1 October 1949 National Day (1940) 4 July (1776) civil law influenced common law system common law system with by Soviet and based on English Islamic law (Majlis-e- continental common law at the Shoora) European civil law federal level; Legal System systems Total Area 796,095 sq km 9,596,960 sq km 9,833,517 sq km Coastline 1,046 km 14,500 km 19,924 km Agricultural land 35.20% 54.7% 44.50% Population 207.775 Mn (2017) 1,374 Mn 324 Mn Population growth rate 1.43% 0.43% 0.81% Median age 23.4 yr 37.1 yr 37.9 yr Birth rate 22.3 births/1000 12.4 births/1000 12.5 births/1000 Death rate 6.4 deaths/1000 7.7 deaths/1000 8.2 deaths/1000 0-14 yr: 31.99% 0-14 yr: 17.1% 0-14 yr: 18.84% Age structure 15-24 yr: 21.31% 15-24 yr: 13.27% 15-24 yr: 13.46% 25-54 yr: 36.87% 25-54 yr: 48.42% 25-54 yr: 39.6% Life expectancy at birth 67.8 years 75.5 years 79.8 years Punjabi 44.7%, Pashtun hite 79.96%, black Han Chinese 91.6% Ethnic groups 15.4%, Sindhi 14.1% 12.85%, Asian 4.43% Punjabi 48%, English 79.2%, Languages Standard Chinese Urdu (official) 8% Spanish 12.9%, Literacy age 15 and over Total 57.9%, Male: 69.5% can read and write Female: 47.8% Literacy age 10 and over Total 62.3%, Male: 72.5% can read and write Female: 51.8% Education expenditures 2.4% of GDP (2018) Urbanization 38.8% 55.60% 81.6% Rate of urbanization 2.88% 3.05% 1.02% Health expenditures 3.3% of GDP, 2.6%(2018) 5.5% of GDP (2014) 17.1% of GDP (2014) GDP (PPP) $312.6 bn; $305.6bn $12.24 trillion $19.4 trillion GDP - real growth rate 5.20%, 5.8%(2017-18) 6.70% 1.60% GDP - per capita (PPP) $ 4927.9 $15,300 $54,200 agriculture: 18.5%, 19% agriculture: 8.6% agriculture: 1.1% GDP - composition by industry: 20.3%, 20.6% industry: 39.8% industry: 19.4% sector services: 61.2%, 60.4% services: 51.6% services: 79.5% Population below poverty 22.5% (FY2017 est.) 24.3% 3.30% 15.1% (2010 est.) line 2015-16 ($ 2 per day) Inflation rate (consumer 7.2%, 3.8% (FY2017) 2% 1.30% prices) Unemployment rate 5.79%, 5.9% (2017 est.) 3% 4.70% Budget Revenues: RS 3,587.7 bn (9.3% of revenues: $2.3 Tr revenues: $3.363 Tr GDP) Total expenditures Rs 5,506.2 Bn (14.3% GDP) Budget surplus(+) deficit(-) (-5.0%) of GDP; (-4.3%) (-3.3%) of GDP (-3.7%) of GDP world leader in highly diversified, textiles and apparel, food gross value of world leading, high- processing, industrial output; technology Industries pharmaceuticals, mining and ore innovator, second- construction materials, processing, iron, largest industrial paper products, fertilizer steel, aluminum, output in the world Industrial production 1.4%: 5.80% (2017-18) 6% 2.10% growth rate world leader in wheat, corn, other cotton, wheat, rice, gross value of grains, fruits, agricultural products sugarcane, agricultural output; vegetables, cotton; rice, wheat, beef, pork, poultry Exports (reduce 1.9%.) $20.9bn, $20.48 bn (2017) $2.098 Tr $1.471 Tr US 13%, UAE 9%, US 18%, Hong Kong Canada 18.6%, Exports - partners Afghanistan 9%, China 14.6%, Japan 6%, Mexico 15.7%, China 8.7%, UK 5.3%, South Korea 4.5% 7.7%, Japan 4.2% electrical and other agricultural textiles, rice, leather goods, machinery, products, industrial, Exports - commodities sporting goods, chemicals, including data organic chemicals, manufactures processing capital product equipment Imports (4.9% reduce) $44.03 bn, $46.3 bn (2018) $1.587 Tr $2.205 Tr electrical and other machinery, data petroleum, petroleum machinery, oil and processing equipt, Imports - commodities products, machinery, mineral fuels; vehicles, chemicals, plastics nuclear reactor oil, gas South Korea 10.9%, China 21.5%, Canada China 28.3%, Saudi Arabia US 9%, Japan 8.9%, 13.2%, Mexico Imports - partners 11%, UAE 10.9%, Kuwait Germany 5.5%, 13.2%, Japan 5.9%, 5.7% Australia 4.1% Germany 5.5% Public debt Rs 18.17 bn 16.1% of GDP 73.8% of GDP Energy sector circular Debt 1.362 billion Trade Deficit (red. 7.4%) $ 23.9 bn; $25.8 (2018) Government Debt to GDP 72.5% $1.7Tr $19.3 Tr Current Account Balance (-$19.19 bn 2018-19) $196.4 bn -$481.2 bn (-27% of GDP 2018-19) (-70% of GDP 2017-18) Central bank discount rate 12.25% 4.35% 2.25% Unemployment, youth 10.50% ages 15-24 Electricity - imports 400 mn kWh 6.185 bn kWh 67 bn kWh Oil - imports 150,800 bbl/day 7.599 mn bbl/day 8.567 mn bbl/day Natural gas - proved 669.4 bn cu m 6 bn cu m 10.44 Tr cu m reserves Electricity - installed App. 34,282 MW 1.646 bn kW 1.075 bn kW generating capacity (2017) $12.7 Bn $230 Bn $600 bn Military expenditures 4.03% of GDP (2018) 1.3% of GDP 3.3% of GDP Note: Macroeconomic in stability, frequent boom and bust cycles, each cycle comprised of 3-4 years of relatively higher growth followed by a macroeconomic crisis The outgoing five-year plan has seen an average growth of 4.7% against the target of 5.4% External sector has shown some improvement after dismal performance in FY-2018. The government has earmarked Rs 77.262 bn for Education Affairs and Services in the federal budget for 2019-20 against the revised allocation of Rs 97.155 bn for the current fiscal year, showing a decrease of around 20.5%. Pakistan's public expenditure on education as percentage to GDP is estimated at 2.4% in fiscal year 2018-19, which is the lowest in the region. The government is targeting to create 10 million jobs in five years. The private sector will play a key role in creation of jobs supported by the government. The Key areas are; Naya Pakistan Housing Program by building 10 million houses. 10 bn Tsunami-Government country wide tree plantation Program National Financial Inclusion Strategy to promote SMEs and digitization of Financial services Investment in tourism will help in job creation through development of neglected areas For the youth the government has launched Kamyab Jawan Program. This program will provide low cost loans to the youth for establishing small businesses enterprises. Energy The installed capacity improved by 2.5% to 34,282 MW compared to last year 33,433 MW, while generation increased by 2.1% to 87,324 GWH from 85,552 GWH. Share in Electricity Generation Hydroelectric 25.8% (24.4%), Thermal 62.1% (65%), Nuclear 8.2% (7.7%) and renewable 3.9% (2.9%). Sector-wise growth rates: Agriculture: 0.85 pc (against target of 3.8pc) Industry: 1.4pc (against target of 7.6pc) Services 4.7pc (against target of 6.5pc) Agriculture The major factor in limiting the growth of Agriculture was water shortage both for Rabi and Khariff crops which badly impacted production of major crops such as Cotton, Rice, and Sugar, which remained behind their target productions. The cotton crop registered a decline of 17.4% to 9.86 million bales, 11.94 Mn bales 2017- 18 Rice production remained short by 3.3% to 7.2 million ton. 7.4 Mn ton 2017-18 Sugar production stood at 67.2 million ton and witnessed a decline 19.4%. 81.1 mn ton 2017-18 Wheat crop showed some nominal growth of 0.5% to 25.2 million ton. 25.1 mn 2017-18 Maize crop showed good improvement of 6.9% to 6.3 million ton. 5.702 Mn ton 2017-18 Livestock share of 59% in agriculture and 10.91% in GDP, growth of 2.7% growth of forestry in 7.16% due to high timber production in KPK fishery growth 0.61% compare to 1.6% 2017-18 Industry Industrial sector showed moderate growth of 1.4% due to decline of Large Scale Manufacturing Sector (LSM) by 2.06% due to reduced aggregate demand Mining and construction sector growth declined by 1.9 and 7.6% respectively. The actual performance of economy next year will be seen in due course of time in view of various initiatives in the field of housing, construction, SME, information technology and tourism as well as strong expansion in credit to private sector and uninterrupted supply of gas and power at competitive rates. Services sector Services