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Economy of Pakistan 46rd Largest Economy in World

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Economy of Pakistan 46rd Largest Economy in World

Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the world’s fifth-most populous country, with a population exceeding 225.1 million, and has the world’s second-largest Muslim population. Pakistan is the 33rd-largest country by area, spanning 881,913 square kilometres

What Is an Economy?

An economy is the large set of inter-related production, consumption, and exchange activities that aid in determining how scarce resources are allocated. The production, consumption, and distribution of goods and services are used to fulfill the needs of those living and operating within the economy, which is also referred to as an economic system.

Currency Of Pakistan

The Pakistani rupee, abbreviated PKR, is the national currency of Pakistan. The Pakistani rupee is made up of 100 paise and is represented locally by the symbol Rp or Rs. The PKR is often referred to as rupees, rupaya, or rupaye.

Trade Organizations Of Pakistan

Pakistan is a member of the World Trade Organization (WTO) and of the South Asian Association for Regional Cooperation (SAARC).
ECO, SAFTA, WTO, AIIB, ADB and others

Country group

  • Developing/Emerging
  • Lower-middle income economy

Statistics

 

What is the population of Pakistan in 2021?

The current population of Pakistan is 227,141,523 as of Saturday, December 18, 2021, based on Worldometer elaboration of the latest United Nations data.

GDP Of Pakistan

Gross Domestic Product (GDP) of Pakistan

Year GDP Nominal
(Current USD)
GDP Real
(Inflation adj.)
GDP
change
GDP per capita Pop.
change
Population
2017 $304,951,818,494 $240,856,714,914 5.70% $1,158 2.10 % 207,906,209
2016 $278,654,637,738 $227,866,886,766 5.53% $1,119 2.11 % 203,631,353
2015 $270,556,126,820 $215,932,848,621 4.73% $1,083 2.11 % 199,426,964
2014 $244,360,888,751 $206,178,251,481 4.67% $1,056 2.11 % 195,305,013
2013 $231,218,567,179 $196,970,457,771 4.40% $1,030 2.13 % 191,260,806
2012 $224,383,620,830 $188,675,424,552 3.51% $1,007 2.15 % 187,280,129
2011 $213,587,413,184 $182,282,709,027 2.75% $994 2.18 % 183,340,174
2010 $177,406,854,515 $177,406,854,515 1.61% $989 2.22 % 179,424,641
2009 $168,152,775,283 $174,601,545,522 2.83% $995 2.26 % 175,525,609
2008 $170,077,814,106 $169,793,571,392 1.70% $989 2.29 % 171,648,986
2007 $152,385,716,312 $166,953,023,525 4.83% $995 2.31 % 167,808,105
2006 $137,264,061,106 $159,256,450,281 6.18% $971 2.32 % 164,022,627
2005 $109,502,102,511 $149,990,711,055 7.67% $936 2.32 % 160,304,008
2004 $97,977,766,198 $139,309,432,952 7.37% $889 2.33 % 156,664,697
2003 $83,244,801,093 $129,748,800,034 4.85% $848 2.37 % 153,093,373
2002 $72,306,820,396 $123,751,409,564 3.22% $827 2.45 % 149,549,700
2001 $72,309,738,921 $119,885,776,649 1.98% $821 2.55 % 145,978,402
2000 $73,952,374,970 $117,555,262,344 4.26% $826 2.68 % 142,343,578
1999 $62,973,855,719 $112,751,930,855 3.66% $813 2.80 % 138,624,621
1998 $62,191,955,814 $108,770,776,064 2.55% $807 2.89 % 134,843,233
1997 $62,433,300,338 $106,065,848,423 1.01% $809 2.91 % 131,057,431
1996 $63,320,122,807 $105,000,725,251 4.85% $825 2.89 % 127,349,290
1995 $60,636,022,423 $100,147,018,592 4.96% $809 2.84 % 123,776,839
1994 $51,894,781,282 $95,412,089,508 3.74% $793 2.80 % 120,362,762

GDP Of 2021

294.00 USD Billion Of 2021

GDP in Pakistan is expected to reach 294.00 USD Billion or ppp $1.36 trillion (PPP; Jun 2021) by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Pakistan GDP is projected to trend around 324.00 USD Billion in 2022 and 350.00 USD Billion in 2023, according to our econometric models. 

GDP ranking

  • 46th (nominal; 2020)
  • 22th (PPP; Jun 2021)[5]

GDP per capita

  •  $1,543 (nominal; Jun 2021)
  •  $5,964 (PPP; Jun 2021)

GDP per capita rank

  • 181st (nominal; Jun 2021)
  • 174th (PPP; Jun 2021)

Gdp By Sector

Agriculture: 19.19% Industry: 19.12% Services: 61.68% (2021 est)

Inflation (Cpi) Of Pakistan

In economics, inflation refers to a general progressive increase in prices of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index.

8.4% (July 2021) Inflation rate in Pakistan

Base Borrowing Rate

Bank rate, also known as discount rate in American English, is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country, and has changed over time in some countries as the mechanisms used to manage the rate have changed.

Whenever a bank has a shortage of funds, they can typically borrow from the central bank based on the monetary policy of the country. The borrowing is commonly done via repos: the repo rate is the rate at which the central bank lends short-term money to the banks against securities. It is more applicable when there is a liquidity crunch in the market. In contrast, the reverse repo rate is the rate at which banks can park surplus funds with the reserve bank, which is mostly done when there is surplus liquidity.

