Вы находитесь на странице: 1из 4

Economy - overview:

Decades of i nternal pol i ti cal di sputes and l ow l evel s of forei gn


i nvestment have l ed to sl ow growth and underdevel opment i n
Paki stan. Agri cul ture accounts for more than one-fi fth of output
and two-fi fths of empl oyment. Texti l es account for most of
Paki stan' s export earni ngs, and Paki stan' s fai l ure to expand a
vi abl e export base for other manufactures has l eft the country
vul nerabl e to shi fts i n worl d demand. Offi ci al unempl oyment was
6.6% i n 2013, but thi s fai l s to capture the tr ue pi cture, because
much of the economy i s i nformal and underempl oyment remai ns
hi gh. Over the past few years, l ow growth and hi gh i nfl ati on, l ed
by a spurt i n food pri ces, have i ncreased the amount of poverty.
As a resul t of pol i ti cal and economi c i nstabi l i ty, the Paki stani
rupee has depreci ated more than 40% si nce 2007. The
government agreed to an Internati onal Monetary Fund Standby
Arrangement i n November 2008 i n response to a bal ance of
payments cri si s. Al though the economy has stabi l i zed si nce the
cri si s, i t has fai l ed to recover. Forei gn i nvestment has not
returned, due to i nvestor concerns rel ated to governance,
energy, securi ty, and a sl ow-down i n the gl obal economy.
Remi ttances from overseas workers, averagi ng about $1 bi l li on
a month si nce March 2011, remai n a bri ght spot for Paki stan.
However, after a smal l current account surpl us i n fi scal year
2011 (Jul y 2010/June 2011), Paki stan' s current account turned
to defi ci t i n the fol l owi ng two years, spurred by hi gher pri ces for
i mported oi l and l ower pri ces for exported cotton. Paki stan
remai ns stuck i n a l ow-i ncome, l ow-growth trap, wi th growth
averagi ng about 3.5% per year from 2008 to 2013. Paki stan
must address l ong standi ng i ssues rel ated to government
revenues and energy producti on i n order to spur the amount of
economi c growth that wi l l be necessary to empl oy i ts growi ng
and rapi dl y urbani zi ng popul ati on, more than hal f of whi ch i s
under 22. Other l ong term chal l enges i ncl ude expandi ng
i nvestment i n educati on and heal thcare, adapti ng to the effects
of cl i mate change and natural di sasters, and reduci ng
dependence on forei gn donors.

GDP (purchasing power parity):


$574.1 bi l li on (2013 est.)
country comparison to the world: 27
$554.2 bi l li on (2012 est.)
$531 bi l li on (2011 est.)
note: data are i n 2013 US dol l ars


GDP (official exchange rate):

$236.5 bi l li on (2013 est.)







GDP - real growth rate:

3.6% (2013 est.)
country comparison to the world: 88
4.4% (2012 est.)
3.7% (2011 est.)
GDP - per capita (PPP):


$3,100 (2013 est.)
country comparison to the world: 177
$3,100 (2012 est.)
$3,000 (2011 est.)
note: data are i n 2013 US dol l ars

Gross national saving:


12.7% of GDP (2013 est.)
country comparison to the world: 120
13.3% of GDP (2012 est.)
12.9% of GDP (2011 est.)

GDP - composition, by end use:


