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Pakistan
ECONOMY
Salient Features: Low-income country with promising
growth but transition to middle-income nation held back by chronic
problems including rapidly rising population, sizable government
deficits, heavy dependence on foreign aid, large military expenditures,
and recurrent governmental instability.
Gross Domestic Product (GDP): In FY 1993, equivalent
of US$50.8 billion, or about US$408 per capita; GDP growth rate
averaged 5.3 percent a year between 1950 and 1993.
Agriculture: Declined over the past four decades
from 53 percent of GDP in 1950 to 25 percent of GDP in FY 1993,
but still employs about 48 percent of labor force. Notable for
having world's largest continuous irrigation canal system.
Industry: Leading growth component of economy,
industry (including mining, manufacturing, and utilities) accounted
for about 21.7 percent of GDP in FY 1993, up from 8 percent in
FY 1950, and employed 13 percent of labor force.
Services: Services, including construction,
trade, transportation and communications, and other services,
accounted for 53.3 percent of GDP in FY 1993 and employed 39 percent
of labor force. About 7 percent of civilian work force employed
in construction, 13 percent in trade, 5 percent in transportation,
and 14 percent in other services.
Energy: Firewood, bagasse, and dung major energy
sources. Small crude oil production; over 90 percent of petroleum
requirements imported. Natural gas, oil, and hydroelectric power
major domestic commercial energy sources. Substantial deposits
of poor-quality coal. Energy supplies constrain industrialization
in mid-1990s.
Foreign Trade: United States and Japan largest
trading partners. In FY 1993 United States accounted for 13.7
percent of Pakistan's exports and 11.2 percent of its imports.
Japan accounted for 6.6 percent of exports and 14.2 percent of
imports. Germany, Britain, and Saudi Arabia important trading
partners. Hong Kong important export market. China significant
supplier of imports. Trade with India negligible. Cotton and rice
major exports; petrochemicals, chemicals, machinery, and transportation
equipment major imports.
Balance of Payments and External Debt: Negative
balance of trade in early and mid-1990s. In FY 1992, exports US$6.9
billion and imports US$9.3 billion, resulting in trade deficit
of approximately US$2.4 billion. Trade deficit expected to increase
to US$2.5 billion in 1993. World Bank estimated US$24.1 billion
external debt in 1992.
Foreign Aid: Dependent on foreign aid for development
efforts and balancing debt payments. United States the largest
donor of aid since independence; all United States military aid,
and all new civilian commitments ended October 1990.
Currency and Exchange Rate: Rupee (Rs) divided
into 100 paisa. US$1=Rs30.30 rupees in February 1994.
Fiscal Year: July 1 - June 30.
Data as of April 1994
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