Economic history of Pakistan
| Fiscal Year | GDP growth | Inflation rate |
|---|---|---|
| 2013–14 |
 4.14% |
 8.5%| |
| 2014–15 |
4.24% |
4.8% |
| 2015–16 |
4.5% Projected
|
5.1% |
Since the country's independence in 1947, the economy of Pakistan has emerged as a semi-industrialised one, based heavily on textiles, agriculture and food production, though recent years have seen a surge towards technological diversification. As of 2014, agriculture accounts for more than one-fifth of output and two-fifths of employment. Textiles account for most of Pakistan's export earnings, and inflation has increased rapidly, climbing from 7.7% in 2007 to almost 12% for 2011, before declining to 10% in 2012 and to 2.11 percent in April 2015. Inflation Rate in Pakistan averaged 7.99 percent from 1957 until 2015, reaching an all-time high of 37.81 percent in December 1973 and a record low of -10.32 percent in February 1959. Pakistan suffered its only economic decline in GDP between 1951 and 1952.
The land forming modern-day Pakistan was home to the ancient Indus Valley Civilisation from 2800 BC to 1800 BC; historical evidence suggests that the civilisation relied on and carried trade through the Indus River, and its inhabitants were some of the most resourceful traders. Since independence the economic growth has meant an increase in average income of about 150 percent over 1950–96. But Pakistan, like many other developing countries, has not been able to narrow the gap between itself and rich industrial nations which have grown faster on a per head basis. Per capita GNP growth rate during 1985–95 was only 1.2 percent per annum, substantially lower than India (3.2), Bangladesh (2.1), and Sri Lanka (2.6). Growth was slow during the 1950s averaging 3.1 percent per annum but accelerated to 6.7 percent during the sixties and remained generally close to 6 percent per annum till the early 1990s.
Indus Valley civilisation, the first known permanent and predominantly urban settlement that flourished between 3500 BC to 1800 BC boasted of an advanced and thriving economic system. Its citizens practised agriculture, domesticated animals, made sharp tools and weapons from copper, bronze and tin and traded with other cities. Evidence of well laid streets, layouts, drainage system and water supply in the valley's major cities, Harappa, Lothal, Mohenjo-daro and Rakhigarhi reveals their knowledge of urban planning.
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