Economic Performance of PPP, PML-N & PTI since 2008

By Mati Ullah Khan

Pakistan has been governed by all mainstream political parties since last one-and-half decade; however, it could never overpower the shackles of economic instability and in fact the Country now remains on the verge of default.

It would be unfair to pin a blame of the dismal state of economic affairs on a particular political party; hence, it’s been years of incompetence and directionless approach, pushing the Country to become heavily dependent on foreign assistance and an import-led economy.

In such scenario, Pakistan remains extremely vulnerable to the global situation. The below-given Fiscal Year (FY) financial statistics also implies that whenever the world witnessed an economic slowdown caused by 2008 global recession, COVID-19 or Russia-Ukraine conflict, Pakistan’s economy went into turmoil.

Yet the internal mismanagement, incompetence, financial malpractices, political instability, and natural disasters like floods have also been responsible to intensify Pakistan’s economic woes over the years.

Political Parties’ tenures:

Pakistan People’s Party (PPP): From March 25, 2008 to March 24, 2013

Pakistan Muslim League-Nawaz (PML-N): From June 05, 2013 to May 31, 2018

Pakistan Tehreek-e-Insaf (PTI): From August 18, 2018 to April 04, 2022:

Pakistan Democratic Movement (PDM): From April 11, 2022 to date

Growth: GDP, Industrial, Agriculture & Services Sector:

Ruling Party	Fiscal Year	GDP Growth*	Industrial Growth**	Agriculture Growth**	Services Sector Growth**
	Base Year: 2005-06 = 100
PPP	2008-09	0.4%	-5.21%	3.50%	1.33%
	2009-10	2.6%	3.42%	0.23%	3.21%
	2010-11	3.6%	4.51%	1.96%	3.94%
	2011-12	3.8%	2.55%	3.62%	4.40%
	2012-13	3.7%	0.75%	2.68%	5.13%
PML-N	2013-14	4.1%	4.53%	2.50%	4.46%
	2014-15	4.1%	5.18%	2.13%	4.36%
	2015-16	4.6%	5.69%	0.15%	5.72%
	Base Year: 2015-16 = 100
	2016-17	4.61%	4.61%	2.22%	5.62%
	2017-18	6.10%	9.18%	3.88%	5.95%
PTI	2018-19	3.12%	0.25%	0.94%	5.0%
	2019-20	-0.94%	-5.75%	3.91%	-1.21%
	2020-21	5.77%	7.81%	3.48%	6.0%
	2021-22	6.10%	6.83%	4.27%	6.59%
PDM	2022-23	0.29% (estimated)	-2.94%(estimated)	1.55%(estimated)	0.86% (estimated)

*https://www.pbs.gov.pk/sites/default/files/tables/national_accounts/2021-22/Table_6.pdf

**https://www.finance.gov.pk/supplement_2021_22.pdf

**https://www.finance.gov.pk/Supplement_2020_21.pdf

Revised GDP for FY 2021-22 -(https://www.finance.gov.pk/survey/chapters_23/01_Growth_and_Investment.pdf)

Employment:

Ruling Party	Fiscal Year	Employed Labor Force*		Unemployed
PPP	2008-09	52.86 million	1.4 million jobs annually	3.05 million
	2009-10	53.76 million		3.16 million
	2010-11	54.40 million		3.44 million
	2011-12	55.80 million		3.53 million
	2012-13	56.58 million		3.76 million
PML-N	2013-14	56.52 million	1.14 million jobs annually	3.58 million
	2014-15	57.42 million		3.62 million
	2015-16	–		–
	2016-17	–		–
	2017-18	61.71 million		3.79 million
PTI	2018-19	64.03 million	1.84 million jobs annually	4.71 million
	2019-20	–		–
	2020-21	67.25 million		4.51 million

Note: The Labour Force Survey was not conducted in the years 2011-12, 2015-16 and 2016-17.

*https://www.finance.gov.pk/survey/chapter_22/PES12-POPULATION.pdf

Inflation & Fiscal Deficit:

Ruling Party	Fiscal Year	CPI Inflation*	Fiscal Deficit (% of GDP) ***
	Base Year: 2005-06 = 100
PPP	2008-09	17.0%	5.2
	2009-10	10.1%	6.2
	2010-11	13.6%	6.5
	2011-12	11.0%	8.8
	2012-13	7.3%	8.2
PML-N	2013-14	8.6%	5.5
	2014-15	4.5%	5.3
	2015-16	2.8%	4.1
	Base Year: 2015-16 = 100
	2016-17	4.8%	5.2
	2017-18	4.6%	5.8
PTI	2018-19	6.8%	7.9
	2019-20	10.7%	7.1
	2020-21	8.9%	6.1
	2021-22	12.2%	7.9
PDM	2022-23	29.2%**	3.6 (July-March)

* https://www.finance.gov.pk/supplement_2021_22.pdf

**https://finance.gov.pk/economic/economic_update_July_2023.pdf

***https://www.finance.gov.pk/survey/chapters_21/04-Fiscal.pdf

Also Read: Inflation in PML-N governments

Also Read: Inflation in PPP governments

Tax Collection, Expenditures & Revenues:

