Economy of Pakistan
Written by admin on May 15th, 201135.266
1997
PKR 40.185
1998
PKR 44.550
1999
PKR 51.90
2000
PKR 53.6482
2001
PKR 61.9272
2002
PKR 59.7238
2003
PKR 57.752
2004
PKR 58.000
2007
Aug 05
PKR 60.75
Nov 01
PKR 60.50
2008
October 10
PKR 80.00
Apr 01
PKR 63.50
Source: PKR exchange rates in USD, SBP
Foreign exchange reserves
By October 2007, at the end of Prime Minister Shaukat Aziz tenure, Pakistan raised back its Foreign Reserves to .4 billion. Pakistan’s trade deficit was at billion, exports grew to billion, revenue generation increased to become billion and the country attracted foreign investment of .4 billion.
On October 11, 2008 State Bank of Pakistan reported that country’s foreign exchange reserves had gone down by 1.9 Million to 49.7 Million. The foreign exchange reserves had declined more by billion to an alarming rate of .59 billion.
Structure of economy
The economy of the Islamic Republic of Pakistan is suffering with high inflation rates well above 26%. Over 1,081 patent applications were filed by non-resident Pakistanis in 2004 revealing a new-found confidence. Agriculture accounted for about 53% of GDP in 1947. While per-capita agricultural output has grown since then, it has been outpaced by the growth of the non-agricultural sectors, and the share of agriculture has dropped to roughly one-fifth of Pakistan’s economy. In recent years, the country has seen rapid growth in industries (such as apparel, textiles, and cement) and services (such as telecommunications, transportation, advertising, and finance).
Sectoral contribution to GDP Growth
Most of the recent acceleration in GDP growth has come from the industrial and service sectors.
GDP growth by sector, as a percentage of GDP
Sector
2001-02
2002-03
2003-04
2004-05
Agriculture
0.03
1.01
0.53
1.74
Industry
Manufacturing
0.61
1.71
1.08
1.11
2.74
2.31
2.46
2.19
Service
2.47
2.75
3.16
4.16
Real GDP (fc)
3.1%
4.8%
6.4%
8.4%
Source: Economic Survey of Pakistan 2005
Structure of production
Share of Various Sectors in GDP
Sector
2000-01
2001-02
2002-03
2003-04
2004-05
Goods (1+2+3+4+5)
48.2
47.3
47.1
47.4
47.6
1. Agriculture
25.1
24.4
24.2
23.3
23.1
2. Mining
1.3
1.4
1.5
1.5
1.4
3. Manufacturing
15.9
16.1
16.4
17.6
18.3
4. Construction
2.4
2.4
2.4
2.1
2.0
5. Energy Distribution
3.4
3.0
2.5
2.9
2.7
Services (6+7+8+9+10+11)
51.8
52.7
52.9
52.6
52.4
6. Transportation & Comm.
11.7
11.5
11.5
11.4
11.1
7. Trade
18.1
18.0
18.2
18.5
19.1
8. Finance & Insurance
3.1
3.6
3.3
3.3
3.7
9. Ownership of Dwellings
3.2
3.2
3.2
3.1
2.9
10. Public Admin. & Defense
6.3
6.5
6.7
6.5
6.0
11. Other Services
9.4
9.9
10.0
9.9
9.6
Note: GDP is estimated at constant factor cost. Figures are in percentage.
Source: Economic Survey of Pakistan 2005
Sectors
Agriculture
Main article: Agriculture in Pakistan
Agriculture by Province
Mango Orchard in Multan, Pakistan
Pakistan is one of the world’s largest producers and suppliers of the following according to the 2005 Food and Agriculture Organization of The United Nations and FAOSTAT given here with ranking:
Chickpea (2nd)
Apricot (4th)
Cotton (4th)
Sugarcane (4th)
Milk (5th)
Onion (5th)
Date Palm (6th)
Mango (3rd)
Tangerines, mandarin orange, clementine (8th)
Rice (8th)
Wheat (9th)
Oranges (10th)
Pakistan ranks fifth in the Muslim world and twentieth worldwide in farm output. It is the world’s fifth largest milk producer.
