Pakistan's Economy Under-estimated, Karachi Equities Undervalued

[Just Jack]

The Truth is the Light.
The bright Light, the soothing Light.
Where is the Light? Can you see the Light?
Let us all head towards that Light.
The bright Light, the soothing Light.

... Do you think we beg US for trade anymore...

Help for Pakistan: EU approves special duty-free access – The Express Tribune
Textile association begs for duty free access to West – The Express Tribune

... do you think US threatens Pakistan with sanction anymore...never...

Fears of Sanctions in Pakistan as US blacklists group - Khaleej Times
Pakistan worries about UN Sanctions

... during last sanction Pakistan learned how to survive..

1998 Nuclear Tests: U.S. sanctions Pakistan - CNN
US Sanctions send Pakistan back into IMF Intensive Care

 

[Just Jack]

You make some good points in bold, but I am sure the OP would like an opportunity to respond to that.

Pakistan cannot wait for any one person. The clock is ticking. The countdown to total macroeconomic collapse has now begun. Pakistan does not have much time left. Pakistan needs to act now! So here goes:

Pakistan's Tax Revenue Grossly Underestimated, Government Salaries Vastly Underrated.

The growing gap between abysmally-low government-salaries and the ostentatious-consumption lifestyles of government officials is a challenge for many analysts around the world.

Most believe that the real salaries of government officials are, in fact, much higher and growing faster than the government data indicate. This has led numerous economists to project that real tax revenues from which such government-salaries are paid must also be much higher than the official record documents.

Researchers have suggested that the rent-seeking behavior (bribery) of Government Officials should also be considered a form of "informal" tax. They argue that just as the Government uses "formal" taxes to pay the salaries of government workers, these government workers then "supplement" their "formal" salaries by taking bribes as a kind of "informal" tax.

They offered the example of Muhammad Nasir. Nasir is a government official who takes bribes from all people who hope to get an official government permit to breathe air. He receives cash from his clients in return for approving their air-breathing permits and he issues no receipts. He then pays some of that cash into a pool from which his superiors eventually get their pro-rated shares in cash. He does not need to pay off corrupt police, utility officials, or local politicians because they have their own arrangements for "income supplementation" by imposing their own "informal tax" at every step.

Informal Tax Revenue Estimates.

Using historical data that corruption in Pakistan is known to cause a 2% GDP growth-rate loss, the researchers then assumed an Incremental Capital to Output Ratio (ICOR) of 3, and roughly estimated the total bribes taken annually in Pakistan to be around 3 X 2% = 6% of GDP.

The researchers then calculated the total tax revenue generated as follows:

(1) Formal Tax Revenue: 10% of GDP = 21.0 Billion$
(2) Informal Tax Revenue: 6% of GDP = 12.6 Billion$
(3) Total Tax Revenue: 16% of GDP = 33.6 Billion$

The researchers concluded that if we could find a way to bring this massive "informal" tax pool into the formal tax aggregate (perhaps by tolerating, condoning, encouraging and then legalizing bribery), we could permanently solve the "low-tax-to-GDP" problem that the following Cassandras are always moaning about:

Pakistan and its massive tax problem – The Express Tribune
Govt needs to improve tax-GDP ratio: Expert – The Express Tribune
Overtaxing leaves little for reinvestment – The Express Tribune

 

[ajpirzada]

interesting analysis by Just Jack. i wonder why he got banned. but thanks, anyways.

there is another factor which is largely responsible for such dynamics in the economy. Small scale manufacturing industries have done well as most of them need less financial capital which can therefore be financed by either remittances or informal cash holdings of the household. decline in LSM, although worrisome, is not any mystery. State bank has kept interest rates very high through the last few years inorder to tame inflation which has consequently discouraged large investments in the manufacturing. couple this with the energy crisis and the poor security conditions. Although i have argued against the State Bank's policy of high interest rates and suggested that a cautionary approach must be adopted as most of the inflation was due to external shocks. I wrote two articles in the national newspapers as well to justify my claim. Anyways, interest rates have started to come down which will provide an investment friendly atmosphere.

