Economy in Pakistan

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Economy—overview:  Today, Pakistan's economy is in much better shape than it was ever before. Pakistan is poised to catch China in terms of growth for the fiscal year of 2005-2006. In 2004-2005, Pakistan's economy grew by 8.4%, which is one of the fastest in the region.Progress is taking place throughout society. Thanks to the widespread reforms introduced by the President, Pervez Musharraf. Foreign companies are investing billions of dollars to pursue the opportunities of a market of world's sixth largest population. A change is evident throughout the society.

GDP: purchasing power parity—$344 billion (1997 est.)

GDP—real growth rate: 8.4% (2005 est.)

GDP—per capita: purchasing power parity—$2 600 (1997 est.)

GDP—composition by sector:

agriculture: 24.2%

industry: 26.4%

services: 49.4% (1997)

Inflation rate—consumer price index: 11.8% (FY96/97)

Labor force:

total: 37.8 million (1998)

by occupation: agriculture 47% mining and manufacturing 17% services 17% other 19%

note: extensive export of labor mostly to the Middle East and use of child labor

Unemployment rate: 7.4% plus substantial underemployment (2008 est.)

Budget:

revenues: $9.6 billion

expenditures: $13.6 billion including capital expenditures of $NA (FY96/97)

Industries: textiles food processing beverages construction materials clothing paper products shrimp automotive

Industrial production growth rate: 18% (FY04/05 est.)

Electricity—capacity: 13.169 million kW (1995)

Electricity—production: 58.1 billion kWh (1997)

Electricity—consumption per capita: 436 kWh (1997)

Agriculture—products: cotton wheat rice sugarcane fruits vegetables; milk beef mutton eggs

Exports:

total value: $15 billion (FY04/05)

commodities: cotton textiles clothing rice leather carpets

partners: EU US Hong Kong Japan

Imports:

total value: $11.4 billion (FY96/97)

commodities: petroleum petroleum products machinery transportation equipment vegetable oils animal fats chemicals

partners: EU Japan US China

Debt—external: $33 billion (1997 est.)

Economic aid:

recipient: $2.2 billion from all bilateral and multilateral sources (FY96/97)

Currency: 1 Pakistani rupee (PRe) = 100 paisa

Exchange rates: Pakistani rupees (PRs) per US$1—44.050 (January 1998) 41.112 (1997) 36.079 (1996) 31.643 (1995) 30.567 (1994) 28.1 (1993); note—annual average of official rate; parallel market rate is higher

Fiscal year: 1 July—30 June

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