Factors of Pakistani Economy

Pakistani economy is backed by its agriculture, industry and service sector. Pakistani economy is growing at a slow pace but is home to various types of natural resources which can be utilized in better and efficient ways in order to achieve development. Pakistan is highly rich for mineral resources, oil, gas and forestry as well.

The agriculture sector is the largest sector of Pakistan’s economy. It feeds a large population of both urban and rural areas. It shares about 24% of the GDP and accounts for half of the employment of the nation. It is also the largest source of foreign exchange earnings. Agricultural sector produces a good variety of crops including wheat, corn, cotton, rice, sugarcane, maize, etc. due to its importance, planners and policymakers are keen to improve this sector because it can contribute to the economy effectively.

Moreover, the industrial sector in Pakistan is divided into two sectors comprising of large scale manufacturing and small scale manufacturing. The average production of the industrial sector is recorded at 5.15% from 1990 until 2019. The industrial sector shares 20.88% of the national gross domestic product (GDP) and is playing a crucial role in job creation and socio-economic advancement.

Lastly, the service sector of Pakistan is providing steady support to its economy and is the largest and fastest growing sector. In fact, the growth rate of services sector is higher than agriculture and industrial sector, sharing about 54% of the GDP. It has strong linkages with other sectors of the economy.

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