now secondly, the consumer boom is not a bad thing in the short run. Investment was expected to go down given high interest rates, energy shortages and security environment. Low savings is again interlinked with this whole narrative. if the aggregate consumption had not grown during this period, our economy would have entered serious recession. And to make up for the fall in investment, savings had to decline so that consumption expenditure could rise. If the savings had stayed up while investment had gone down, stagnant consumption expenditure would have resulted in a falling GDP. Most worrisome aspect is when Saving exceeds Investments by a significant amount. As long savings equals investments, your economy will not decline.

thirdly, our fiscal deficit had to go up no matter what. floods, military operations, IDPs had to be financed from somewhere. When economy recovers during the next few years, rising GDP will automatically result in smaller fiscal deficit.

fourthly, saying that our nominal public debt has doubled is not a very clear statement. Our public debt to GDP ratio has roughly stayed the same at around 60% during this time.

the major problem with us is the tax collection. lower tax collection means that half of our Tax revenue is directed towards loan repayments which is very damaging. Something must be done about this if we are to stop ourselves from going back to international financial institutions again and again. Raising indirect taxes will damage the economy. It is the income tax, capital gains tax, corporate tax and agriculture tax (all of them must be progressive and avoid clauses which facilitate rent seeking) which needs to be increased and forcefully implemented.

 

[VCheng]

interesting analysis by Just Jack. i wonder why he got banned. but thanks, anyways.

there is another factor which is largely responsible for such dynamics in the economy. Small scale manufacturing industries have done well as most of them need less financial capital which can therefore be financed by either remittances or informal cash holdings of the household. decline in LSM, although worrisome, is not any mystery. State bank has kept interest rates very high through the last few years inorder to tame inflation which has consequently discouraged large investments in the manufacturing. couple this with the energy crisis and the poor security conditions. Although i have argued against the State Bank's policy of high interest rates and suggested that a cautionary approach must be adopted as most of the inflation was due to external shocks. I wrote two articles in the national newspapers as well to justify my claim. Anyways, interest rates have started to come down which will provide an investment friendly atmosphere.

now secondly, the consumer boom is not a bad thing in the short run. Investment was expected to go down given high interest rates, energy shortages and security environment. Low savings is again interlinked with this whole narrative. if the aggregate consumption had not grown during this period, our economy would have entered serious recession. And to make up for the fall in investment, savings had to decline so that consumption expenditure could rise. If the savings had stayed up while investment had gone down, stagnant consumption expenditure would have resulted in a falling GDP. Most worrisome aspect is when Saving exceeds Investments by a significant amount. As long savings equals investments, your economy will not decline.

thirdly, our fiscal deficit had to go up no matter what. floods, military operations, IDPs had to be financed from somewhere. When economy recovers during the next few years, rising GDP will automatically result in smaller fiscal deficit.

fourthly, saying that our nominal public debt has doubled is not a very clear statement. Our public debt to GDP ratio has roughly stayed the same at around 60% during this time.

the major problem with us is the tax collection. lower tax collection means that half of our Tax revenue is directed towards loan repayments which is very damaging. Something must be done about this if we are to stop ourselves from going back to international financial institutions again and again. Raising indirect taxes will damage the economy. It is the income tax, capital gains tax, corporate tax and agriculture tax (all of them must be progressive and avoid clauses which facilitate rent seeking) which needs to be increased and forcefully implemented.

Thank you for that post.

The bottom line is that the economy is not at all as healthy as Riaz Haq makes it sound. It has serious issues that will not be easily resolved. Trying to underestimate the difficulty of the challenge by painting a rosy picture not only serves to undermine credibility, but also serves to hide the magnitude of the efforts and resolve need to get the economy on a sound footing. Neither is a good thing.

