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 13 foreign banks in 2014-16. State Counsellor AUNG SAN SUU KYI and the ruling National League for Democracy, who took power in March 2016, have sought 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 foreign investment law that consolidates investment regulations and 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. The government is focusing on accelerating agricultural productivity and land reforms, modernizing and opening the financial sector, and developing transportation and electricity infrastructure. The government has also taken steps to improve transparency in the mining and oil sectors through publication of reports under the Extractive Industries Transparency Initiative (EITI) in 2016 and 2018.

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.

GDP (purchasing power parity):
$329.8 billion (2017 est.)
$308.7 billion (2016 est.)
$291.5 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: GDP country ranks ]

GDP (official exchange rate):
$67.28 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.8% (2017 est.)
5.9% (2016 est.)
7% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$6,300 (2017 est.)
$5,900 (2016 est.)
$5,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 163
[see also: GDP - per capita country ranks ]

Gross national saving:
17.7% of GDP (2017 est.)
17.6% of GDP (2016 est.)
18.1% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 59.2% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.8% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 33.5% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.5% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 21.4% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -28.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 24.1% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 35.6% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 40.3% (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:
8.9% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 20
[see also: Industrial production growth rate country ranks ]

Labor force:
22.3 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 28
[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 (CIA rank, may be based on non-current data): 50
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 9.108 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 11.23 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
13.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 205
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.2% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 138
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
33.6% of GDP (2017 est.)
35.7% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 156
[see also: Public debt country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
4% (2017 est.)
6.8% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 154
[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 (CIA rank, may be based on non-current data): 25
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13% (31 December 2017 est.)
13% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 60
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$18.78 billion (31 December 2017 est.)
$15.84 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 70
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$18.78 billion (31 December 2017 est.)
$15.84 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 71
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$28.24 billion (31 December 2017 est.)
$23.08 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 83
[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:
-$2.9 billion (2017 est.)
-$2.475 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 175
[see also: Current account balance country ranks ]

Exports:
$9.832 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 (CIA rank, may be based on non-current data): 93
[see also: Exports country ranks ]

Exports - partners:
China 36.5%, Thailand 21.8%, Japan 6.6%, Singapore 6.4%, India 5.9% (2017)

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

Imports:
$15.78 billion (2017 est.)
$12.81 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 (CIA rank, may be based on non-current data): 87
[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 31.4%, Singapore 15%, Thailand 11.1%, Saudi Arabia 7.5%, Malaysia 6.2%, Japan 6%, India 5.5%, Indonesia 4.5% (2017)

Reserves of foreign exchange and gold:
$4.924 billion (31 December 2017 est.)
$4.63 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 95
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.594 billion (31 December 2017 est.)
$8.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 125
[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.)