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In 75 years, Pakistan's GDP increased from $3 billion to touch $383 billion

  • author
  • 2022-08-15 17:30:08
  • News
In 75 years, Pakistan's GDP increased from $3 billion to touch $383 billion

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According to a finance ministry report released on the country"s 75th Independence Day, Pakistan"s nominal GDP increased from $3 billion in 1950 to $383 billion in 2022, representing an increase of almost 10,000 percent.

The figures show that GDP growth grew from 1.8 percent to 5.97 percent between 1950 and 2022, while per capita income went from $86 to $1,798. Similar to how exports increased from $163.9 million to $32.5 billion, tax receipts increased from Rs 0.31 billion to Rs 6,126.1 billion between 1950 and 2022.

During the period of 1990–2022, the Federal Public Sector Development Program (PSDP) grew in size from Rs. 45.4 billion to Rs. 900 billion. From FY1950 to FY2022, foreign direct investment (FDI) rose from $1.2 million to $1,867.8 million. Remittances rose from $0.14 billion in FY1973 to $31.2 billion in FY2022 as a result of citizens moving to other countries.

Both exports and imports followed a similar path, with exports rising from $162 million in FY1950 to $31.8 billion in FY2022. From $276 million in FY 1950 to $80.2 billion in FY2022, imports have risen.

Over the past 75 years, the agriculture industry has grown significantly. Rice output increased from 0.693 million tonnes to 9.323 million tonnes within the same time period, while wheat production improved from 3.354 million tonnes to 26.394 million tonnes.

Pakistan"s energy production expanded quickly as technology advanced. From FY1949 to FY2022, electricity production increased from 41 GWh to 123,248 GWh. Pakistan had only hydel power at the time of independence, but by 2022 it had developed a number of electrical generation options, including green energy, which had a capacity of 3,709 GWh.

The usage of electricity followed a similar pattern. In FY 1972, home consumption was 635 GWh, agricultural consumption was 997 GWh, and industrial consumption was 2,855 GWh. As opposed to this, the numbers increased to 55,722 GWh for families, 10,238 GWh for agriculture, and 29,954 GWh for industry.

The literacy rate improved from 16.4 percent in 1951 to 62.8 percent in 2022, which resulted in significant transformation in the education system. By 2022, the percentage of males who were literate was 73.4 percent, up from 19.8 percent in 1951. Similar to male literacy, female literacy increased gradually and went from 12.6 percent to 51.9 percent.

Primary school enrollment rose from 8,400 in 1947–48 to 187,900 in 2020–21, while technical and vocational enrollment rose from 46 in 1947–48 to 3,914 in 2020–21. Universities expanded from 2 in 1947–48 to 233 in 2020–21, while degree colleges increased from 40 in 1959–60 to 3,872 in 2020–21.

Over the course of 75 years, both the population and the labour force rose significantly. From 65.3 million in 1972 to 207.7 million in 2017, the population rose. In FY2022, the population is projected to be 227.0 million. From 16.24 million in 1964 to 67.25 million in 2020–21, more people were employed. From 40.24 % in 1969 to 21.9 % in 2018–19, fewer people were living in poverty.

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