Pakistan Economy Nears Trillion Dollar PPP GDP Mark in 2015
Nominal GDP based on current exchange rates is reported at $270 billion in 2015, up from $246 billion in 2014, an increase of $24 Billion. Pakistan's per capita nominal GDP for 2015 is $1,427.085, up from $1,325.790 in 2014.
A dramatic decline in terrorist violence in Pakistan since the launch of Pakistan Army's Operation Zarb-e-Azb and a big drop in international oil prices have helped drive the country's economic recovery in recent months.
Among the clearest signs of recovery are increasing auto sales, growing smartphone purchases and cement consumption.
Pakistan auto industry is booming. Toyota, Suzuki and Honda factories are working around the clock in the southern port city of Karachi and eastern city of Lahore -- yet customers can still wait for up to four months for new vehicles to be delivered, according to media reports. At the same time, increased construction activity is visible everywhere in the country. First 5 months of the current fiscal year have seen sales of 93,570 cars, an increase of 66% over the same period last year.
Over 2 million 3G subscriptions and a corresponding number of smartphones are being bought every month in the country. More than half the people in Pakistan are expected to own a smartphone within the next few years.
Domestic cement sales have jumped by a phenomenal 16.89% to 4.29 million tons during July and August 2015 from 3.67 million tons shipped in the same period last year.
After its September meeting, the State Bank of Pakistan (SBP) said the rise in fixed investment financing in the energy generation and distribution, chemicals and services sectors signal possible increase in their productive activity in coming months. “The implementation of infrastructure development and energy projects under the China-Pakistan Economic Corridor (CPEC) will further enhance the improving investment environment. Therefore, there is anticipation of higher economic activity in 2015-16, which is expected to boost credit uptake,” it said.
Even as its economy recovers, it is unfortunate that Pakistan continues to lag behind its South Asian neighbors in human development. The latest 2015 human development report from the United Nations Development Program (UNDP) shows that the country's leadership is continuing fail its people, particularly the youth, by its lack of focus and underinvestment in education and health care sectors. There can be no sustainable economic growth without investing in human development. It requires immediate attention.
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