Burma Economy - 2023

Economic overview

prior to COVID-19 and the February 2021 military coup, massive declines in poverty, rapid economic growth, and improving social welfare; underdevelopment, climate change, and unequal investment threaten progress and sustainability planning; since coup, foreign assistance has ceased from most funding sources

Real GDP (purchasing power parity)

$216.948 billion (2021 est.)

$264.29 billion (2020 est.)

$256.16 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-17.91% (2021 est.)

3.17% (2020 est.)

6.75% (2019 est.)

Real GDP per capita

$4,000 (2021 est.)

$4,900 (2020 est.)

$4,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$76.606 billion (2019 est.)

Inflation rate (consumer prices)

8.83% (2019 est.)

6.87% (2018 est.)

4.57% (2017 est.)

GDP - composition, by sector of origin

agriculture: 24.1% (2017 est.)

industry: 35.6% (2017 est.)

services: 40.3% (2017 est.)

GDP - composition, by end use

household consumption: 59.2% (2017 est.)

government consumption: 13.8% (2017 est.)

investment in fixed capital: 33.5% (2017 est.)

investment in inventories: 1.5% (2017 est.)

exports of goods and services: 21.4% (2017 est.)

imports of goods and services: -28.6% (2017 est.)

Agricultural products

rice, sugar cane, beans, vegetables, milk, maize, poultry, groundnuts, fruit, plantains

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

-20.65% (2021 est.)

Labor force

22.122 million (2021 est.)

Labor force - by occupation

agriculture: 70%

industry: 7%

services: 23% (2001 est.)

Unemployment rate

2.17% (2021 est.)

1.06% (2020 est.)

0.5% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 6.4%

male: 6.5%

female: 6.3% (2021 est.)

Population below poverty line

24.8% (2017 est.)

Gini Index coefficient - distribution of family income

30.7 (2017 est.)

Average household expenditures

on food: 56.1% of household expenditures (2018 est.)

on alcohol and tobacco: 0.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 32.4% (1998)

Budget

revenues: $13.361 billion (2020 est.)

expenditures: $18.035 billion (2020 est.)

Budget surplus (+) or deficit (-)

-3.2% (of GDP) (2017 est.)

Public debt

33.6% of GDP (2017 est.)

35.7% of GDP (2016 est.)

Taxes and other revenues

6.44% (of GDP) (2019 est.)

Fiscal year

1 April - 31 March

Current account balance

$67.72 million (2019 est.)

-$2.561 billion (2018 est.)

-$4.917 billion (2017 est.)

Exports

$17.523 billion (2019 est.)

$15.728 billion (2018 est.)

$13.629 billion (2017 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

China 24%, Thailand 24%, Japan 7%, Germany 5% (2019)

Exports - commodities

natural gas, clothing products, dried legumes, precious stones, yttrium, scandium, rice, corn (2021)

note: Burmese methamphetamine production and opiate production remain significant illicit trade commodities

Imports

$17.356 billion (2019 est.) note: data are in current year dollars

$18.664 billion (2018 est.) note: data are in current year dollars

$18.459 billion (2017 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

Imports - partners

China 43%, Thailand 15%, Singapore 12%, Indonesia 5% (2019)

Imports - commodities

refined petroleum, broadcasting equipment, fabrics, motorcycles, packaged medicines (2019)

Reserves of foreign exchange and gold

$7.67 billion (31 December 2020 est.)

$5.824 billion (31 December 2019 est.)

$5.646 billion (31 December 2018 est.)

Debt - external

$6.594 billion (31 December 2017 est.)

$8.2 billion (31 December 2016 est.)

Exchange rates

kyats (MMK) per US dollar -

1,381.619 (2020 est.)

1,518.255 (2019 est.)

1,429.808 (2018 est.)

1,360.359 (2017 est.)

1,234.87 (2016 est.)

NOTE: The information regarding Burma on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Burma 2023 information contained here. All suggestions for corrections of any errors about Burma 2023 should be addressed to the CIA or the source cited on each page.