Agricultural reforms, including increased wheat and oil seed production, play a central role in the government's economic reform package. Retrieved 23 July Retrieved 26 September Archived from the original on 11 January
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Pakistan's principal natural resources are arable land and water. Pakistan irrigates three times more acres than Russia. Pakistan agriculture also benefits from year round warmth. Agriculture accounts for about Zarai Taraqiati Bank Limited is the largest financial institution geared towards the development of agriculture sector through provision of financial services and technical expertise.
In the wake of 18th amendment to the constitution all the provinces are free to exploit and explore the mineral resources which are in their jurisdiction. Mining and quarrying contributes Pakistan mining and quarrying sector grew by 3. 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 oxidised zone underlain by sulphide zones in the shield area of the Punjab province, covered by thick alluvial cover have opened new vistas for metallic minerals exploration. Pakistan has a large base for industrial minerals. The discovery of coal deposits having over billion tones of reserves at Thar in the Sindh province has given an impetus to develop it as an alternate source of energy. There is vast potential for precious and dimension stones.
Extraction of principal minerals in the last 4 fiscal years is given in the table below: Pakistan's industrial sector accounts for about In it recorded a growth of 5. Manufacturing is the most vibrant sub sector of the industrial sector having Manufacturing sub-sector is further divided in three components including large-scale manufacturing LSM with the share of The government is privatizing large-scale industrial 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. Large Scale Manufacturing is the fastest-growing sector in Pakistani economy.
These figures indicate the potential and further growth in this sector. Pakistan's largest corporation are mostly involved in utilities like oil, gas and telecommunication:. In , Pakistan had inherited four cement plants with a total capacity of 0. Some expansion took place in —66 but could not keep pace with the economic development and the country had to resort to imports of cement in —77 and continued to do so till — The cement sector consisting of 27 plants is contributing above Rs 30 billion to the national exchequer in the form of taxes.
However, by , Pakistan's cement is fast-growing mainly because of demand from Afghanistan and countries boosting real estate sector, In Pakistan exported 7,, metric tons of cement. In the — cement industry in Pakistan became the most profitable sector of economy.
Kearney and was rated as the 30th best location for offshoring. The defence industry of Pakistan, under the Ministry of Defence Production, was created in September to promote and coordinate the patchwork of military production facilities that have developed since independence.
It is currently actively participating in many joint production projects such as Al Khalid 2, advance trainer aircraft, combat aircraft, navy ships and submarines. The country's arms imports increased by per cent between the — and —13, with China providing 54pc and the USA 27pc of Pakistan's imports.
Most of the Textile Industry is established in Punjab. As of , Pakistan is one of the largest users of CNG compressed natural gas in the world. Presently, more than 3, CNG stations are operating in the country in 99 cities and towns, and more would be set up in the next two years. It has provided employment to over 50, people in Pakistan, but the CNG industry is struggling to survive the energy crisis. Pakistan's service sector accounts for about Pakistan is trying to promote the information industry and other modern service industries through incentives such as long-term tax holidays.
After the deregulation of the telecommunication industry, the sector has seen an exponential growth. The mobile telephone market has exploded many-fold since to reach a subscriber base of million users in July , one of the highest mobile teledensities in the entire world. The World Bank estimates that it takes about 3 days to get a phone connection in Pakistan. In addition to the 3. Since liberalisation, over the past four years, [ when? Present growth of state-of-the-art infrastructures in the telecoms sector during the last four years has been the result of the PTA's vision and implementation of the deregulation policy.
Paging and mobile cellular telephones were adopted early and freely. Cellular phones and the Internet were adopted through a rather laissez-faire policy with a proliferation of private service providers that led to the fast adoption.
With a rapid increase in the number of Internet users and ISPs , and a large English-speaking population, Pakistani society has seen an unparalleled revolution in communications. According to the PC World ,  a total of 6. Pakistan was amongst the top five ranker with one of the highest SMS traffic with million messages.
Three out of Five Companies got a 3G licence i. With that Pakistan joined the 3G and 4G world. In December , 3G and 4G subscribers in Pakistan reached to 46 millions. Pakistan is ranked 4th in terms of broadband Internet growth in the world, as the subscriber base of broadband Internet has been increasing rapidly. The rankings are released by Point Topic Global broadband analysis, a global research centre.
As of December there were four cell phone companies including PMCL Jazz , Telenor , Ufone and Zong operating in the country with nearly million mobile phone subscribers. Pakistan Telecommunication Authority released the figures in December that Broadband subscribers in the country reached to approximately 49 millions thus gaining the growth of over 18 fold since The other private carrier is Shaheen Air International whose network covers the main cities of Pakistan and the Persian Gulf.
It is expected to promote trade, tourism, especially for exports destined for Europe as Turkey is part of Europe and Asia. Pakistan's banking sector has remained remarkably strong and resilient during the world financial crisis in —09, a feature which has served to attract a substantial amount of FDI in the sector.
Stress tests conducted on June data indicate that the large banks are relatively robust, with the medium and small-sized banks positioning themselves in niche markets. Banking sector turned profitable in Their profits continued to rise for the next five years and peaked to Rs The credit card market continued its strong growth with sales crossing the 1 million mark in mid The Pakistan Bureau of Statistics provisionally valued this sector at Rs.
An article published in Journal of the Asia Pacific Economy by Mete Feridun of University of Greenwich in London with his Pakistani colleague Abdul Jalil presents strong econometric evidence that financial development fosters economic growth in Pakistan. The property sector has expanded twenty-threefold since , particularly in metropolises like Lahore. The report said that meeting the backlog in housing, besides replacement of out-lived housing units, is beyond the financial resources of the government.
