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Burma Economy 2017
http://www.theodora.com/wfbcurrent/burma/burma_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Burma Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Since the transition to a civilian government in 2011, Burma has begun an economic overhaul aimed at attracting foreign investment and reintegrating into the global economy. Economic reforms have included establishing a managed float of the Burmese kyat in 2012, re-writing the Foreign Investment Law in 2012 to allow more foreign investment participation, granting the Central Bank operational independence in July 2013, enacting a new Anti-corruption Law in September 2013, and granting licenses to nine foreign banks in 2014 and four more foreign banks in 2016.The government’s commitment to reform, and the subsequent easing of most Western sanctions, led to accelerated growth in 2013 and 2014. In 2015, growth slowed because of political uncertainty in an election year, summer floods, and external factors, including China’s slowdown and lower commodity prices. Burma’s abundant natural resources, young labor force, and proximity to Asia’s dynamic economies have attracted foreign investment in the energy sector, garment industry, information technology, and food and beverages. Pledged foreign direct investment grew from $4.1 billion in FY 2013 to $8.1 billion in FY 2014.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 previous government’s isolationist policies and economic mismanagement 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 insecure land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system. The newly elected government, led by AUNG SAN SUU KYI, will likely focus on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and improving fiscal management.

GDP (purchasing power parity):
$311.1 billion (2016 est.) $287.8 billion (2015 est.) $268.9 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 54
[see also: GDP country ranks ]

GDP (official exchange rate):
$68.28 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.1% (2016 est.) 7% (2015 est.) 8.7% (2014 est.)
country comparison to the world: 4
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,000 (2016 est.) $5,600 (2015 est.) $5,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 162
[see also: GDP - per capita country ranks ]

Gross national saving:
16.3% of GDP (2016 est.) 15.2% of GDP (2015 est.) 17.9% of GDP (2014 est.)
country comparison to the world: 110
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 57.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 6.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 37.7%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 24.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.4% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 26.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 27.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 46.2% (2016 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:
12.2% (2016 est.)
country comparison to the world: 4
[see also: Industrial production growth rate country ranks ]

Labor force:
37.15 million (2016 est.)
country comparison to the world: 18
[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:
4.8% (2016 est.) 5% (2015 est.)
country comparison to the world: 49
[see also: Unemployment rate country ranks ]

Population below poverty line:
32.7% (2007 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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $8.944 billion
[see also: Budget revenues country ranks ]
expenditures: $10.99 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
13.1% of GDP (2016 est.)
country comparison to the world: 201
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3% of GDP (2016 est.)
country comparison to the world: 105
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
7% (2016 est.) 10.8% (2015 est.)
country comparison to the world: 187
[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: 25
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15% (31 December 2016 est.) 13% (31 December 2015 est.)
country comparison to the world: 42
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$18.37 billion (31 December 2016 est.) $13.8 billion (31 December 2015 est.)
country comparison to the world: 69
[see also: Stock of narrow money country ranks ]

Stock of domestic credit:
$21.22 billion (31 December 2016 est.) $16.01 billion (31 December 2015 est.)
country comparison to the world: 86
[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:
-$5.665 billion (2016 est.) -$4.879 billion (2015 est.)
country comparison to the world: 173
[see also: Current account balance country ranks ]

Exports:
$10.49 billion (2016 est.) $9.135 billion (2015 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: 86
[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 37.7%, Thailand 25.6%, India 7.7%, Japan 6.2% (2015)

Imports:
$13.96 billion (2016 est.) $12.49 billion (2015 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: 86
[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 42.2%, Thailand 18.5%, Singapore 11%, Japan 4.8% (2015)

Reserves of foreign exchange and gold:
$8.913 billion (31 December 2016 est.) $8.463 billion (31 December 2015 est.)
country comparison to the world: 76
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$9.041 billion (31 December 2016 est.) $7.407 billion (31 December 2015 est.)
country comparison to the world: 113
[see also: Debt - external country ranks ]

Exchange rates:
kyats (MMK) per US dollar - 1,205.9 (2016 est.) 1,162.62 (2015 est.) 1,162.62 (2014 est.) 984.35 (2013 est.) 853.48 (2012 est.)


NOTE: The information regarding Burma on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Burma Economy 2017 information contained here. All suggestions for corrections of any errors about Burma Economy 2017 should be addressed to the CIA.




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