household consumption: 81%
government consumption: 10.8%
investment in fixed capital: 12.6%
investment in inventories: 1.6%
exports of goods and services: 12.7%
imports of goods and services: -18.8%
(2013 est.)
This entry briefly describes the type of economy, including the
degree of market orientation, the level of economic
development, the most important natural resources, and the
unique areas of specialization. It also characterizes major
economic events and policy changes in the most recent 12
months and may include a statement about one or two key
future macroeconomic trends.
Economics is the study of the production and consumption of goods and
the transfer of wealth to produce and obtain those goods. Economics
explains how people interact within markets to get what they want or
accomplish certain goals. Since economics is a driving force of human
interaction, studying it often reveals why people and governments behave
in particular ways.
This entry gives the gross domest ic product (GDP) or value of all f inal goods and services
produced within a nation in a given year. A nation' s GDP at purchasing power parity (PPP)
exchange rates is the sum value of all goods and services produced in the c ountry valued
at prices prevai ling in the United States in t he year noted. This i s the measure most
economists pref er when looking at per -capi ta welf are and when comparing l iving
conditions or use of resources across countries. The measure is dif f icult to compute, as a
US dollar value has to be assigned to al l goods and services in the country regardless of
whether these goods and services have a direct equi valent in the United States (f or
example, the value of an ox-cart or non-US mi litary equipment ); as a result, PPP
estimates f or some countries are based on a smal l and someti mes dif f erent set of goods
and services. In addit ion, many countries do not f ormally part icipate in the World Bank' s
PPP project that calculates these measures, so the result ing GDP est imates f or these
countries may lack precision. For many developing countries, PPP-based GDP measures
are mult iples of the off icial exchange rate (OER) measure. The dif f erences between the
OER- and PPP-denominated GDP values f or most of the wealthy indust rialized count ri es
are generally much smaller
This entry gives the gross domest ic product (GDP) or value of all f inal goods and services produced within a nation in a
given year. A nation' s GDP at of f icial exchange rates (OER) is the home -currency-denominated annual GDP f igure divided
by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a
precise measure of the value of output. Many economists pref er this measure when gauging the economic power an
economy maintains vi s--vi s it s neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in
the international marketplace. Of f icial exchange rates, however, can be artif icial ly f ixed and/or subject to manipulat ion -
result ing in claims of the country having an under- or over-valued currency - and are not necessari ly the equivalent of a
market -determined exchange rate. Moreover, even if the off icial exchange rate is market -determined, market exchange
rates are f requently establi shed by a relat i vely smal l set of goods and services (the ones the country trades) and may not
capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to
comparing domest ic GDP over t ime, since appreciation/depreciat ion f rom one year to the next wil l make the OER GDP
value ri se/f all regardless of whether home-currency-denominated GDP changed.
Thi s entry gi ves GDP growth on an annual basi s adj usted for i nfl ati on and expressed as a percent. The
growth rates are year-over-year, and not compounded.
Thi s entry shows GDP on a purchasi ng power pari ty basi s di vi ded by popul ati on as of 1 Jul y for the same
year
Gross national saving i s deri ved by deducti ng f inal consumption expenditure (household plus government) f rom Gross national
disposable income, and consists of personal saving, plus business saving (the sum of the capital consumpt ion allowance and
retained business prof its), plus government saving (the excess of tax revenues over expenditures), but excludes f oreign savin g
(the excess of import s of goods and services over exports). The f igures are presented as a percent of GDP. A negative number
indicates that the economy as a whole is spending more income than it produces, thus drawing down national wealth
(dissaving).

GDP - composition, by sector of origin:


agriculture: 25.3%
industry: 21.6%
services: 53.1% (2013 est.)

Agriculture - products:


cotton, wheat, ri ce, sugarcane, frui ts, vegetabl es; mi l k,
beef, mutton, eggs

Industries:


texti l es and apparel , food processi ng, pharmaceuti cal s,
constructi on materi al s, paper products, ferti l i zer, shri mp
Industrial production growth rate:


3.5% (2013 est.)
country comparison to the world: 86

Labor force:


59.21 mi l l i on
country comparison to the world: 10
note: extensi ve export of l abor, mostl y to
the Mi ddl e East, and use of chi l d l abor

Labor force - by occupation:


agriculture: 45.1%
industry: 20.7%
services: 34.2% (2010 est.)


Unemployment rate:


6.6% (2013 est.)
country comparison to the world: 68
6% (2012 est.)
note: substanti al underempl oyment exi sts
Population below poverty line:


22.3% (FY05/06 est.)




Household income or consumption by percentage share:

lowest 10%: 3.9%
highest 10%: 39.3% (FY05/06)




Distribution of family income - Gini index:

30.6 (FY07/08)
country comparison to the world: 119
41 (FY98/99)









Budget:

revenues: $29.71 bi l l i on
expenditures: $47.97 bi l l i on (2013 est.)

