Big building in Pakistan

Pakistan Economy

Pakistan's economy in numbers:

Nominal GDP of USD 339 billion in 2023.

GDP per capita of USD 1,464 compared to the global average of USD 10,589.

Average real GDP growth of 3.9% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 58% of overall GDP, manufacturing 12%, other industrial activity 7%, and agriculture 23%. Looking at GDP by expenditure, private consumption accounted for 85% of GDP in 2021, government consumption 11%, fixed investment 14%, and net exports -10%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 75% of total merchandise exports, mineral fuels 1%, food 17%, ores and metals 5% and agricultural raw materials 2%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 51% of total merchandise imports, mineral fuels 27%, food 13%, ores and metals 4% and agricultural raw materials 5%, with other goods accounting for 0% of the total. Total exports were worth USD 28 billion in 2023, while total imports were USD 52 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 4.0% in the decade to 2023. To read more about GDP growth in Pakistan, go to our dedicated page.

Fiscal policy:

Pakistan's fiscal deficit averaged 6.2% of GDP in the decade to 2023. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 6.1% in the decade to 2021. For more information on Pakistan's unemployment click here.

Inflation:

Inflation averaged 8.1% in the decade to 2022. Go to our Pakistan inflation page for extra insight.

Monetary Policy:

Pakistan's monetary policy rate ended 2022 at 16.00%, up from 12.00% a decade earlier. See our Pakistan monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the rupee weakened by 57.1% vs the U.S. dollar. For more info on the rupee, click here.
After stagnating in FY 2023 (July 2022–June 2023), the economy grew 2.1% in the first quarter of FY 2024. The industrial sector rebounded, and the agricultural and services sectors expanded more sharply. This data supports our earlier prognosis that the economy is finding its feet—supported by an IMF deal agreed in July—but only tentatively, amid weak household demand following cuts to electricity and fuel subsidies. In the second quarter of FY 2024, the economy likely continued to expand, with the IMF deal continuing to bolster confidence. Consumer and business sentiment soared in October and November, and the stock market reached record highs in December. In other news, Pakistan won final approval for a USD 700 million loan from the IMF in January, safeguarding against a balance of payments crisis in the near term.
Projections out to 2033.

42 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 18 expert analysts.

Want to get insight on the economic outlook for Pakistan in the coming years? FocusEconomics collects projections out to 2033 on 42 economic indicators for Pakistan from a panel of 18 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Pakistan economy. To download a sample report on the Pakistan's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Pakistan Economic Data

2018 2019 2020 2021 2022
Population (million) 210 214 218 223 227
GDP (USD bn) 357 322 301 349 375
GDP per capita (USD) 1,700 1,506 1,377 1,567 1,653
GDP (PKR bn) 39,190 43,798 47,540 55,836 66,640
Economic Growth (Nominal GDP, ann. var. %) 10.2 11.8 8.5 17.5 19.3
Economic Growth (GDP, ann. var. %) 6.2 2.5 -1.3 6.5 4.8
Domestic Demand (ann. var. %) 7.4 2.5 -2.3 8.0 5.9
Private Consumption (ann. var. %) 7.2 5.6 -2.9 9.5 7.2
Government Consumption (ann. var. %) 5.5 -1.6 8.5 1.8 -1.3
Fixed Investment (ann. var. %) 10.3 -11.1 -6.7 3.7 3.3
Exports (G&S, ann. var. %) 10.0 13.2 1.5 6.5 5.9
Imports (G&S, ann. var. %) 15.7 7.6 -5.1 14.5 11.0
Industrial Production (ann. var. %) 9.2 0.2 -5.7 8.2 6.9
Unemployment (% of active population, aop) 5.8 6.9 6.6 6.3 -
Fiscal Balance (% of GDP) -5.8 -7.9 -7.1 -6.1 -7.9
Public Debt (% of GDP) 64.8 77.5 79.6 73.5 76.2
Inflation (CPI, ann. var. %, eop) 5.4 12.6 8.0 12.3 24.5
Inflation (CPI, ann. var. %, aop) 5.8 9.4 9.5 9.5 19.9
Policy Rate (%, eop) 10.00 13.25 7.00 9.75 16.00
Exchange Rate (PKR per USD, eop) 139 155 160 177 226
Exchange Rate (PKR per USD, aop) 122 150 162 163 205
Current Account Balance (USD bn) -19.2 -13.4 -4.4 -2.8 -17.5
Current Account Balance (% of GDP) -5.4 -4.2 -1.5 -0.8 -4.7
Merchandise Trade Balance (USD bn) -30.9 -27.6 -21.1 -28.6 -39.1
Merchandise Exports (USD bn) 24.8 24.3 22.5 25.6 32.5
Merchandise Imports (USD bn) 55.7 51.9 43.6 54.3 71.5
Merchandise Exports (ann. var. %) 12.6 -2.1 -7.1 13.8 26.7
Merchandise Imports (ann. var. %) 16.0 -6.8 -15.9 24.4 31.8
Foreign Direct Investment (USD bn) 1.7 2.2 2.1 2.1 1.3
International Reserves (USD bn) 11.3 16.0 18.6 22.7 9.8
International Reserves (months of imports) 2.4 3.7 5.1 5.0 1.6
External Debt (USD bn) 95.2 106.3 113.0 122.3 130.3
External Debt (% of GDP) 26.7 33.0 37.6 35.1 34.7

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