 

[ajpirzada]

The explanation that the consumption is coming entirely at the expense of investment is totally false.
The gap between the officially reported consumption GDP and actual consumption GDP is just too large to be explained by it.

To understand the reason for the gap between official GDP which is under-reported and the actual GDP which is much larger, please read a recent paper by Kemal and Qasim presented at PSDE (Pak Society of Dev Economists) conference in Islamabad.

The paper goes into the details of the discrepancies between the Economic Survey GDP data and the Social and Living Standards (PSLM) consumption survey which is carried out and reported separately several months after the end of each fiscal year.

The PSLM data shows there's a huge gap between reported incomes and actual consumption in a largely cash-based economy.

Another issue the paper discusses is the rampant mis-invoicing of imports and exports that contributes to understating the official GDP.

For example, 2011-12 PSLM has not yet been completed.

http://www.pide.org.pk/psde/25/pdf/AGM28/M Ali Kemal and Ahmed Waqar Qasim.pdf

interesting paper. i cannot really comment on the 91% figure as i do not have the right knowledge regarding how to calculate informal economy. but the approach seems very understandable. thanks for sharing the link.

however, their analysis regarding the fiscal deficit reduction and tax-to-GDP increase once informal economy is accounted for is based on a very weak assumption: 'Since informal economy and formal economy is almost the same'
This is a very loose statement and is not true. Just to give you a hint is that the laws and regulations which apply to the formal economy do not apply to the informal economy. meanings that costs and incentives in the two parallel economies are very different. also that you will be able to collect similar tax revenue from the informal economy depends on the structure of it. if most of those in the informal economy are small to medium business owners, their income might not even come under the minimum tax bracket. And if it does, it may not give you significant revenue. Also, consumers in the informal economy also end up paying indirect taxes.

but anyways, 91% is a shocker and kind of explains some of the inconsistencies in the macro level analysis.

 

[ajpirzada]

Thank you for that post.

The bottom line is that the economy is not at all as healthy as Riaz Haq makes it sound. It has serious issues that will not be easily resolved. Trying to underestimate the difficulty of the challenge by painting a rosy picture not only serves to undermine credibility, but also serves to hide the magnitude of the efforts and resolve need to get the economy on a sound footing. Neither is a good thing.

well you r rit but wat can i say. we have so many critics (to whom criticism is the best type of analysis) in our country that sometimes i really like RiazHaq lol

 

[RiazHaq]

Here's Bloomberg on outsize returns of KSE-100:

The KSE 100 Index, the benchmark for Pakistan’s $43 billion equity market, rose 7.3 percent in the past three years when adjusted for price swings, the top gain among 72 markets worldwide, according to the BLOOMBERG RISKLESS RETURN RANKING. Pakistan had lower stock volatility than 82 percent of the nations including the U.S. (SPX) Over five years, Pakistan’s risk- adjusted returns ranked eighth.

The country’s 190 million people are boosting purchases three times faster than Asian peers as higher rural incomes and record remittances outweigh fighting on the Afghan border, violence in Karachi that led to at least 2,100 deaths this year and power outages that sparked rioting. The region’s fastest earnings growth may increase economic stability, according to Karachi-based Atlas Asset Management Ltd. Foreign investors added to holdings for five straight months, lured by Asia’s lowest valuations and biggest dividend yields.

“Stocks are very cheap and there are some very good businesses in Pakistan,” said Andrew Brudenell, whose HSBC Frontier Markets Fund has returned 18 percent this year, beating 92 percent of peers tracked by Bloomberg, and holds more shares in the country than are represented in benchmark indexes. “We still think there’s some positive growth to come from the markets.”

Earnings in the KSE 100 index advanced 45 percent during the past year, the largest gain among 17 Asian equity indexes, and this month hit the highest level since Bloomberg began tracking the data in 2005.

