Burma Economy - 2024

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.)

Unemployment rate

2.17% (2021 est.)
1.06% (2020 est.)
0.5% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 6.4% (2021 est.)

male: 6.5%

female: 6.3%

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)

Remittances

2.85% of GDP (2020 est.)
3.72% of GDP (2019 est.)
3.98% of GDP (2018 est.)

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

$20.4 billion (2021 est.) note: data are in current year dollars
$17.523 billion (2019 est.) note: data are in current year dollars
$15.728 billion (2018 est.) note: data are in current year dollars

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

Exports - partners

China 34%, Thailand 14%, Germany 6%, Japan 5%, United States 5% (2021)

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

$23.1 billion (2021 est.) note: data are in current year dollars
$17.356 billion (2019 est.) note: data are in current year dollars
$18.664 billion (2018 est.) note: data are in current year dollars

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 -

Exchange rates:
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.)