7.00% (September 2020) Bank rate in Pakistan

Population Below Poverty Line

The poverty thresholdpoverty limitpoverty line or breadline, is the minimum level of income deemed adequate in a particular country. The poverty line is usually calculated by finding the total cost of all the essential resources that an average human adult consumes in one year. The largest of these expenses is typically the rent required for accommodation, so historically, economists have paid particular attention to the real estate market and housing prices as a strong poverty line affect. Individual factors are often used to account for various circumstances, such as whether one is a parent, elderly, a child, married, etc. The poverty threshold may be adjusted annually. In practice, like the definition of poverty, the official or common understanding of the poverty line is significantly higher in developed countries than in developing countries.

In October 2015, the World Bank updated the International Poverty Line (IPL), a global absolute minimum, to $1.90 per day. By this measure, the percentage of the global population living in absolute poverty fell from over 80% in 1800 to 10% by 2015, according to United Nations estimates, which found roughly 734 million people remained in absolute poverty.

Below Poverty line in Pakistan

  • 35.1% on less than $3.20/day (2015)
  • Steady 0.5% in extreme poverty (December 2020)

(World Poverty Clock estimate)

Gini coefficient Of Pakistan

In economics, the Gini coefficient, also the Gini index and the Gini ratio, is a measure of statistical dispersion intended to represent the income inequality or the wealth inequality within a nation or a social group. The Gini coefficient was developed by the statistician and sociologist Corrado Gini.

31.6 medium (2018, World Bank)
30 percent 2021
A value of 0 percent represents perfect equality, while 100 percent represents the total concentration of income. Pakistan has a Gini coefficient of 30 percent, signalling low inequality overall.

Human Development Index

The Human Development Index (HDI) is a statistic composite index of life expectancy, education (mean years of schooling completed and expected years of schooling upon entering the education system), and per capita income indicators, which are used to rank countries into four tiers of human development. A country scores a higher HDI when the lifespan is higher, the education level is higher, and the gross national income GNI (PPP) per capita is higher. It was developed by Pakistani economist Mahbub ul Haq and was further used to measure a country’s development by the United Nations Development Programmed (UNDP)’s Human Development Report Office.

0.557 medium (2019)  Ranking (154nd) in World

Labour Force Of Pakistan By Secter

Labor force, total in Pakistan was reported at 72334842 in 2020, according to the World Bank collection of development indicators, compiled from officially recognized sources.
  • 75,862,533 (2020)
  • 48.9% employment rate (2018)

Labour Force Of Pakistan By Occupation

  • Agriculture: Increase 39.2%
  • Industry:Decrease 23.0%
  • Services: Steady 37.8%
  • (2018–19)

Unemployment of Pakistan

The Pakistani rate of unemployment increased by 6.5 percent, and we can say that one out of every 10 persons in the country are experiencing unemployment. In the year 2020, when the unemployment rate in Pakistan was approximately 4.45 percent, a minor decrease from 4.65 percent the previous year.

  •  6.9% (2018-19)
  • Positive decrease 5.8% (2017–18)

Main Industries Of Pakistan

  • Textile
  • Clothing
  • Food processing

  • Medication
  • Surgical instrument
  • List of building materials
  • Fertilizer
  • Shrimp
  • Pulp and paper industry

Ease Of Doing Business Rank Of Pakistan

The ease of doing business index was an index created jointly by Simeon Djankov, Michael Klein, and Caralee McLiesh, three leading economists at the World Bank Group. The academic research for the report was done jointly with professors Edward Glaeser, Oliver Hart, and Andrei Shleifer. Higher rankings (a low numerical value) indicated better, usually simpler, regulations for businesses and stronger protections of property rights. Empirical research funded by the World Bank to justify their work show that the economic growth impact of improving these regulations is strong. Though the first report was authored by Djankov, Klein, and McLiesh, and they continue to be listed as “founders” of the report, some sources attribute the genesis of the idea to Djankov and Gerhard Pohl. The report was discontinued by the World Bank on September 16, 2021, following the release of an independent audit of the data irregularities. The audit documented how bank leadership pressured experts to manipulate the results of the 2018 and 2020 Doing Business Reports.

Pakistan Ease Of Doing Business Rank 108 Medium in World.

Ease Of Doing Business Rank

External

 

Exports Of Pakistan

An export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyer is an importer.

$25.630 billion (FY 2021)

Economy of Pakistan

 

 

 

 

 

 

 

 

 

Export Goods

  • Textiles: $14,409 million
  • Food: $4,503 million
  • Chemical and pharmaceutical products: $1,146 million
  • Leather manufacturers: $559 million
  • Sports goods: $470 million
  • Petroleum: $235 million

 

Main Export Partners

  •  United States 19.6%
  •  China 8.0%
  •  United Kingdom 8.0%
  •  Germany 5.9%
  •  United Arab Emirates 5.8%
  •  Netherlands 4.4%
  •  Afghanistan 3.8%

Imports Of Pakistan

An import is the receiving country in an export from the sending country. Importation and exportation are the defining financial transactions of international trade. In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority.

Increase $53.785 billion (FY 2021)

Import Goods

  • Petroleum: 9,747 million
  • Agriculture and other chemicals: $8,409 million
  • Machinery: $8,322 million
  • Food: $7,244 million
  • Textile: $4,756 million
  • Metal: $4,583 million
  • Transport: $2,745 million
  • Plastic material: 2,459 million

Main Import Partners

  •  China 24.7%
  •  United Arab Emirates 12.9%
  •  Singapore 5.8%
  •  United States 4.5%
  •  Saudi Arabia 4.4%
  •  Japan 2.8%
  •  Indonesia 2.4%
  • (2021 est.)

Gross External Debt Of Pakistan

Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase.

$122.3 billion (June 2021)

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