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2023 was a tumultuous year, with Pakistan experiencing its share of highs and lows. A quick recap of some of the main economic events is as under:


  • Pakistan’s exports decreased by 15.4% to $2.2 billion in January 2023 from $2.61 billion in the same month the previous year as a result of economic and political unrest. Pakistan’s textile exports witnessed a decline of 12% year-on-year to $1.36 billion in January 2023.
  • The total debt of the central government surged to Rs54.94 trillion in January 2023, compared to Rs47.8 trillion in June 2022, witnessing an increase of Rs7.15trillion or 15% YoY.
  • FDI in Pakistan stood at $222.6 million in January 2023, registering a whopping growth of over 2 times YoY compared to $109 million in January 2022.
  • The service sector of Pakistan posted a trade surplus of $18 million in January 2023, plummeting by 79% MoM as compared to $86 million in January 2022.
  • OPEN Silicon Valley and USAID Pakistan co-hosted a conference on “Accelerating Silicon Valley Investments in Pakistan” on 25th January, 2023 at Serena Hotel, Islamabad.
  • Auto sales plummeted drastically during January 2023.
  • Pakistan was elected as the member of ECOSOC (economic and social wing of UN) for the next three years.
  • Whole country plunged into darkness due to power breakdown in January 2023.


  • The total deposits held by scheduled banks have moved up by 15% YoY to Rs22.92 trillion in February 2023 compared to February 2022.
  • The total debt of the central government has surged by 27% YoY to 54.35 trillion in February 2023, compared to Rs42.76 trillion in February 2022.
  • The service sector of Pakistan posed a trade deficit of $39 million in February 2023, improving by 90% YoY as compared to $411 million in February 2022.
  • Automobile financing in Pakistan has dropped to Rs325.86 billion in February 2023, witnessing a decrease of 8.64% YoY and 1.84% MoM as compared to Rs356.7 billion in February 2022.
  • The Large Scale Manufacturing Industries (LSMI) output decreased by 11.59 per cent for February 2023 compared with February 2022.
  • On February 11,2023, Pakistan opened its doors to Canadian multinational coffee house and restaurant chain Tim Hortons, which made the highest single-day sales for any outlet of the global franchise in the world.
  • The matches of eighth edition of PSL were successfully held in Pakistan during Feb-Mar 2023.


  • The Large Scale Manufacturing Industries (LSMI) output has declined by almost 25% YoY and 9.09% MoM to stand at 115.31 in March 2023 compared to 153.72 in March 2022.
  • For the first time since November 2020, Pakistan’s Current Account posted a projected surplus in March 2023.
  • March workers’ remittances hit 7-month high of $2.5 billion.


  • Banks’ deposits increased by 15% YoY to Rs. 23.56 trillion.
  • Rupee continued to plunge against the dollar.
  • Suzuki saw massive recovery in sales after a 2-month hiatus.


  • Pakistan’s trade deficit widened by 142.91 per cent on a month-on-month basis in May 2023 and stood at $2.089 billion compared to $860 million in April 2023.
  • Pakistan’s current account surplus widened to US$255 million in May 2023, up from US$78 million in April.
  • The reading of inflation numbers clocked in at a peak of 38% YoY in May 2023.


  • One window operation was set up under Special Investment Facilitation Council (SIFC).
  • Baykar Technologies (Turkey) was registered in May 2023 and Turkish Aerospace in June 2023.
  • The power sector circular debt jumped to Rs2.31 trillion by the end of June 2023 after revenue gains from a massive increase in electricity prices were lost to the inefficiencies.
  • Foreign exchange inflows through the Roshan Digital Accounts (RDAs) were recorded at a total of $6.35 billion by the end of June 2023.
  • SBP had announced new incentives effective from June 1, 2023 to encourage banks and authorized exchange companies to attract additional remittances from overseas Pakistanis.
  • Consumer Price Index (CPI) inflation for June 2023 stood at 29.4 per cent, showing a decrease from last month’s 38 per cent.
  • Unprecedented fall in sales was witnessed in cement industry.
  • First consignment of Russian oil arrived in Pakistan.


  • Pakistan received $1.2 billion first tranche from IMF bailout.
  • Decade of China Pakistan Economic Corridor (CPEC) was celebrated.
  • Virgin Atlantic airways suspended its flights for Pakistan.
  • FDI falls 23.16% MoM in July to $87.7 million.


  • The federal government debt surged to a staggering Rs.64 trillion by the end of August 2023.
  • Skardu International Airport received its first international flight on August 14, 2023 from Dubai.
  • Pakistan hosted its first-ever minerals summit on August 01, 2023, in Islamabad. Investors, corporate leaders, and government stakeholders discussed the potential of Pakistan’s mining industry.


  • Deportation of Afghan refugees continue in September.
  • Inflation in Pakistan stays above 27% despite IMF reforms.
  • Petrol prices in Pakistan touched all time high.


  • Massive protests in Pakistan and worldwide against Israeli barbarism.
  • Talks of PIA privatisation gain momentum.
  • Local manufacturing plants in Pakistan manufactured/assembled 15.66 million mobile handsets during the first ten months (January-October) of 2023 compared to 1.28 million imported commercially.


  • The country’s total textile exports registered a decrease of 5.43% MoM to $1.37 billion in November 2023 compared to $1.45 billion recorded in the previous month.
  • Pakistan set to boost trade with Qatar as fresh seafood exports have resumed from November 15, 2023. The ban on exporting fresh seafood to Qatar has been lifted, allowing both fresh and frozen seafood exports.
  • PSX crossed 66,000 points.


  • Saudi Aramco agrees to invest $100 million in Gas and Oil Pakistan
  • Saudi Wafi Energy invests in Shell Pakistan.
  • UAE’s Etisalat plans to invest $400 million in Telenor.
  • Shanghai Electric achieves financial close on Thar Coal Project ($2 billion).