Taxes and other revenues:


12.6% of GDP (2013 est.)
country comparison to the world: 202




Budget surplus (+) or deficit (-):

-7.7% of GDP (2013 est.)
country comparison to the world: 191


Public debt:


54.6% of GDP (2013 est.)
country comparison to the world: 57
52.1% of GDP (2012 est.)
Thi s entry shows where producti on takes pl ace i n an economy. The di stri buti on gi ves the
percentage contri buti on of agriculture, industry, and services to total GDP, and wi l l total 100
percent of GDP i f the data are compl ete. Agri cul ture i ncl udes farmi ng, fi shi ng, and forestry.
Industry i ncl udes mi ni ng, manufacturi ng, energy producti on, and constructi on. Servi ces
cover government acti vi ti es, communi cati ons, transportati on, fi nance, and al l other pri vate
economi c acti vi ti es that do not produce materi al goods.
This entry gives the annual percentage increase in industrial production (includes
manufacturing, mining, and construction).



Thi s entry l i sts the percentage di stri buti on of the l abor force by sector of occ upati on. Agriculture i ncl udes
farmi ng, fi shi ng, and forestry. Industry i ncl udes mi ni ng, manufacturi ng, energy producti on, and
constructi on. Services cover government acti vi ti es, communi cati ons, transportati on, fi nance, and al l other
economi c acti vi ti es that do not produce materi al goods. The di stri buti on wi l l total l ess than 100 percent i f
the data are i ncompl ete and may range from 99-101 percent due to roundi ng.



Thi s entry contai ns the percent of the l abor force that i s wi thout j obs. Substanti al underempl oyment mi ght be
noted.


National est imates of the percentage of the population f alling below the poverty line are based on surveys of sub -groups, with
the results weighted by the number of people in each group. Def initions of poverty vary considerabl y among nations. For
example, rich nations general ly employ more generous standards of poverty than poor nations.
Data on household income or consumpt ion come f rom household surveys, the result s adjusted f or household size. Nations use
diff erent standards and procedures in col lecting and adjusting the data. Surveys based on income wi ll normally show a more
unequal distribut ion than surveys based on consumption. The qualit y of surveys i s i mproving with ti me, yet caut ion is st il l
necessary in making inter -country compari sons
This index measures the degree of inequality in the dist ribut ion of f amily income in a country. The index i s cal culated f rom the
Lorenz curve, in whi ch cumulat ive f amil y income is plotted against the number of f amilies arranged f rom the poorest to the
richest. The index i s the ratio of (a) the area between a country' s Lorenz curve and the 45 degree helping line to (b) the en ti re
triangular area under the 45 degree line. The more nearly equal a count ry' s income di stribut ion, the c loser its Lorenz curve to
the 45 degree line and the lower its Gini index, e.g., a Scandinavian country with an i ndex of 25. The more unequal a country ' s
income dist ribution, the f arther its Lorenz curve f rom the 45 degree line and the higher its Gini inde x, e.g., a Sub-Saharan
country with an index of 50. If income were distributed with perf ect equality, the Lorenz curve would coincide wi th the 45 de gree
line and the index would be zero; if income were dist ributed with perf ect inequality, the Lorenz curve would coincide with the
horizontal axis and the right vert ical axis and the index would be 100.
Thi s entry i ncl udes revenues, expenditures, and capi tal expendi tures. These fi gures are cal cul ated on an
exchange rate basi s, i .e., not i n purchasi ng power pari ty (PPP) terms
This entry records total taxes and other revenues received by the national government during the time period indi cated,
expressed as a percent of GDP. Taxes incl ude personal and corporate income taxes, value added taxes, excise taxes, and
tarif f s. Other revenues include social cont ri butions - such as payments f or social security and hospital insurance - grants, and
net revenues f rom public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons
across countries, and provides an average rate at which all income (GDP) is paid to the national le vel government f or the
supply of public goods and services.
This entry records total taxes and other revenues received by the national government during the time period indi cated,
expressed as a percent of GDP. Taxes incl ude personal and corporate income taxes, value added taxes, excise taxes, and
tarif f s. Other revenues include social cont ri butions - such as payments f or social security and hospital insurance - grants, and
net revenues f rom public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons
across countries, and provides an average rate at which all income (GDP) is paid to the national level government f or the
supply of public goods and services.
This entry records the dif f erence between national government revenues and expenditures, expressed as a percent of GDP. A
positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative ( -) number indicates
the reverse (a budget def icit). Normal izing the data, by dividing the budget balance by GDP, enables easy comparisons across
countries and indi cates whether a national government saves or borrows money. Countries with high budget def icits (relat ive
to their GDPs) general ly have more dif f iculty rai sing f unds to f inance expenditures, than th ose with lower def icits
Thi s entry records the cumul ati ve total of al l government borrowi ngs l ess repayments that are denomi nated i n a
country' s home currency. Publ i c debt shoul d not be confused wi th external debt, whi ch refl ects the forei gn currency
l i abili ti es of both the pri vate and publ i c sector and must be f i nanced out of forei gn exchange earni ngs.

