labor force - by occupation:
agriculture 44%, industry 17%, services 39% (1999 est.)
Unemployment rate:
7.8% plus substantial underemployment (2002 est.)
Budget:
revenues: $12.6 billion
expenditures: $14.8 billion, including capital expenditures of $NA
(FY02/03 est.)
Industries:
textiles, and apparel, food processing, beverages, construction
materials, paper products, fertilizer, shrimp
Industrial production growth rate:
2.4% (FY01/02 est.)
Electricity - production:
66.96 billion kWh (2001)
Electricity - production by source:
fossil fuel: 68.8%
hydro: 28.2%
other: 0% (2001)
nuclear: 3%
Electricity - consumption:
62.27 billion kWh (2001)
Electricity - exports:
0 kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
62,870 bbl/day (2001 est.)
Oil - consumption:
365,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
297.1 million bbl (37257)
Natural gas - production:
23.4 billion cu m (2001 est.)
Natural gas - consumption:
23.4 billion cu m (2001 est.)
Natural gas - exports:
0 cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
695.6 billion cu m (37257)
Agriculture - products:
cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef,
mutton, eggs
Exports:
$9.8 billion f.o.b. (FY02/03 est.)
Exports - commodities:
textiles (garments, cotton cloth, and yarn), rice, leather, sports
goods, and carpets and rugs
Exports - partners:
US 24.5%, UAE 8.5%, UK 7.2%, Germany 4.9%, Hong Kong 4.8% (2002)
Imports:
$11.1 billion f.o.b. (FY02/03 est.)
Imports - commodities:
petroleum, petroleum products, machinery, chemicals, transportation
equipment, edible oils, pulses, iron an steel, tea
Imports - partners:
UAE 11.7%, Saudi Arabia 11.7%, Kuwait 6.7%, US 6.4%, China 6.2%,
Japan 6%, Malaysia 4.5%, Germany 4.4% (2002)
Debt - external:
$32.3 billion (2002 est.)
Economic aid - recipient:
$2.4 billion (FY01/02)
Currency:
Pakistani rupee (PKR)
Currency code:
PKR
Exchange rates:
Pakistani rupees per US dollar - 59.72 (2002), 61.93 (2001), 53.65
(2000), 49.12 (1999), 44.94 (1998)
Fiscal year:
1 July - 30 June