| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Burma Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Burma Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Since Burma began the transition to a civilian-led government in 2011, the country initiated economic reforms aimed at attracting foreign investment and reintegrating into the global economy. Burma established a managed float of the Burmese kyat in 2012, granted the Central Bank operational independence in July 2013, enacted a new anti-corruption law in September 2013, and granted licenses to nine foreign banks in 2014 and four more foreign banks in 2016. State Counselor AUNG SAN SUU KYI and the ruling National League for Democracy, who took power in March 2016, are seeking to improve Burma’s investment climate, following the US sanctions lift in October 2016 and reinstatement of Generalized System of Preferences trade benefits in November 2016. In October 2016, Burma passed a revised foreign investment law that consolidates investment regulations and eases the investment approval process and in 2017 passed a law on companies that eases rules on foreign ownership of businesses.Burma’s economic growth rate recovered from a low growth under 6% in 2011 but has been volatile between 6% and 7.2% during the past few years.. Burma’s abundant natural resources and young labor force have the potential to attract foreign investment in the energy, garment, information technology, and food and beverage sectors.Despite these improvements, living standards have not improved for the majority of the people residing in rural areas. Burma remains one of the poorest countries in Asia – approximately 26% of the country’s 51 million people live in poverty. The isolationist policies and economic mismanagement of previous governments have left Burma with poor infrastructure, endemic corruption, underdeveloped human resources, and inadequate access to capital, which will require a major commitment to reverse. The Burmese Government has been slow to address impediments to economic development such as unclear land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system. AUNG SAN SUU KYI’s government is focusing on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and developing transportation and electricity infrastructure.

GDP (purchasing power parity):
$330.9 billion (2017 est.) $308.6 billion (2016 est.) $290.8 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 54

GDP (official exchange rate):
$66.97 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.2% (2017 est.) 6.1% (2016 est.) 7% (2015 est.)
country comparison to the world: 7
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,300 (2017 est.) $5,900 (2016 est.) $5,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 163

Gross national saving:
16.2% of GDP (2017 est.) 16.5% of GDP (2016 est.) 19.3% of GDP (2015 est.)
country comparison to the world: 117
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 37.9%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.6%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 20.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.9% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 39.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
rice, pulses, beans, sesame, groundnuts; sugarcane; fish and fish products; hardwood

Industries:
agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments; jade and gems

Industrial production growth rate:
9.6% (2017 est.)
country comparison to the world: 10
[see also: Industrial production growth rate country ranks ]

Labor force:
22.3 million (2017 est.)
country comparison to the world: 29
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 7%
[see also: Labor force - by occupation - industry country ranks ]
services: 23% (2001 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4% (2017 est.) 4% (2016 est.)
country comparison to the world: 49
[see also: Unemployment rate country ranks ]

Population below poverty line:
25.6% (2016 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.4% (1998)

Budget:
revenues: $9.211 billion
[see also: Budget - revenues country ranks ]
expenditures: $11.45 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
13.8% of GDP (2017 est.)
country comparison to the world: 199
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.3% of GDP (2017 est.)
country comparison to the world: 124
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
6.5% (2017 est.) 6.8% (2016 est.)
country comparison to the world: 188
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.95% (31 December 2010) 12% (31 December 2009)
country comparison to the world: 23
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
14% (31 December 2017 est.) 13% (31 December 2016 est.)
country comparison to the world: 53
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$18.53 billion (31 December 2017 est.) $15.84 billion (31 December 2016 est.)
country comparison to the world: 70
[see also: Stock of narrow money country ranks ]

Stock of domestic credit:
$28.48 billion (31 December 2017 est.) $23.08 billion (31 December 2016 est.)
country comparison to the world: 82
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$4.393 billion (2017 est.) -$3.789 billion (2016 est.)
country comparison to the world: 172
[see also: Current account balance country ranks ]

Exports:
$10.07 billion (2017 est.) $9.085 billion (2016 est.)
note: official export figures are grossly underestimated due to the value of timber, gems, narcotics, rice, and other products smuggled to Thailand, China, and Bangladesh
country comparison to the world: 91
[see also: Exports country ranks ]

Exports - commodities:
natural gas; wood products; pulses and beans; fish; rice; clothing; minerals, including jade and gems

Exports - partners:
China 40.6%, Thailand 19.1%, India 8.8%, Singapore 7.6%, Japan 5.7% (2016)

Imports:
$15.33 billion (2017 est.) $12.8 billion (2016 est.)
note: import figures are grossly underestimated due to the value of consumer goods, diesel fuel, and other products smuggled in from Thailand, China, Malaysia, and India
country comparison to the world: 84
[see also: Imports country ranks ]

Imports - commodities:
fabric; petroleum products; fertilizer; plastics; machinery; transport equipment; cement, construction materials; food products� edible oil

Imports - partners:
China 33.9%, Singapore 14.3%, Thailand 12.5%, Japan 7.9%, India 6.9%, Malaysia 4.3% (2016)

Reserves of foreign exchange and gold:
$5.032 billion (31 December 2017 est.) $4.63 billion (31 December 2016 est.)
country comparison to the world: 94
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$9.713 billion (31 December 2017 est.) $8.2 billion (31 December 2016 est.)
country comparison to the world: 116
[see also: Debt - external country ranks ]

Exchange rates:
kyats (MMK) per US dollar - 1,361.9 (2017 est.) 1,234.87 (2016 est.) 1,234.87 (2015 est.) 1,162.62 (2014 est.) 984.35 (2013 est.)


NOTE: 1) The information regarding Burma on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burma Economy 2018 information contained here. All suggestions for corrections of any errors about Burma Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 28-Feb-18
Copyright © 1995- , ITA all rights reserved.

    . Feedback