Fiscal year:


1 Jul y - 30 June

Inflation rate (consumer prices):


7.7% (2013 est.)
country comparison to the world: 194
9.7% (2012 est.)


Central bank discount rate:


12% (31 January 2012 est.)
country comparison to the world: 13
14% (31 December 2010 est.)
Commercial bank prime lending rate:


11.5% (31 December 2013 est.)
country comparison to the world: 60
12.41% (31 December 2012 est.)

Stock of narrow money:


$71.96 bi l li on (31 December 2013 est.)
country comparison to the world: 42
$62.29 bi l li on (31 December 2012 est.)






Stock of broad money:

$93.11 bi l li on (31 December 2013 est.)
country comparison to the world: 55
$82.63 bi l li on (31 December 2012 est.)





Stock of domestic credit:

$106.8 bi l li on (31 December 2013 est.)
country comparison to the world: 50
$94.65 bi l li on (31 December 2012 est.)



Market value of publicly traded shares:

$NA (31 December 2012 est.)
$NA (31 December 2011)
$38.17 bi l li on (31 December 2010 est.)


Current account balance:


-$2.36 bi l l i on (2013 est.)
country comparison to the world: 147
-$2.072 bi l li on (2012 est.)



Exports:

$25.05 bi l li on (2013 est.)
country comparison to the world: 70
$24.71 bi l li on (2012 est.)

Exports - commodities:


texti l es (garments, bed l i nen, cotton cl oth, yarn), ri ce, l eather
goods, sports goods, chemi cal s, manufactures, carpets and rugs

Exports - partners:


US 13.6%, Chi na 11.1%, UAE 8.5%,
Afghani stan 7.8% (2012)
Imports:


$39.27 bi l li on (2013 est.)
country comparison to the world: 61
$40.07 bi l li on (2012 est.)

Imports - commodities:


petrol eum, petrol eum products, machi nery, pl asti cs,
transportati on equi pment, edi bl e oi l s, paper and paperboard,
i ron and steel , tea


