Pakistan Economy

10 Pages 2484 Words

gnificant 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.
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 ...