Economy - overview:

Pakistan, an impoverished and underdeveloped country, has suffered from decades of internal political disputes, low levels of foreign investment, and a costly, ongoing confrontation with neighboring India. However, since 2001, IMF-approved reforms - most notably, privatization of the banking sector - bolstered by generous foreign assistance and renewed access to global markets, have generated macroeconomic recovery. Pakistan has experienced GDP growth in the 6-8% range in 2004-07, spurred by gains in the industrial and service sectors. Poverty levels have decreased by 10% since 2001, and Islamabad has steadily raised development spending in recent years, including a 52% real increase in the budget allocation for development in FY07. In 2007 the fiscal deficit - a result of chronically low tax collection and increased spending - exceeded Islamabad's target of 4% of GDP. Inflation remains the top concern among the public, jumping from 7.7% in 2007 to more than 11% during the first few months of 2008, primarily because of rising world commodity prices. The Pakistani rupee has depreciated since the proclamation of emergency rule in November 2007.

GDP (purchasing power parity):

$410 billion (2007 est.)

GDP (official exchange rate):

$143.8 billion (2007 est.)

GDP - real growth rate:

6.4% (2007 est.)

GDP - per capita (PPP):

$2,600 (2007 est.)

GDP - composition by sector:

agriculture: 19.6%
industry: 26.8%
services: 53.7% (2007 est.)

Labor force:

49.18 million
note: extensive export of labor, mostly to the Middle East, and use of child labor (2007 est.)

Labor force - by occupation:

agriculture: 42%
industry: 20%
services: 38% (2004 est.)

Unemployment rate:

7.5% plus substantial underemployment (2007 est.)

Population below poverty line:

24% (FY05/06 est.)

Household income or consumption by percentage share:

lowest 10%: 4%
highest 10%: 26.3% (2002)

Distribution of family income - Gini index:

30.6 (2002)

Inflation rate (consumer prices):

7.8% (2007 est.)

Investment (gross fixed):

21.4% of GDP (2007 est.)

Budget:

revenues: $21.95 billion
expenditures: $27.62 billion (2007 est.)

Public debt:

52.8% of GDP (2007 est.)

Agriculture - products:

cotton, wheat, rice, sugarcane, fruits, vegetables; milk, beef, mutton, eggs

Industries:

textiles and apparel, food processing, pharmaceuticals, construction materials, paper products, fertilizer, shrimp

Industrial production growth rate:

6.8% (2007 est.)

Electricity - production:

89.82 billion kWh (2005)

Electricity - consumption:

67.06 billion kWh (2005)

Electricity - exports:

0 kWh (2005)

Electricity - imports:

0 kWh (2005)

Oil - production:

68,220 bbl/day (2005 est.)

Oil - consumption:

345,000 bbl/day (2005 est.)

Oil - exports:

23,230 bbl/day (2004)

Oil - imports:

278,900 bbl/day (2004)

Oil - proved reserves:

376.8 million bbl (2007 est.)

Natural gas - production:

29.54 billion cu m (2005 est.)

Natural gas - consumption:

29.54 billion cu m (2005 est.)

Natural gas - exports:

0 cu m (2005 est.)

Natural gas - imports:

0 cu m (2005)

Natural gas - proved reserves:

764.6 billion cu m (1 January 2006 est.)

Current account balance:

-$7.105 billion (2007 est.)

Exports:

$16.31 billion f.o.b. (2007 est.)

Exports - commodities:

textiles (garments, bed linen, cotton cloth, yarn), rice, leather goods, sports goods, chemicals, manufactures, carpets and rugs

Exports - partners:

US 17.7%, UAE 10.2%, Afghanistan 8.3%, China 5.2%, UK 4.7% (2006)

Imports:

$30.33 billion f.o.b. (2007 est.)

Imports - commodities:

petroleum, petroleum products, machinery, plastics, transportation equipment, edible oils, paper and paperboard, iron and steel, tea

Imports - partners:

China 16.3%, Saudi Arabia 10.8%, UAE 10%, US 5.7%, Kuwait 4.8%, Japan 4.3% (2006)

Economic aid - recipient:

$1.666 billion (2005)

Reserves of foreign exchange and gold:

$15.69 billion (31 December 2007 est.)

Debt - external:

$39.23 billion (31 December 2007 est.)

Stock of direct foreign investment - at home:

$20.01 billion (2007 est.)

Stock of direct foreign investment - abroad:

$952 million (2007 est.)

Market value of publicly traded shares:

$45.52 billion (2006)

Currency (code):

Pakistani rupee (PKR)

Exchange rates:

Pakistani rupees per US dollar - 60.6295 (2007), 60.35 (2006), 59.515 (2005), 58.258 (2004), 57.752 (2003)

Fiscal year:

1 July - 30 June