Thi s entry i denti fi es the begi nni ng and endi ng months for a country's accounti ng peri od of 12 months, whi ch often i s the
cal endar year but whi ch may begi n i n any month. Al l yearl y references are for the cal endar year (CY) unl ess i ndi cated as
a noncal endar fi scal year (FY)
Thi s entry furni shes the annual percent change i n consumer pri ces compared wi th the previ ous year' s
consumer pri ces
Thi s entry provi des the annual i zed i nterest rate a country' s central bank charges commerci al , deposi tory
banks for l oans to meet temporary shortages of funds
Thi s entry provi des a si mpl e average of annual i zed i nterest rates commerci al banks charge on new l oans,
denomi nated i n the nati onal currency, to thei r most credi t -worthy customers
Thi s entry, al so known as "M1," compri ses the total quanti ty of currency i n ci rcul ati on (notes and coi ns) pl us demand
deposi ts denomi nated i n the nati onal currency hel d by nonbank fi nanci al i nsti tuti ons, state and l ocal governments,
nonfi nanci al publ i c enterpri ses, and the pri vate sector of the economy, measured at a s peci fi c poi nt i n ti me. Nati onal
currency uni ts have been converted to US dol l ars at the cl osi ng exchange rate for the date of the i nformati on. Because
of exchange rate movements, changes i n money stocks measured i n nati onal currency uni ts may vary si gni fi c antl y from
those shown i n US dol l ars, and cauti on i s urged when maki ng compari sons over ti me i n US dol l ars. Narrow money
consi sts of more l i qui d assets than broad money and the assets general l y functi on as a "medi um of exchange" for an
economy.
This entry covers al l of "Narrow money, " pl us the total quantity of time and savings deposits, credit union deposits, inst itutional
money market f unds, short -term repurchase agreements between the central bank and commercial deposit banks, and other
large l iquid assets held by nonbank f inanci al inst itutions, state and local governments, nonf inancial public enterprises, and the
private sector of the economy. National currency units have been converted to US dol l ars at the closing exchange rate f or the
date of the inf ormation. Because of exchange rate movements, changes in money stocks measured in national currency uni ts
may vary signif icantly f rom those shown in US dollars, and caution is urged when maki ng comparisons over ti me in US dollars.
In addit ion to serving as a medium of exchange, broad money includes assets that are slightl y less l iquid than narrow money
and the assets tend to function as a "store of value" - a means of holding wealth
Thi s entry i s the total quanti ty of credi t, denomi nated i n the domesti c currency, provi ded by fi nanci al
i nsti tuti ons to the central bank, state and l ocal governments, publ i c non-fi nanci al corporati ons, and the pri vate
sector. The nati onal currency uni ts have been converted to US dol l ars at t he cl osi ng exchange rate on the date
of the i nformati on.
Thi s entry gi ves the val ue of shares i ssued by publ i cl y traded compani es at a pri ce determi ned i n the
nati onal stock markets on the fi nal day of the peri od i ndi cated. It i s si mpl y the l atest pri ce per share
mul ti pl i ed by the total number of outstandi ng shares, cumul ated over al l compani es l i sted on the parti cul ar
exchange.
Thi s entry records a country' s net trade i n goods and servi ces, pl us net earni ngs from rents, i nterest, profi ts,
and di vi dends, and net transfer payments (such as pensi on funds and worker remi ttances) to and from the rest
of the worl d duri ng the peri od speci fi ed. These fi gures are cal cul ated on an exchange rate basi s, i .e., not i n
purchasi ng power pari ty (PPP) terms.
Thi s entry provi des the total US dol l ar amount of merchandi se exports on an f.o.b. (free on board) basi s. These
fi gures are cal cul ated on an exchange rate basi s, i .e., not i n purchasi ng power pari ty (PPP) terms.
Thi s entry provi des the total US dol l ar amount of merchandi se i mports on a c.i .f. (cost, i nsurance, and frei ght) or
f.o.b. (free on board) basi s. These fi gures are cal cul ated on an exchange rate basi s, i .e., not i n purchasi ng
power pari ty (PPP) terms.
Imports - partners:


Chi na 19.7%, Saudi Arabi a 12.3%, UAE 12.1%, Kuwai t 6.3%
(2012)
Reserves of foreign exchange and gold:


$11.18 bi l li on (31 December 2013 est.)
country comparison to the world: 73
$13.8 bi l l i on (31 December 2012 est.)
Debt - external:


$52.43 bi l li on (31 December 2013 est.)
country comparison to the world: 61
$54.5 bi l l i on (31 December 2012 est.)
Stock of direct foreign investment - at home:


$24.33 bi l li on (31 December 2013 est.)
country comparison to the world: 68
$22.73 bi l li on (31 December 2012 est.)


Stock of direct foreign investment - abroad:


$1.569 bi l li on (31 December 2013 est.)
country comparison to the world: 74
$1.519 bi l li on (31 December 2012 est.)



Exchange rates:

Paki stani rupees (PKR) per US dol l ar -
100.4 (2013 est.)
93.3952 (2012 est.)
85.194 (2010 est.)
81.71 (2009)
70.64 (2008)


GDP - composition, by end use:

household consumption: 81%
government consumption: 10.8%
investment in fixed capital: 12.6%
investment in inventories: 1.6%
exports of goods and services: 12.7%
imports of goods and services: -18.8%
(2013 est.)

