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Pakistan Economic Data & Projections

Pakistan's Macroeconomic Analysis:

Nominal GDP of USD 339 billion in 2023.

Nominal GDP of USD 374 billion in 2024.

GDP per capita of USD 1,582 compared to the global average of USD 10,589.

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.

Average real GDP growth of 3.5% over the last decade.

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

Sector Analysis

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

Main Economic Indicators

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.

Economic situation in Pakistan

GDP should have grown for the fifth quarter in a row in July–September, the first quarter of FY 2025, with the economy continuing to recover from a balance-of-payments crisis. Nonetheless, growth likely slowed due to a base effect: GDP grew in the same period last year for the first time in three quarters. Looking at data for Q1 FY 2025, goods exports grew less quickly than in the prior three months, and the output of large manufacturers fell for the first time since October–December 2023, as companies grappled with elevated energy and borrowing costs. In addition, the manufacturing PMI slipped deeper into contractionary territory, and consumers and businesses became less confident about the economy. Turning to the October–December quarter, data is mixed: In October, consumer sentiment rose to the sixth-highest level since May 2022, but the manufacturing PMI fell to an 11-month low.

Pakistan Economic Forecasts

Projections out to 2034.

47 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 16 expert analysts.

Want to get insight on the economic outlook for Pakistan in the coming years? FocusEconomics collects projections out to 2034 on 47 economic indicators for Pakistan from a panel of 16 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 Indicators

2019 2020 2021 2022 2023
Population (million) 214 218 223 227 231
GDP (USD bn) 322 301 349 375 339
GDP per capita (USD) 1,506 1,377 1,567 1,654 1,463
GDP (PKR bn) 43,798 47,540 55,836 66,658 83,955
Economic Growth (Nominal GDP, ann. var. %) 11.8 8.5 17.5 19.4 25.9
Economic Growth (Real GDP, ann. var. %) 3.1 -0.9 5.8 6.2 -0.2
Domestic Demand (ann. var. %) 2.5 -2.3 8.0 5.9 0.1
Private Consumption (ann. var. %) 5.6 -2.9 9.5 7.1 2.7
Government Consumption (ann. var. %) -1.6 8.5 1.8 -1.3 -3.9
Fixed Investment (ann. var. %) -11.1 -6.7 3.7 4.6 -14.9
Exports (G&S, ann. var. %) 13.2 1.5 6.5 5.9 3.2
Imports (G&S, ann. var. %) 7.6 -5.1 14.5 11.0 1.8
Industrial Production (ann. var. %) 0.2 -5.7 8.2 7.0 -3.7
Unemployment (% of active population, aop) 6.9 6.6 6.3 - -
Fiscal Balance (% of GDP) -2.4 2.1 2.0 2.1 2.0
Public Debt (% of GDP) 77.5 79.6 73.5 76.2 77.3
Inflation (CPI, ann. var. %, eop) 12.6 8.0 12.3 24.5 29.7
Inflation (CPI, ann. var. %, aop) 9.4 9.5 9.5 19.9 30.8
Policy Rate (%, eop) 13.25 7.00 9.75 16.00 22.00
Exchange Rate (PKR per USD, eop) 155 160 177 226 281
Exchange Rate (PKR per USD, aop) 150 162 163 205 280
Current Account Balance (USD bn) -13.4 -4.4 -2.8 -17.5 -3.3
Current Account Balance (% of GDP) -4.2 -1.5 -0.8 -4.7 -1.0
Merchandise Trade Balance (USD bn) -27.6 -21.1 -28.6 -39.1 -24.8
Merchandise Exports (USD bn) 24.3 22.5 25.6 32.5 27.9
Merchandise Imports (USD bn) 51.9 43.6 54.3 71.5 52.7
Merchandise Exports (ann. var. %) -2.1 -7.1 13.8 26.7 -14.2
Merchandise Imports (ann. var. %) -6.8 -15.9 24.4 31.8 -26.3
Foreign Direct Investment (USD bn) 2.2 2.1 2.1 1.5 1.8
International Reserves (USD bn) 16.0 18.6 22.7 9.8 13.7
International Reserves (months of imports) 3.7 5.1 5.0 1.6 3.1
External Debt (USD bn) 106.3 113.0 122.3 130.3 126.1
External Debt (% of GDP) 33.0 37.6 35.1 34.7 37.3
Free Sample Report

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