Pakistan Economy

Paper Rating: Word Count: 2484 Approx Pages: 10

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 mark

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