Thi s entry gi ves the dol l ar val ue for the stock of al l fi nanci al assets that are avai l abl e to the central monetary
authori ty for use i n meeti ng a country's bal ance of payments needs as of the end-date of the peri od speci fi ed.
Thi s category i ncl udes not onl y forei gn currency and gol d, but al so a count ry' s hol di ngs of Speci al Drawi ng
Ri ghts i n the Internati onal Monetary Fund, and i ts reserve posi ti on i n the Fund.
Thi s entry gi ves the total publ i c and pri vate debt owed to nonresi dents repayabl e i n i nternati onal l y accepted
currenci es, goods, or servi ces. These fi gures are cal cul ated on an exchange rate basi s, i .e., not i n purchasi ng
power pari ty (PPP) terms.
Thi s entry gi ves the cumul ati ve US dol l ar val ue of al l i nvestments i n the home country made di rectl y by
resi dents - pri mari l y compani es - of other countri es as of the end of the ti me peri od i ndi cated. Di rect
i nvestment excl udes i nvestment through purchase of shares.
Thi s entry gi ves the cumul ati ve US dol l ar val ue of al l i nvestments i n forei gn countri es made di rectl y by
resi dents - pri mari l y compani es - of the home country, as of the end of the ti me peri od i ndi cated. Di rect
i nvestment excl udes i nvestment through purchase of shares
This entry provides the average annual price of a country' s monetary unit f or the time period specif ied, expressed in units of
local currency per US dol lar, as determined by international market f orces or by of f icial f iat. The International Organizatio n f or
Standardization (ISO) 4217 alphabetic currency code f or the national medium of exchange is presented in parenthesis. Closing
daily exchange rates are not presented in The World Factbook, but are used to convert stock values - e.g., the market value of
publicl y traded shares - to US dol lars as of the specif ied date.
Thi s entry shows who does the spendi ng i n an economy: consumers, busi nesses, government, and forei gners. The
di stri buti on gi ves the percentage contri buti on to total GDP of household consumption, government consumption,
investment in fixed capital, investment i n inventories, exports of goods and services, and imports of goods and
services, and wi l l total 100 percent of GDP i f the data are compl ete.
household consumption consi sts of expendi tures by resi dent househol ds, and by nonprofi t i nsti tuti ons that serve
househol ds, on goods and servi ces that are consumed by i ndi vi dual s. Thi s i ncl udes consumpti on of both domesti cal l y
produced and forei gn goods and servi ces.
government consumption consi sts of government expendi tures on goods and servi ces. These fi gures excl ude
government transfer payments, such as i nterest on debt, unempl oyment, and soci al secur i ty, si nce such payments are
not made i n exchange for goods and servi ces suppl i ed.
investment in fixed capital consi sts of total busi ness spendi ng on fi xed assets, such as factori es, machi nery,
equi pment, dwel l i ngs, and i nventori es of raw materi al s, whi ch provi de the basi s for future producti on. It i s measured
gross of the depreci ati on of the assets, i .e., i t i ncl udes i nvestment that merel y repl aces worn-out or scrapped capi tal .
Earl i er edi ti ons ofThe World Factbook referred to thi s concept as Investment ( gross fi xed) and that data now have
been moved to thi s new fi el d.
investment in inventories consi sts of net changes to the stock of outputs that are sti l l hel d by the uni ts that produce
them, awai ti ng further sal e to an end user, such as automobi l es si tti ng on a deal ers l ot or groceri es on the store
shel ves. Thi s fi gure may be posi ti ve or negati ve. If the stock of unsol d output i ncreases duri ng the rel evant ti me
peri od, investment in inventories i s posi ti ve, but, i f the stock of unsol d goods decl i nes, i t wi l l be negati ve. Investment
in inventories normal l y i s an earl y i ndi cator of the state of the economy. If the stock of unsol d i tems i ncreases
unexpectedl y because peopl e stop buyi ng - the economy may be enteri ng a recessi on; but i f the stock of unsol d
i tems fal l s - and goods "go fl yi ng off the shel ves" - busi nesses normal l y try to repl ace those stocks, and the economy
i s l i kel y to accel erate.
exports of goods and services consi st of sal es, barter, gi fts, or grants of goods and servi ces from resi dents to
nonresi dents.
imports of goods and services consi st of purchases, barter, or recei pts of gi fts, or grants of goods and servi ces by
resi dents from nonresi dents. Exports are treated as a posi ti ve i tem, whi l e i mports are treated as a negati ve i tem. In a
purel y accounti ng sense, imports have no di rect i mpact on GDP, whi ch onl y measures output of the domesti c
economy. Imports are entered as a negati ve i tem to offset the fact that the expendi ture fi gures for consumpti on,
i nvestment, government, and exports al so i ncl ude expendi tures on i mports. These i mports contri bute di rectl y to
forei gn GDP but onl y i ndi rectl y to domesti c GDP. Because of thi s negati ve offset for i mports of goods and servi ces,
the sum of the other fi ve i tems, excl udi ng i mports, wi l l al ways total more than 100 percent of GDP. A surpl us of
exports of goods and servi ces over i mports i ndi cates an economy i s i nvesti ng abroad, whi l e a defi ci t i ndi cates an
economy i s borrowi ng from abroad.

Вам также может понравиться