This necessitates putting in place a framework to facilitate financing in the formal private sector and mobilise non-government resources for a market-based housing finance system. The wholesale and retail trade is the largest sub-sector of the services. Its share in the overall services sector is estimated at The wholesale and retail trade sector is based on the margins taken by traders on the transaction of commodities traded. In —13, this sector grew at 2.
For years, the matter of balancing Pakistan's supply against the demand for electricity has remained a largely unresolved matter. Pakistan faces a significant challenge in revamping its network responsible for the supply of electricity.
While the government claims credit for overseeing a turnaround in the economy through a comprehensive recovery, it has just failed to oversee a similar improvement in the quality of the network for electricity supply.
Most cities in Pakistan receive substantial sunlight throughout the year, which would suggest good conditions for investment in solar energy. If the rich people in Pakistan are shifted to solar energy that they should be forced to purchase solar panels, the shortfall can be controlled. Foreign direct investment FDI in Pakistan soared by Business regulations have been overhauled along liberal lines, especially since Most barriers to the flow of capital and international direct investment have been removed.
Unlimited remittance of profits, dividends, service fees or capital is now the rule. However, doing business has been becoming increasingly difficult over the past decade due to political instability, rising domestic insurgency and insecurity and vehement corruption. This can be confirmed by the World Bank 's Ease of Doing Business Index report degrading its ratings for Pakistan each year since September when it ranked Pakistan at 85th well ahead of neighbours like China at 89th and India at rd.
Pakistan is attracting private equity and was the ranked as number 20 in the world based on the amount of private equity entering the nation. Pakistan has been able to attract a portion of the global private equity investments because of economic reforms initiated in that have provided foreign investors with greater assurances for the stability of the nation and their ability to repatriate invested funds in the future.
The privatization process, which started in the early s, has gained momentum, with most of the banking system privately owned, and the oil sector targeted to be the next big privatization operation.
The recent improvements in the economy and the business environment have been recognised by international rating agencies such as Moody's and Standard and Poor's country risk upgrade at the end of With the rapid growth in Pakistan's economy, foreign investors are taking a keen interest in the corporate sector of Pakistan.
In recent years, majority stakes in many corporations have been acquired by multinational groups. The foreign exchange receipts from these sales are also helping cover the current account deficit. The imports continued to grow at a much faster rate and grew by a large percentage of Furthermore, the ratio between real growth in world imports and world real GDP growth substantially declined. This decline in the import content of economic activity triggered a shift in consumption worldwide from traded towards non-traded goods, import substitution, a slowdown in the pace of trade liberalization , and gave currency to protectionist measures.
As per FY data, more than half of country's exports are shipped to these two destinations i. A decline in Pakistan overall exports,thus occurred in this backdrop. The construction projects under CPEC require heavy machinery that has to be imported. It is also observed that the economy is currently being led both by investments as well as consumption, resulting in relatively higher levels of imports.
The increase in import of machinery will have multiplier effect on the economy as the manufacturing has the highest backward linkage among the major sectors. As the demand for manufacturing grows, it in turn will help in the creation of jobs, investments, and innovations. Pakistan major exports commodities for the last four fiscal years are listed in the table below: Pakistan major imports commodities for the last four fiscal years are listed in the table below: During FY , the increase in imports of capital equipment and fuel significantly put pressure on the external account.
A reversal in global oil prices led to increase in POL imports, accompanied by falling exports, as a result the merchandised trade deficit grew by While remittances and Coalition Support Fund inflows both declined slightly over the same period last year, however, the impact was offset by an improvement in the income account, mainly due to lower profit repatriations by oil and gas firms.
However, the impact of high current deficit on foreign exchange reserves was not severe, as financial inflows were available to the country to partially offset the gap; these inflows helped ensure stability in the exchange rate.
Net FDI grew by Encouragingly for the country, the period saw the completion of multiple merger and acquisition deals between local and foreign companies. Moreover, multiple foreign automakers announced their intention to enter the Pakistani market, and some also entered into joint ventures with local conglomerates.
Pakistan receives economic aid from several sources as loans and grants. Pakistan also receives bilateral aid from developed and oil-rich countries. The remittances of Pakistanis living abroad has played important role in Pakistan's economy and foreign exchange reserves. Since the Pakistani workers in the oil rich Arab states have been sources of billions of dollars of remittances.
Remittances sent home by overseas Pakistani workers have seen a negative growth of 3. This decline in remittances is mainly due to the adverse economic conditions of Arabian and gulf countries after the fall in oil prices in M to Kuwait should all be helpful in opening new avenues for employment in these countries. Going forward one can expect improvements in the coming years.
The current tax-to-GDP ratio is Overall revenues increased to Among those, tax revenues increased from 9. Government expenditures were 4, Total expenditures witnessed a downward trajectory without compromising the expenditures on development projects and social assistance. During first nine months of current fiscal year, the fiscal deficit stood at 3.
On the basis of previous estimates of GDP at Rs 33, billion, the fiscal deficit was recorded at 3. Total revenues grew at 6. Pricing is expected during New York trading hours on 23 March The Government of Pakistan has been raising money from the international debt market from time to time.
From Wikipedia, the free encyclopedia. Population below poverty line. Economic history of Pakistan. Labour force of Pakistan. List of Pakistani companies. Information technology in Pakistan. Defence industry of Pakistan. Textile industry in Pakistan. Pakistan Railways and List of airlines of Pakistan. Banking in Pakistan and Insurance in Pakistan. List of banks in Pakistan.
Electricity sector in Pakistan. Pharmaceutical industry in Pakistan. Foreign trade of Pakistan. Foreign aid to Pakistan.
Pakistan portal Economics portal. Retrieved 26 September This article incorporates text from this source, which is in the public domain. Pakistan Bureau of Statistics. Retrieved 14 October Retrieved 27 September Retrieved 5 December Retrieved 23 July