Consumer spending in Pakistan has increased at a 26 percent average pace the past three years, compared with 7.7 percent for Asia, according to data compiled by Euromonitor International, a consumer research firm. While the growth in Pakistan may slow to 6.6 percent in 2012, it will still exceed the 5.3 percent pace in Asia, according to Euromonitor estimates.

Engro Foods Ltd. (EFOODS), a Karachi-based seller of dairy products, reported a 214 percent jump in net income for the third quarter, while Unilever Pakistan Ltd. (ULEVER), a unit of the world’s second- biggest consumer-goods company, had a 36 percent gain, according to data compiled by Bloomberg.

Dividends in Pakistan have also climbed at the fastest pace in the region. Payouts increased 49 percent in the past 12 months, giving the KSE 100 index a dividend yield of 6.6 percent, double the 3.3 percent average in Asia, Bloomberg data show.
-----------
Foreign investors have purchased a net $153 million of Pakistan shares since the beginning of July, according to data from the Karachi Stock Exchange. Overseas holdings amount to about 20 percent of the bourse’s free float, or shares available for trading, according to Adnan Katchi, the head of international equity sales at Arif Habib Ltd.

Bond investors are also growing more confident. Pakistan’s international debt, rated Caa1 at Moody’s Investors Service, or seven levels below investment grade, has returned 32 percent this year, according to JPMorgan Chase & Co.’s Next Generation Markets Index. Yields hit a two-year low of 8.5 percent on Oct. 26.

----

The country is luring more of the world’s biggest consumer brands as spending increases. Debenhams Plc (DEB), the U.K.’s second- largest department-store chain, and Nine West Group Inc., a seller of women’s shoes and handbags owned by New York-based Jones Group Inc. (JNY), opened their first Pakistan outlets this year.....

Pakistan Stocks Best as Violence Ignored: Riskless Return - Bloomberg

 

[VCheng]

well you r rit but wat can i say. we have so many critics (to whom criticism is the best type of analysis) in our country that sometimes i really like RiazHaq lol

Yes, of course those who say what one wishes to hear rather that what is true sound better.

(even when he is reduced to posting the same thing in multiple threads! )

 

[ajpirzada]

Yes, of course those who say what one wishes to hear rather that what is true sound better.

(even when he is reduced to posting the same thing in multiple threads! )

i lik the word 'rosy' more than 'wishes'. His analysis is always based on something at least.

 

[VCheng]

i lik the word 'rosy' more than 'wishes'. His analysis is always based on something at least.

Yes, it is based on "something" indeed, but when it adds up to a trillion dollar economy that is going gangbusters, that "something" is not exactly robust.

 

[ajpirzada]

Yes, it is based on "something" indeed, but when it adds up to a trillion dollar economy that is going gangbusters, that "something" is not exactly robust.

lol ya that trillion dollar was a classic. but i can see how he got that number hahaha

anyways, discussing members is not allowed as per the old rules i remember. @RiazHaq sir i hope you wont mind. and my apologize if you have

 

[VCheng]

lol ya that trillion dollar was a classic. but i can see how he got that number hahaha

anyways, discussing members is not allowed as per the old rules i remember. @RiazHaq sir i hope you wont mind. and my apologize if you have

Please do note that I am not discussing any person, but questioning the veracity of the analyses being offered.

Of course, if I do explain a line of reasoning that adds up to a two trillion dollar economy, would you like that even better?

 

[RiazHaq]

Here's an ET story on Unilever targeting Pakistan market as a priority:

It is a global food and consumer goods giant that serves over 2 billion consumers every day in more than 180 countries around the world, but Unilever’s global management team is convinced that the key to their future success lies in 16 emerging markets, of which Pakistan is one.

Paul Polman, the CEO of Unilever, and Harish Manwani, the chief operating officer, visited Pakistan on Tuesday in what appears to be part of their global push to gear the company’s growth strategy towards emerging markets. “We want to be in every market with more than 100 million consumers,” said Manwani. “And we want to be in every market where the purchasing power of the consumer is growing. Pakistan meets both of those criteria, the first one by quite a lot.”