Ruling Party	Fiscal Year	Net Tax Collection*	Total Expenditures	Total Revenues
PPP	2008-09	Rs 1,161.2 billion	Rs 2,531 billion	Rs 1,850 billion
	2009-10	Rs 1,327.4 billion	Rs 3,007 billion	Rs 2,078 billion
	2010-11	Rs 1,558.0 billion	Rs 3,447 billion	Rs 2,252 billion
	2011-12	Rs 1,882.7 billion	Rs 4,327 billion	Rs 2,566 billion
	2012-13	Rs 1,946.4 billion	Rs 4,816 billion	Rs 2,982 billion
PML-N	2013-14	Rs 2,254.5 billion	Rs 5,026 billion	Rs 3,637 billion
	2014-15	Rs 2,590.0 billion	Rs 5,387 billion	Rs 4,446 billion
	2015-16	Rs 3,112.5 billion	Rs 5,796 billion	Rs 4,446 billion
	2016-17	Rs 3,367.9 billion	Rs 6,800 billion	Rs 4,936 billion
	2017-18	Rs 3,843.8 billion	Rs 7,488 billion	Rs 5,228 billion
PTI	2018-19	Rs 3,828.5 billion	Rs 8,345 billion	Rs 4,900 billion
	2019-20	Rs 3,997.4 billion	Rs 9,648 billion	Rs 6,272 billion
	2020-21	Rs 4,745.0 billion	Rs 10,306 billion	Rs 6,903 billion
	2021-22	Rs 6,148.5 billion	Rs 13,295 billion	Rs 8,035 billion
PDM	2022-23	Rs 7,169 billion **	Rs 10,016 billion (July-March)	Rs 6,938 billion) (July-March)

* https://www.fbr.gov.pk/revenue-collections/142253/131355

**https://www.finance.gov.pk/economic/economic_update_May_2023.pdf

Exports, Imports, Trade Deficit & CAD:

Ruling Party	Fiscal Year	Exports*	Imports*	Trade Deficit*	Current Account Deficit (CAD)***
PPP	2008-09	US$ 19.1 billion	US$ 31.7 billion	US$ 17.1 billion	US$ 9.2 billion
	2009-10	US$ 19.7 billion	US$ 31.1 billion	US$ 15.4 billion	US$ 3.9 billion
	2010-11	US$ 25.4 billion	US$ 35.8 billion	US$ 15.6 billion	US$ 214 million (Surplus)
	2011-12	US$ 24.7 billion	US$ 40.4 billion	US$ 21.2 billion	US$ 4.6 billion
	2012-13	US$ 24.8 billion	US$ 40.2 billion	US$ 20.4 billion	US$ 2.5 billion
PML-N	2013-14	US$ 25.1 billion	US$ 41.7 billion	US$ 19.9 billion	US$ 3.1 billion
	2014-15	US$ 24.1 billion	US$ 41.4 billion	US$ 22.1 billion	US$ 2.8 billion
	2015-16	US$ 21.9 billion	US$ 41.1 billion	US$ 23.8 billion	US$ 4.9 billion
	2016-17	US$ 22 billion	US$ 48 billion	US$ 32.4 billion	US$ 12.2 billion
	2017-18	US$ 24.8 billion	US$ 55.7 billion	US$ 37.5 billion	US$ 19.1 billion
PTI	2018-19	US$ 24.3 billion	US$ 51.9 billion	US$ 31.8 billion	US$ 13.4 billion
	2019-20	US$ 22.5 billion	US$ 43.6 billion	US$ 23.1 billion	US$ 4.4 billion
	2020-21	US$ 25.6 billion	US$ 54.3 billion	US$ 28.6 billion	US$ 2.8 billion
	2021-22 **	US$ 32.5 billion	US$ 72.2 billion	US$ 39.1 billion	US$ 17.5 billion
PDM	2022-23 ****	US$ 27.9 billion	US$ 52.0 billion	US$ 24.1 billion	US$ 2.6 billion

*https://na.gov.pk/uploads/documents/questions/6421556b1616d_302.pdf

**https://www.finance.gov.pk/economic/economic_update_July_2022.pdf

***https://www.finance.gov.pk/Supplement_2020_21.pdf

****https://www.finance.gov.pk/economic/economic_update_May_2023.pdf

Remittances, FDI & External Debt & Liabilities:

Ruling Party	Fiscal Year	Remittances*	Net Foreign Direct Investment (FDI)**	Pakistan’s Total External Debt and Liabilities***
PPP	2008-09	US$ 7.8 billion	US$ 3.71 billion	US$ 52.3 billion
	2009-10	US$ 8.9 billion	US$ 2.15 billion	US$ 57.4 billion
	2010-11	US$ 11.2 billion	US$ 1.63 billion	US$ 66.4 billion
	2011-12	US$ 13.1 billion	US$ 820 million	US$ 65.5 billion
	2012-13	US$ 13.9 billion	US$ 1.45 billion	US$ 60.9 billion
PML-N	2013-14	US$ 15.8 billion	US$ 1.69 billion	US$ 65.6 billion
	2014-15	US$ 18.7 billion	US$ 1.03 billion	US$ 65.1 billion
	2015-16	US$ 19.9 billion	US$ 2.39 billion	US$ 73.9 billion
	2016-17	US$ 19.3 billion	US$ 2.40 billion	US$ 84.4 billion
	2017-18	US$ 19.9 billion	US$ 2.78 billion	US$ 95.2 billion
PTI	2018-19	US$ 21.7 billion	US$ 1.36 billion	US$ 106.3 billion
	2019-20	US$ 23.1 billion	US$ 2.59 billion	US$ 113.0 billion
	2020-21	US$ 29.4 billion	US$ 1.82 billion	US$ 122.2 billion
	2021-22	US$ 31.3 billion	US$ 1.86 billion	US$ 130.1 billion
PDM	2022-23	US$ 27.0 billion	US$ 427.1 million	–

*https://www.finance.gov.pk/supplement_2021_22.pdf

**https://www.sbp.org.pk/departments/stats/PakEconomy_Handbook/Chap-7.11.pdf

**https://www.pc.gov.pk/uploads/report/Monthly_FDI_Feb_FY21.pdf

***https://www.finance.gov.pk/supplement_2021_22.pdf

***https://www.sbp.org.pk/reports/annual/arFY11/Domestic_External_Debt.pdf

**** https://www.finance.gov.pk/survey/chapters_17/09-Public_Debt.pdf

****https://www.sbp.org.pk/reports/annual/aarFY22/Chapter-05.pdf

Also Read: Details of foreign loans taken & repaid in PTI and PML-N regimes

Foreign Exchange Reserves:

Party	Period	Net Reserves with State Bank of Pakistan	Country’s Liquid Foreign Exchange Reserves
PPP*	March 25, 2008 To March 24, 2013	US$ 8.57 billion (2007-08)	US$ 11.39 billion (2007-08)
PPP*	March 25, 2008 To March 24, 2013	US$ 7.12 billion (March 29, 2013)	US$ 12.20 billion (March 29, 2013)
PML-N**	June 5, 2013 To May 31, 2018	US$ 6.28 billion (June 7, 2013)	US$ 11.44 billion (June 7, 2013)
PML-N**	June 5, 2013 To May 31, 2018	US$ 9.51 billion (May 2018 end)	USS$ 15.09 billion (May 2018 end)
PTI***	August 18, 2018 To April 10, 2022	US$ 9.88 billion (August 2018 end)	US$ 15.39 billion (August 2018 end)
PTI***	August 18, 2018 To April 10, 2022	US$ 11.42 billion (March 2022 end)	US$ 17.03 billion (April 08, 2022)
PDM****	April 11, 2022 To Date	US$ 11.42 billion (March 2022 end)*****	US$ 17.03 billion (April 08, 2022)
PDM****	April 11, 2022 To Date	US$ 4.1 billion (May 26, 2023)	US$ 9.5 billion (May 26, 2023)

*https://www.sbp.org.pk/ecodata/FER/index.asp

**https://www.sbp.org.pk/reports/stat_reviews/bulletin/2018/Dec/ExternalSector.pdf

***https://www.sbp.org.pk/reports/annual/arFY19/Stats/Eng/Chapter-9.pdf

****https://www.sbp.org.pk/ecodata/forex.pdf

*****It’s worth noting that just a month ago (by February 2022 end) before the former Prime Minister Imran Khan was ousted through a Vote of No Confidence, the foreign exchange reserves with SBP stood at US$ 16.38 billion and the total were US$ 22.63 billion.

Economic Performance of PPP, PML-N & PTI since 2008

Political Parties’ tenures:

Pakistan People’s Party (PPP): From March 25, 2008 to March 24, 2013

Pakistan Muslim League-Nawaz (PML-N): From June 05, 2013 to May 31, 2018

Pakistan Tehreek-e-Insaf (PTI): From August 18, 2018 to April 04, 2022:

Pakistan Democratic Movement (PDM): From April 11, 2022 to date

Growth: GDP, Industrial, Agriculture & Services Sector:

Ruling Party

Fiscal Year

GDP Growth*

Industrial Growth**

Agriculture Growth**

Services Sector Growth**

Employment:

Ruling Party

Fiscal Year

Employed Labor Force*

Unemployed

Inflation & Fiscal Deficit:

Ruling Party

Fiscal Year

CPI Inflation*

Fiscal Deficit

(% of GDP) ***

Tax Collection, Expenditures & Revenues:

Ruling Party

Fiscal Year

Net Tax Collection*

Total Expenditures

Total Revenues

Exports, Imports, Trade Deficit & CAD:

Ruling Party

Fiscal Year

Exports*

Imports*

Trade Deficit*

Current Account Deficit (CAD)***

Remittances, FDI & External Debt & Liabilities:

Ruling Party

Fiscal Year

Remittances*

Net Foreign Direct Investment (FDI)**

Pakistan’s Total External Debt and Liabilities***

Foreign Exchange Reserves:

Party

Period

Net Reserves with State Bank of Pakistan

Country’s Liquid Foreign Exchange Reserves

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