Pakistan’s principal natural resources are arable land and water. About 25% of Pakistan’s total land area is under cultivation and is watered by one of the largest irrigation systems in the world. Pakistan irrigates three times more acres than Russia. Agriculture accounts for about 23% of GDP and employs about 44% of the labor force. Zarai Taraqiati Bank Limited is the largest financial institution geared towards the development of agriculture sector through provision of financial services and technical know how.
Industry
Main article: Industry of Pakistan
Manufacturing by Province
Pakistan’s two leading companies, as per Forbes Global 2000 ranking for 2005.
Global
ranking
Company Name
1,284
Oil & Gas Development
1,316
PTCL
Forbes Global 2000
Pakistan ranks forty-first in the world and fifty-fifth worldwide in factory output.
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, fertilizer, edible oil, sugar, steel, tobacco, chemicals, machinery, and food processing.
The government is privatizing large-scale parastatal units, and the public sector accounts for a shrinking proportion of industrial output, while growth in overall industrial output (including the private sector) has accelerated. Government policies aim to diversify the country’s industrial base and bolster export industries.
Industries: textiles (8.5% of the GDP), fertilizer, cement, oil refineries, dairy products,food processing, beverages, construction materials, clothing, paper products, shrimp
Industrial production growth rate: 6% (2005)
Large-scale manufacturing growth rate: 19.9% (2005)
Automobile industry
Pakistan is an emerging market for automobiles and automotive parts offers immense business and investment opportunities. The total contribution of Auto industry to GDP in 2007 is 2.8% which is likely to increase up to 5.6% in the next 5 years. Auto sector presently, contributes 16% to the manufacturing sector which also is expected to increase 25% in the next 7 years.
CNG industry
As of 2009, Pakistan is one of the largest users of CNG (compressed natural gas) in the world. Presently, more than 2,900 CNG stations are operating in the country in 85 cities and towns, and 1000 more would be set up in the next three years. It has provided employment to over 50,000 people in Pakistan.
Cement industry
In 1947, Pakistan had inherited four cement plants with a total capacity of 0.5 million tons. Some expansion took place in 195666 but could not keep pace with the economic development and the country had to resort to imports of cement in 1976-77 and continued to do so till 1994-95. The cement sector comprising of 27 plants is contributing above Rs 30 billion to the national exchequer in the form of taxes.
IT industry
Pakistan IT industry has been rising steadily since the last three years. A marked increase in software export figures are an indication of this booming industry potential. The total number of IT companies increased to 1306 and the total estimated size of IT industry is .8 billion. In 2007, Pakistan was for the first time featured in the Global Services Location Index by A.T. Kearney and was rated as the 30th best location for offshoring By 2009, Pakistan had improved its rank by ten places to reach 20th.
Textiles
The Textile Industry is dominated by Punjab. For example, only 1.5 million people from NWFP are employed in the Industry. 3% of United States imports regarding clothing and other form of textiles is covered by Pakistan. Textile exports in 1999 were .2 billion and rose to become .5 billion by 2007. Textile exports managed to increase at a very decent growth of 16% in 2006. In the period July 2007 June 2008, textile exports were US.62 billion. Textile exports share in total export of Pakistan has declined from 67% in 1997 to 55% in 2008, as exports of other non-textile sectors grew.
Mining
Pakistan is endowed with significant mineral resources and emerging as a very promising area for prospecting/exploration of mineral deposits. Bases on available information, the country’s more than 6,00,000 km of outcrops area demonstrates varied geological potential for metallic and non-metallic mineral deposits. Except oil, gas and nuclear minerals regulated at federal level, Minerals are a provincial subject, under the constitution of Islamic Republic of Pakistan. Provincial governments are responsible for development and exploitation of minerals, besides, enforcing regulatory regime. In line with the constitutional framework the federal and provincial governments have jointly set out Pakistan first National Mineral Policy in 1995, duly implemented by the provinces, providing appropriate institutional and regulatory framework and equitable and internationally competitive fiscal regime.
In the recent past, exploration by government agencies as well as by multinational mining companies presents ample evidence of the occurrences of sizeable minerals deposits. Recent discoveries of a thick oxidized zone underlain by sulphide zones in the shield area of the Punjab province, covered by thick alluvial cover have opened new vistas for metallic
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