About 56% of Unilever’s revenues come from emerging markets, a number that Manwani says could rise to as high as 75% over the next few years. In Pakistan, the company operates two subsidiaries, Unilever Pakistan and Unilever Pakistan Foods, both of which are publicly listed on the Karachi Stock Exchange. For the year 2011, the company’s Pakistani subsidiaries earned combined gross revenue of over Rs73 billion, or about 1.3% of the global total for Unilever.

Growth in Pakistan is significantly higher. While Unilever’s global revenues grew by around 5%, revenues in Pakistan grew by a much stronger 9.9%, even when taking into account the rupee’s depreciation against the euro, the company’s global reporting currency. In Pakistani rupees, gross revenues of both companies grew by nearly 17%.

But it is not just the current growth figures that appear to be attracting Unilever’s attention to Pakistan, but rather what is clearly a rapid expansion of the Pakistani middle class, which is causing purchasing power – and thus the propensity to buy branded products – to rise among a wide and diverse array of Pakistani consumers. Unilever is increasingly finding that it is selling its products to everyone from the bank CEO who works on Karachi’s II Chundrigar Road to the small shop owner in rural Sanghar to the grain merchant in a small town outside Sialkot.
------------
Malik said that the company is actively trying to reach consumers in small towns and rural areas, well beyond the larger cities in the country. The company reaches 50,000 retailers in rural areas, said Malik, a number that keeps on expanding rapidly.

That focus on rural consumers appears to be part of the global strategy: Paul Polman said that Unilever’s connection to farmers and rural communities is part of its efforts to integrate its business strategy with social responsibility. “Over 40% of the world’s population is in agriculture. We want to integrate over 500,000 of them into our global supply chain. They tend to be more reliable suppliers and help us reduce our volatility. In turn, we provide them with a better livelihood,” said Polman.

Unilever’s global CEO was effusive in his praise of the team in Pakistan. “The water conservation techniques pioneered in Pakistan will now be replicated in Unilever factories around the world,” he said. “Pakistan has always provided us with talent, and is in fact exporting talent. Over 55 Pakistanis are now working in senior positions in Unilever all over the world.”...

Food & consumer goods: Unilever targets Pakistan among top priority markets – The Express Tribune

 

[RiazHaq]

i lik the word 'rosy' more than 'wishes'. His analysis is always based on something at least.

"Rosy" and "wishes" do not produce rising disposable incomes!

Talking about household disposable incomes in South Asia, there were 1.8 million Pakistani households (7.55% of all households) and 7.9 million Indian households (3.61% of all households) in 2009 with disposable incomes of $10,001 or more, according to Euromonitor.

This translates into 282% increase (vs 232% in India) from 1995-2009 in households with disposable incomes of $10,001 or more.

http://www.just-style.com/store/samples/2011_Euromonitor_WCIEP_Sample.pdf

 

[VCheng]

"Rosy" and "wishes" do not produce rising disposable incomes!

Talking about household disposable incomes in South Asia, there were 1.8 million Pakistani households (7.55% of all households) and 7.9 million Indian households (3.61% of all households) in 2009 with disposable incomes of $10,001 or more, according to Euromonitor.

This translates into 282% increase (vs 232% in India) from 1995-2009 in households with disposable incomes of $10,001 or more.

http://www.just-style.com/store/samples/2011_Euromonitor_WCIEP_Sample.pdf

Please do not forget to mention this from your quoted source as well:

Page 3: Gross earnings per capita: Growth from 1995 to 2009: Pakistan 81.5%, India 177.2%

================================

Sorry for the lost formatting, but here is the complete table 6.3. The last figure in each country's line is the growth rate from 1995 to 2009:

Gross earnings per capita 1990/1995/2002-2009
US$ per capita, at current prices/% change
% growth
1990 1995 2002 2003 2004 2005 2006 2007 2008 2009 1995-2009
Algeria 1,404.6 698.5 772.2 784.4 896.5 908.2 905.1 1,000.3 1,093.1 1,045.6 49.7
Argentina 3,028.2 3,933.3 1,356.8 1,735.8 2,055.2 2,404.2 2,690.9 3,240.7 3,967.2 3,643.6 -7.4
Australia 13,015.2 15,024.6 14,588.0 17,807.7 21,399.0 23,591.9 24,466.0 29,015.0 30,652.4 28,924.5 92.5
Austria 15,321.4 21,659.1 18,136.1 22,411.7 25,299.0 26,183.4 27,652.6 31,491.0 35,199.7 33,016.8 52.4
Azerbaijan 160.8 318.2 359.2 426.9 566.4 672.2 873.0 1,230.8 1,282.4 697.4
Belarus 742.4 693.8 798.8 966.8 1,191.1 1,561.5 1,901.3 2,393.2 3,247.6 2,793.2 302.6
Belgium 11,466.2 12,530.4 11,082.5 13,615.9 14,963.4 15,251.9 16,067.3 18,391.6 20,570.4 19,195.9 53.2
Bolivia 593.3 691.4 679.2 650.3 641.9 648.6 702.2 776.7 924.7 977.2 41.3
Brazil 1,577.8 2,547.0 1,624.3 1,756.0 2,010.1 2,628.2 3,261.1 4,069.8 4,848.2 4,678.4 83.7
Bulgaria 1,436.7 989.1 864.5 1,125.4 1,344.4 1,374.2 1,393.2 1,658.8 1,977.6 1,797.2 81.7
Canada 14,474.6 12,918.6 15,375.2 18,070.0 20,438.1 23,123.8 25,829.8 28,615.6 29,781.0 27,291.0 111.3
Chile 973.1 2,032.8 1,853.5 2,005.5 2,382.2 2,827.9 3,235.1 3,609.6 3,975.8 3,608.7 77.5
China 197.1 321.9 532.7 577.7 721.0 853.2 999.1 1,221.7 1,538.4 1,677.9 421.2
Colombia 1,088.9 1,898.2 1,217.7 1,199.5 1,390.6 1,705.4 1,863.5 2,348.0 2,678.7 2,511.5 32.3
Croatia 2,949.1 2,251.1 3,006.1 3,784.4 4,501.7 4,947.2 5,396.9 6,441.7 7,520.5 6,700.3 197.6
Czech Republic 1,643.5 2,834.3 3,835.0 4,603.5 5,493.1 6,236.4 7,097.0 8,581.7 10,753.3 9,401.4 231.7
Denmark 13,413.8 17,019.5 15,593.8 18,792.0 21,931.0 23,015.8 24,266.1 27,372.3 29,774.6 27,164.8 59.6
Ecuador 613.9 1,002.7 1,102.3 1,253.0 1,375.2 1,523.0 1,651.8 1,769.1 1,969.4 2,038.4 103.3
Egypt 400.7 677.0 826.9 703.4 758.0 874.6 949.1 1,134.8 1,541.7 1,780.7 163.0
Estonia 1,486.8 2,549.4 3,348.3 3,950.1 4,440.2 5,292.8 6,915.2 7,419.0 5,784.6 289.1
Finland 13,885.7 14,787.8 14,428.9 17,963.1 20,357.4 20,942.6 21,967.3 25,287.6 28,306.8 26,400.8 78.5
France 14,489.7 17,486.3 14,987.7 18,556.8 20,924.5 21,508.8 22,589.9 25,680.0 28,043.9 25,993.0 48.6
Germany 13,372.6 17,557.3 13,980.6 17,040.7 19,114.5 19,409.1 20,153.3 22,285.4 24,400.0 22,870.8 30.3
