Myanmar:
Economy

Pages for other countries and territories

Other pages in this profile of Myanmar:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition Burma, a resource-rich country, suffers from pervasive government controls, inefficient economic policies, and rural poverty. The junta took steps in the early 1990s to liberalize the economy after decades of failure under the "Burmese Way to Socialism," but those efforts stalled, and some of the liberalization measures were rescinded. Despite Burma's increasing oil and gas revenue, socio-economic conditions have deteriorated due to the regime's mismanagement of the economy. Lacking monetary or fiscal stability, the economy suffers from serious macroeconomic imbalances - including rising inflation, fiscal deficits, multiple official exchange rates that overvalue the Burmese kyat, a distorted interest rate regime, unreliable statistics, and an inability to reconcile national accounts to determine a realistic GDP figure. Most overseas development assistance ceased after the junta began to suppress the democracy movement in 1988 and subsequently refused to honor the results of the 1990 legislative elections. In response to the government of Burma's attack in May 2003 on AUNG SAN SUU KYI and her convoy, the US imposed new economic sanctions in August 2003 including a ban on imports of Burmese products and a ban on provision of financial services by US persons. Further, a poor investment climate hampers attracting outside investment slowing the inflow of foreign exchange. The most productive sectors will continue to be in extractive industries, especially oil and gas, mining, and timber with the latter especially causing environmental degradation. Other areas, such as manufacturing and services, are struggling with inadequate infrastructure, unpredictable import/export policies, deteriorating health and education systems, and endemic corruption. A major banking crisis in 2003 shuttered the country's 20 private banks and disrupted the economy. As of 2007, the largest private banks operated under tight restrictions limiting the private sector's access to formal credit. Moreover, the September 2007 crackdown on prodemocracy demonstrators, including thousands of monks, further strained the economy as the tourism industry, which directly employs about 500,000 people, suffered dramatic declines in foreign visitor levels. In November 2007, the European Union announced new sanctions banning investment and trade in Burmese gems, timber and precious stones, while the United States expanded its sanctions list to include more Burmese government and military officials and their family members, as well as prominent regime business cronies, their family members, and associated companies. Official statistics are inaccurate. Published statistics on foreign trade are greatly understated because of the size of the black market and unofficial border trade - often estimated to be as large as the official economy. Though the Burmese government has good economic relations with its neighbors, better investment and business climates and an improved political situation are needed to promote serious foreign investment, exports, and tourism.
GDP (purchasing power parity)	Definition - World rank and map $91.13 billion (2007 est.)
GDP (official exchange rate)	Definition $13.53 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 5.5% (2007 est.)
GDP - per capita	Definition - World rank and map $1,900 (2007 est.)
GDP - composition by sector	Definition agriculture: 50% industry: 17.6% services: 32.4% (2007 est.)
Labor force	Definition 29.26 million (2007 est.)
Labor force - by occupation	Definition agriculture: 70% industry: 7% services: 23% (2001)
Unemployment rate	Definition - World rank and map 10.2% (2007 est.)
Population below poverty line	Definition 32.7% (2007 est.)
Household income or consumption by percentage share	Definition lowest 10%: 2.8% highest 10%: 32.4% (1998)
Inflation rate (consumer prices)	Definition - World rank and map 34.4% (2007 est.)
Investment (gross fixed)	Definition - World rank and map 12.7% of GDP (2007 est.)
Budget	Definition revenues: NA expenditures: NA (2007 est.)
Agriculture - products	Definition rice, pulses, beans, sesame, groundnuts, sugarcane; hardwood; fish and fish products
Industries	Definition agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; natural gas; garments, jade and gems
Industrial production growth rate	Definition - World rank and map 9.6% (2007 est.)
Electricity - production	Definition - World rank and map 6.154 billion kWh (FY06)
Electricity - consumption	Definition - World rank and map 3.744 billion kWh (FY06)
Electricity - consumption per capita	Definition - World rank and map 78.4 kWh (FY06)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 7,700 bbl/day (2006 est.)
Oil - consumption	Definition - World rank and map 20,460 bbl/day (2006 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 0.4 bbl/day (2006 est.)
Oil - exports	Definition - World rank and map 5,000 bbl/day (2006 est.)
Oil - imports	Definition - World rank and map 19,180 bbl/day (2004 est.)
Oil - proved reserves	Definition - World rank and map 1.963 billion bbl (2007 est.)
Natural gas - production	Definition - World rank and map 12.47 billion cu m (2005)
Natural gas - consumption	Definition - World rank and map 3.971 billion cu m (2005)
Natural gas - consumption per capita	Definition - World rank and map 83 cu m (2005)
Natural gas - exports	Definition - World rank and map 8.497 billion cu m (2005)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 271.6 billion cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map $541 million (2007 est.)
Exports	Definition - World rank and map $6.346 billion f.o.b. 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 (2007 est.)
Exports - commodities	Definition natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems
Exports - partners	Definition Thailand 44.2%, India 14.5%, China 6.8%, Japan 5.6% (2006)
Imports	Definition - World rank and map $3.624 billion f.o.b. 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 (2007 est.)
Imports - commodities	Definition fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil
Imports - partners	Definition China 35.7%, Thailand 20.4%, Singapore 16.6%, Malaysia 4.5% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $2.268 billion (31 December 2007 est.)
Debt - external	Definition - World rank and map $7.133 billion (31 December 2007 est.)
Market value of publicly traded shares	Definition $NA
Economic aid - recipient	Definition $144.7 million (2005 est.)
Currency (code)	Definition kyat (MMK)
Exchange rates	Definition kyats per US dollar - 1,296 (2007), 1,280 (2006), 5.761 (2005), 5.7459 (2004), 6.0764 (2003) note: unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar, and by yearend 2005, the unofficial exchange rate was 1,075 kyat/US dollar; data shown for 2003-05 are official exchange rates
Fiscal year	Definition 1 April - 31 March

Myanmar: Economy

Myanmar:
Economy