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Economy of Pakistan

The economy of Pakistan is the 26th largest in the world in terms of purchasing power parity (PPP), and 40st largest in terms of nominal gross domestic product. Pakistan has a population of over 190 million (the world's 6th-largest), giving it a nominal GDP per capita of $1,427, which ranks 133rd in the world. However, Pakistan's undocumented economy is estimated to be 36% of its overall economy, which is not taken into consideration when calculating per capita income. Pakistan is a developing country and is one of the Next Eleven, the eleven countries that, along with the BRICS, have a potential to become one of the world's large economies in the 21st century. However, after decades of war and social instability, as of 2013, serious deficiencies in basic services such as railway transportation and electric power generation had developed. The economy is semi-industrialized, with centres of growth along the Indus River. Primary export commodities include textiles, leather goods, sports goods, chemicals and carpets/rugs.

Pakistan is currently undergoing a process of economic liberalization, including privatization of all government corporations, aimed to attract foreign investment and decrease budget deficit. In 2014, foreign currency reserves crossed $18.4 billion which has led to stable outlook on the long-term rating by Standard & Poor's.

Sectors

Agriculture

The most important crops are wheat, sugarcane, cotton, and rice, which together account for more than 75% of the value of total crop output. Pakistan is a net food exporter, except in occasional years when its harvest is adversely affected by droughts. Pakistan exports rice, cotton, fish, fruits (especially Oranges and Mangoes), and vegetables and imports vegetable oil, wheat, pulses and consumer foods. The country is Asia's largest camel market, second-largest apricot and ghee market and third-largest cotton, onion and milk market. The economic importance of agriculture has declined since independence, when its share of GDP was around 53%.

Mining

Currently about 52 minerals are under exploitation although on small scale. The major production is of coal, rock salt and other industrial and construction minerals. The current contribution of the mineral sector to the GDP is about 0.5% and likely to increase considerably on the development and commercial exploitation of Saindak & Reco Diq copper and gold deposits (world's largest gold mine), Duddar zinc lead, Thar coal and gemstone deposits.

Industry

Pakistan's industrial sector accounts for about 24% of GDP. Cotton textile production and apparel manufacturing are Pakistan's largest industries, accounting for about 66% of the merchandise exports and almost 40% of the employed labour force. Other major industries include cement, fertiliser, edible oil, sugar, steel, tobacco, chemicals, machinery, and food processing.

Automotive industry

Auto sector presently, contributes 16% to the manufacturing sector which also is expected to increase 25% in the next 7 years. Car ownership in Pakistan has risen by 40% per annum since 2001.

Construction material

Pakistan's cement is fast-growing mainly because of demand from Afghanistan and countries boosting real estate sector, In 2013 Pakistan exported 7,708,557 metric tons of cement. Pakistan has installed capacity of 44,768,250 metric tons of cement and 42,636,428 metric tons of clinker. In the 2012-2013 cement industry in Pakistan became the most profitable sector of economy.

Information Communication Technology Industry

Information Communication Technology (ICT) industry grossed over $4.8 billion in 2013. However, it is expected to exceed the $13 billion mark by 2018. A marked increase in software export figures are an indication of this booming industry's potential.

Defence Industry

The defence industry of Pakistan , under the Ministry of Defence Production. Pakistan is manufacturing and selling weapons to over 40 countries, bringing in $20 million annually. The country's arms imports increased by 119 per cent between the 2004-2008 and 2009-13, with China providing 54pc and the USA 27pc of Pakistan's imports.

Textiles

Most of the Textile Industry is established in Punjab. 10% of United States imports regarding clothing and other form of textiles is covered by Pakistan.

Other

As of 2010, Pakistan is one of the largest users of CNG (compressed natural gas) in the world. Presently, more than 3,000 CNG stations are operating in the country in 99 cities and towns, and 1000 more would be set up in the next two years.

Services

After the deregulation of the telecommunication industry, the sector has seen an exponential growth. Pakistan Telecommunication Company Ltd has emerged as a successful Forbes 2000 conglomerate with over US $1 billion in sales in 2005. The contribution of the telecom sector to the national exchequer increased to Rs 110 billion in the year-end 2007-08 on account of the general sales tax, activation charges and other steps as compared to Rs 100 billion in the year-end 2006-07.

Transportation

Pakistan International Airlines, the flagship airline of Pakistan's civil aviation industry, has turnover exceeding $25 billion in 2015. A massive rehabilitation plan worth $1 billion over five years for Pakistan Railways has been announced by the government in 2005.

FinancePakistan's banking sector has remained remarkably strong and resilient during the world financial crisis in 2008-09, a feature which has served to attract a substantial amount of FDI in the sector.

Housing

The Federal Bureau of Statistics provisionally valued this sector at Rs.185,376 million in 2005 thus registering over 49% growth since 2000.

Minor Sectors

The Federal Bureau of Statistics provisionally valued this sector at Rs.389,545 million in 2005 thus registering over 65% growth since 2000.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Pakistan"

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