Greece 3,031.3 5,850.6 6,581.4 8,393.7 9,900.5 11,226.5 12,242.4 14,043.5 15,868.1 14,933.5 155.2
Hong Kong, China 8,749.5 15,718.9 15,285.9 15,128.5 15,880.4 16,584.8 17,777.7 19,554.9 20,590.8 19,947.8 26.9
Hungary 1,423.1 1,834.8 3,211.7 3,807.7 4,823.6 5,304.1 5,365.8 6,494.1 7,255.1 6,027.2 228.5
India 261.3 257.5 333.5 385.6 424.3 486.4 535.7 722.4 778.8 713.8 177.2
Indonesia 308.7 539.5 407.0 568.8 556.8 587.7 762.1 942.6 1,079.8 1,071.6 98.7
Ireland 8,181.7 11,275.3 14,388.1 18,090.8 20,055.7 20,878.4 22,173.1 25,507.5 26,913.9 23,745.5 110.6
Israel 7,663.8 10,431.5 10,478.4 10,631.0 11,325.2 11,748.1 12,453.1 14,400.1 17,666.1 16,327.6 56.5
Italy 8,588.3 10,808.3 10,041.9 12,148.9 13,773.0 14,120.3 14,735.7 16,537.2 18,048.9 16,815.8 55.6
Japan 16,237.5 28,704.6 20,732.5 21,811.8 23,455.5 23,261.1 22,206.6 22,205.4 25,252.9 26,751.8 -6.8
Jordan 759.5 763.5 1,041.7 1,074.6 1,195.5 1,328.4 1,427.1 1,600.7 1,925.2 1,922.7 151.8
Kazakhstan 830.4 810.5 1,095.4 1,778.0 1,963.1 2,401.7 3,198.1 3,816.7 3,310.1 298.6
Kuwait 5,368.7 7,542.2 8,565.4 8,995.7 9,268.4 10,204.8 10,779.7 12,127.9 13,867.9 12,770.9 69.3
Latvia 1,595.5 1,240.8 2,139.8 2,589.4 3,276.7 3,640.5 4,467.0 6,138.0 6,768.2 5,287.8 326.1
Lithuania 1,108.4 956.3 2,185.7 2,827.4 3,426.9 3,940.5 4,634.2 6,001.8 7,328.5 5,993.8 526.8
Malaysia 1,627.2 2,652.2 2,337.3 2,477.7 2,720.5 3,014.5 3,362.5 4,023.6 4,663.0 4,348.7 64.0
Mexico 1,577.5 1,486.1 3,369.7 3,304.8 3,424.0 3,813.0 4,156.3 4,465.5 4,639.3 3,848.4 159.0
Morocco 660.3 729.9 750.9 834.6 966.6 993.6 1,074.6 1,231.9 1,525.7 1,519.1 108.1
Netherlands 11,864.3 15,312.7 15,291.6 18,701.8 20,925.6 21,456.9 22,286.3 25,625.4 28,590.2 26,224.4 71.3
New Zealand 7,710.8 9,620.9 8,311.0 10,614.8 12,708.9 14,109.3 13,856.0 16,456.9 17,171.1 15,542.2 61.5
Nigeria 150.0 158.3 261.8 303.4 352.9 448.1 455.8 489.2 558.4 493.9 212.1
Norway 15,754.8 18,912.3 22,583.0 26,712.8 29,579.5 33,009.2 32,637.4 37,981.4 41,010.7 37,066.9 96.0
Pakistan 277.0 376.6 344.8 378.6 427.3 482.0 542.2 603.0 595.2 683.6 81.5
Peru 741.6 1,127.6 1,248.8 1,220.8 1,389.8 1,520.0 1,598.2 1,791.9 2,167.6 2,150.2 90.7
Philippines 446.2 669.9 598.4 609.6 650.1 727.6 850.9 1,008.7 1,160.9 1,129.1 68.5
Poland 988.2 2,403.9 2,998.1 3,189.0 3,561.8 4,246.5 4,667.0 5,674.3 7,087.3 5,635.4 134.4