sector was affected by the decline in Commodity Producing Sector and registered a less than expected growth at 4.7% General government services and other private services contributed to services sector by surpassing the target and registered a growth of 8% and 7%, respectively. Inflation During July-May, FY-2019 inflation increased to 7.2% due to reversal in global fuel prices, whose impact has been translated on domestic prices as well exchange rate adjustments. The Food inflation during this period remains low to 4.23%. From July-April 2019, headline inflation measured by the CPI averaged 7pc against the 3.77pc owing to exchange rate depreciation and higher fuel prices. Core inflation (non-food and non-energy) was recorded at 8.1pc compared to 5.6pc in the same period last year. FDI and remittances Remittances improved by 8.45% to $ 17.8 bn against 16.4 bn last year Major role in containing the curr. account deficit to 4.03pc of GDP Deficits The export target for FY2019 was set at US$ 28 billion. Exports during July-April FY2019 reached to US$ 20.09 billion as compared to US$ 20.48 in July-April FY2018, decline by 1.9% Import target for FY2019 was set to US$ 56.5 billion. Imports stood at US$ 44.03 billion in July-April FY2019 as compared to US$ 46.30 billion, showing a decline of 4.9 percent This helped in reducing the trade deficit by 7.3pc during July-April FY18-19, while it had shown an expansion of 24.3pc during the corresponding period last year, The current account deficit contracted by 27pc from July-April 2019, while it had expanded by 70pc in the corresponding period last fiscal year. Workers’ remittances played a major role in containing the curr. account deficit to 4.03pc of GDP As a short-term measure to get a breathing space, the government secured $ 9.2 bn from friendly countries to build up buffers and to ensure timely repayment of previous loans Revenue collection Total revenue at Rs-35,837 bn (9.3% of GDP), while growth in total expenditures was 8.7%. The fiscal deficit was recorded at 5pc of the GDP compared to 4.3% in last fiscal. Decelerated performance of total revenues primarily was due to marginal growth of 1.8% in tax revenues and negative growth of 16.7% in non-tax revenues. The Federal Board of Revenue’s tax receipts from July-April 2019 remained at Rs-2,976 bn against Rs-2,923 bn in the corresponding period last year, registered growth of 1.8%. “Actual tax collection during first 10 months of the CFY remained at 67.7% of revised target of Rs 4,398 bn,” (11.5 percent of GDP) Provincial revenue collection rose by 1.5pc from July-March 2019. Govt. Revenue The FBR collections remains lower due to court stay on mobile phones, reduction in personal income tax rates and reduced imports Government has separated the tax policy function of FBR from tax administration. Creation of Specialized Tax Unit for foreign assets. Tax broadening measures. Extensive use of information technology for data mining, detection of under reporting, spotting tax evaders and get more people into tax net. These efforts have helped in expansion of tax filers to more than 1.87 million. Expenditures The government’s total expenditure increased by 8.7% from July-March 2019 to Rs-5,506.2 bn (14.3% of GDP) against last year’s spending of Rs-5063.3 bn (14.6% of GDP). Current expenditure posted growth of 17.7% to Rs4798.4bn (12.4% of GDP). Development expenditure decreased to Rs-655.9 bn this fiscal compared to last year’s of Rs-993.3 bn, exhibiting 34% negative growth compared to 23.6% positive growth recorded last year. The Public Sector Development Program PSDP share in total development expenditure stood at 88% or Rs-578.5 bn in the first nine months. The same period last year saw Rs-931.4 bn expenditure. This year’s PSDP expenditure saw a 37.9% decline, while last year witnessed 24.7% growth