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Economy Overview

Burma is a resource-rich country that suffers from government controls, inefficient economic policies, and abject 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the "Burmese Way to Socialism", but those efforts have since stalled and some of the liberalization measures have been rescinded. Burma has been unable to achieve monetary or fiscal stability, resulting in an economy that suffers from serious macroeconomic imbalances - including inflation and multiple official exchange rates that overvalue the Burmese kyat. In addition, most overseas development assistance ceased after the junta began to suppress the democracy movement in 1988 and subsequently ignored the results of the 1990 legislative elections. Economic sanctions against Burma by the United States - including a ban on imports of Burmese products and a ban on provision of financial services by US persons in response to the government of Burma's attack in May 2003 on AUNG SAN SUU KYI and her convoy - further slowed the inflow of foreign exchange. 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 one to two times the size of the official economy. Though the Burmese government has good economic relations with its neighbors, a better investment climate and an improved political situation are needed to promote foreign investment, exports, and tourism. In February 2003, a major banking crisis hit the country's 20 private banks, shutting them down and disrupting the economy. As of January 2004, the largest private banks remained moribund, leaving the private sector with little formal access to credit.

Agriculture Products

rice, pulses, beans, sesame, groundnuts, sugarcane; hardwood; fish and fish products

Industries

agricultural processing; knit and woven apparel; wood and wood products; copper, tin, tungsten, iron; construction materials; pharmaceuticals; fertilizer; cement

Industrial Production Growth Rate

Labor Force

27.01 million (2004 est.)

Electricity production

5.068 billion kWh (2003)

Electricity Consumption

3.484 billion kWh (2003)

Electricity Exports

0 kWh (2002)

Electricity Imports

0 kWh (2004)

Unemployment Rate

5.2% (2004 est.)

Population Below Poverty Line

25% (2000 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 2.8%

Highest 10%: 32.4% (1998)

Budget

Revenues: $474.9 million

Expenditures: $955.5 million, including capital expenditures of $5.7 billion (2004 est.)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

$590 million (2004 est.)

Debt External

$6.752 billion (2004 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: kyats per US dollar - 5.7459 (2004), 6.0764 (2003), 6.5734 (2002), 6.6841 (2001), 6.4257 (2000)

Note: these are official exchange rates; unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Fiscal Year

1 April - 31 March

GDP Purchasing Power Parity

$74.3 billion (2004 est.)

GDP Real Growth Rate

-1.3% (2004 est.)

GDP Per Capital

Purchasing power parity - $1,700 (2004 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
56.6%
Industry
8.8%
Services
34.5% (2004 est.)

Inflation Rate Consumer Prices

17.2% (2004 est.)

Current Account Balance

$-185 million (2004 est.)

Exports

Exports
$2.137 billion f.o.b.
Note
official export figures

Exports Partners

Thailand
37.8%
India
11.7%
China
6%
Japan
5.3%

Exports Commodities

Clothing, gas, wood products, pulses, beans, fish, rice

Imports

Imports
$1.754 billion f.o.b.
Note
import figures are

Imports Partners

China
29.8%
Singapore
20.8%
Thailand
19.3%
South
Korea
Malaysia
4.8%

Imports Commodities

Fabric, petroleum products, plastics, machinery, transport equipment, construction materials, crude oil; food products

Burma