Portugal 4,503.3 7,443.6 8,297.1 10,095.8 11,560.4 12,079.3 12,567.7 14,270.4 15,754.8 14,623.3 96.5
Romania 1,086.2 969.8 1,288.5 1,492.8 2,021.6 2,617.4 3,073.1 4,084.7 4,724.9 3,536.4 264.6
Russia 2,152.9 1,642.0 1,331.6 1,662.6 2,236.7 2,790.5 3,584.1 4,705.2 6,030.4 4,917.7 199.5
Saudi Arabia 2,295.0 3,166.9 2,818.3 2,847.8 2,951.0 3,180.1 3,525.4 4,082.6 4,565.0 4,828.2 52.5
Singapore 6,632.5 10,637.5 12,893.7 12,769.9 14,532.5 15,496.8 16,655.6 18,800.3 21,335.2 20,158.5 89.5
Slovakia 2,853.1 4,112.1 5,213.6 6,320.0 6,998.0 7,804.0 9,546.9 11,332.6 10,893.5 281.8
Slovenia 308.5 3,488.5 6,334.4 8,019.5 9,428.8 9,906.6 10,607.4 12,557.9 14,624.2 13,583.2 289.4
South Africa 1,677.5 2,144.5 1,312.7 1,967.5 2,564.3 2,855.2 2,975.0 3,196.4 3,034.8 2,998.4 39.8
South Korea 3,734.0 7,159.5 7,503.2 8,105.9 8,853.6 10,566.7 12,073.9 13,255.8 11,657.2 10,077.7 40.8
Spain 5,144.4 8,802.1 10,859.1 13,340.6 16,047.6 17,527.7 18,979.4 21,856.7 24,118.6 21,740.2 147.0
Sweden 17,605.5 16,909.4 17,869.6 21,996.2 24,983.0 25,452.6 26,305.9 29,248.4 30,466.0 26,649.1 57.6
Switzerland 20,239.0 26,503.9 22,814.2 25,553.1 28,086.5 28,847.5 30,038.8 32,232.0 36,984.5 37,149.1 40.2
Taiwan 5,073.7 8,276.7 9,573.3 9,754.3 10,376.0 11,053.0 11,012.3 11,165.5 11,703.0 11,147.6 34.7
Thailand 927.6 1,606.5 1,213.6 1,340.3 1,515.5 1,661.2 1,902.8 2,169.4 2,465.2 2,376.0 47.9
Tunisia 1,010.3 1,428.9 1,572.2 1,788.2 2,012.7 2,054.1 2,169.5 2,430.9 2,732.5 2,595.2 81.6
Turkey 1,636.9 1,699.7 2,045.7 2,740.2 3,545.6 4,372.8 4,651.8 5,633.9 6,144.7 5,082.7 199.0
Turkmenistan 244.5 607.7 935.4 1,155.3 1,186.5 1,800.0 2,106.1 1,130.1 876.3 258.4
Ukraine 505.6 559.0 620.6 869.4 1,304.7 1,622.9 2,130.7 2,784.0 1,873.8 270.6
United Arab Emirates 9,829.1 8,542.9 10,761.6 12,488.5 14,572.0 18,813.5 22,419.6 26,786.8 32,992.4 27,009.1 216.2
United Kingdom 11,214.9 12,664.4 17,253.6 19,936.5 22,927.6 23,958.1 25,362.8 28,227.0 26,797.5 22,425.7 77.1
USA 15,206.6 17,849.7 24,956.9 25,714.9 27,159.5 28,689.1 30,019.2 31,017.5 32,092.7 32,133.7 80.0
Venezuela 894.4 1,408.7 1,178.5 1,079.4 1,308.8 1,567.2 2,036.4 2,845.3 5,825.3 7,182.2 409.8
Vietnam 90.5 238.4 338.2 380.7 422.6 477.6 538.5 633.5 712.2 776.2 225.5
Source: Euromonitor International from national statistics