Pakistan’s economy is primarily based on agriculture, textile and services. Pakistan’s economy also depends on remittances, as foreign workers send $6.7 billion back home to their families. The Pakistani economy has grown consistently since the late 1990s, averaging around 6% GDP growth.
Inflation has dropped, foreign reserves are at an all-time high, and the stock market is booming, but the average Pakistani has seen little benefit from this growth. In the past few years, the Pakistani government has been attempting to liberalize its economy through privatization, deregulation, and economic reform.
Pakistan’s economy has traditionally been an agrarian economy but the services sector has now overtaken the agriculture sector. The services sector accounts for over half the country’s GDP. It is driven by economic activity in trade and financial services as well as communication and business process outsourcing (BPO).
In this blog, we will go through the different sectors of Pakistan’s economy and look at the activities within each sector.
Pakistan’s economy is the 27th largest in the world in terms of purchasing power and 47th largest in terms of nominal gross domestic product (GDP). Since the 1970s, Pakistan’s economic growth has been affected by civil-military discord, corruption, and political instability.
After enjoying growth rates of 6 to 7 percent in the early-2000s, growth has slowed to an average of around 4.5 percent in recent years, which is insufficient to employ the growing population. Moreover, the economy is plagued with chronic power shortages, which have plagued Pakistan for decades.
In the past few years, Pakistan’s economy has, nonetheless, witnessed growth of around 4.7 percent, even though Pakistan has been hard hit by the 2014-15 global recession and the government has not been able to fully tap the potential of the country.
Pakistan’s Economy Over The Last 5 Years
Pakistan’s economy over the last 5 years. Pakistan’s economy has been growing steadily, even during the global economic crisis. In the last 5 years, Pakistan’s economy has grown at an annual average rate of 6.3 percent.
The economy has also been resilient to the impact of terrorism. As a result of the global financial crisis, the economy slowed down in 2009 by 2.2 percent, but growth resumed in 2010. Pakistan’s economy remains vulnerable to terrorist attacks and geopolitical tensions in Afghanistan.
Pakistan’s economy over the last five years has been shaped by the policies of the government, both domestic and foreign. In spite of these policies, there still remains a lot the government can do to promote economic growth.
The government has done a lot to help the economy, and all of it can be attributed to the steps taken towards the future. The government has ensured that all its resources are used, both domestically and internationally, by helping the economy in many different ways.
Pakistan is the sixth-largest economy in the world and the third-largest Muslim economy. The economy of Pakistan is based on the private sector which accounts for the bulk of its GDP. Pakistan has achieved significant milestones in social and economic development in the past 30 years.
Today, Pakistan has a large middle class, a young and growing population, and a vibrant and growing private sector. The Asian Development Bank has also recognized that Pakistan has a large amount of untapped potential for future growth.
Pakistan is an upper-middle-income, developing country with a GDP (PPP) of $938.1 billion, which accounts for around 5 percent of the total world economy. The country ranks 42nd in per capita income and 72nd in nominal GDP.
Pakistan’s exports remained stagnant at $20.4 billion in FY2014 due to higher prices for imported material and decreased demand for Pakistani goods. Remittances, however, increased by 10.5 percent to $16 billion in FY2014 due to an increase in foreign employment.
Pakistan’s largest export is cotton, while textiles, rice, sugar, and leather products are the country’s major imports. Pakistan’s international reserves increased to $18.5 billion in September 2014. The country is ranked at 110th place in the World Bank’s ease of doing business index.
GDP Per Capita (PPP)
Pakistan is a developing country. It is the 2nd largest country in South Asia. Pakistan has the 6th largest Muslim population in the world. Pakistan was the 2nd largest recipient of the U.S. foreign assistance between the years 2002–2008, receiving $7.419 billion.
Pakistan’s share of total U.S. foreign assistance over the same period was 10%. In 2010, $5.731 billion of U.S. foreign assistance to Pakistan was designated for civilian purposes, and $2.577 billion was earmarked for military assistance.
The gross domestic product (GDP) per capita is the monetary value of all final goods and services produced within a nation in a given year, divided by the average population for the year. This page provides – Pakistan GDP per capita (PPP) – actual values, historical data, forecast, chart, statistics, economic calendar and news.
Pakistan GDP per capita (PPP) – actual data, historical chart and calendar of releases – was last updated on October of 2018.
Key Facts About Pakistan’s GDP
Pakistan is a federal parliamentary republic in South Asia. It has a 1,046 kilometer-long border with India. The country is totally dependent on its agricultural sector for foreign exchange earnings. In the past decade, Pakistan has made significant progress in improving its macroeconomic stability, but it still faces important economic challenges.
Pakistan’s economy is currently the 26th-largest in the world in terms of purchasing power parity (PPP) and 46th in nominal terms. Pakistan has an estimated population of more than 180 million people and a growing middle class with an estimated 40 million consumers.
The country is rich in natural resources, including water and minerals. Pakistan has a well-developed infrastructure and possesses a diversified and growing economy. The country has a well-diversified and growing economy, with the services sector contributing about half of GDP and industry contributing a quarter. Agriculture accounts for a significant 18 percent of GDP.
The most important forms of services are wholesale and retail trade, restaurants, hotels and transport. About half of the GDP comes from Karachi, Lahore and Islamabad. Agriculture accounts for 23 percent of GDP, and industry 22 percent. Pakistan has a large informal economy, with an estimated 60 percent of the workforce employed in this sector.
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