GeoFroggy

View Large Map

Economy Overview

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failure under the "Burmese Way to Socialism," but those efforts stalled, and some of the liberalization measures were rescinded. Burma does not have monetary or fiscal stability, so the economy suffers from serious macroeconomic imbalances - including inflation, multiple official exchange rates that overvalue the Burmese kyat, and a distorted interest rate regime. 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 against Burma - including a ban on imports of Burmese products and a ban on provision of financial services by US persons. A poor investment climate further slowed the inflow of foreign exchange. The most productive sectors will continue to be in extractive industries, especially oil and gas, mining, and timber. Other areas, such as manufacturing and services, are struggling with inadequate infrastructure, unpredictable import/export policies, deteriorating health and education systems, and corruption. A major banking crisis in 2003 shuttered the country's 20 private banks and disrupted the economy. As of December 2005, the largest private banks operate under tight restrictions limiting the private sector's access to formal credit. 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. Burma's trade with Thailand, China, and India is rising. 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 foreign investment, exports, and tourism.

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; natural gas

Industrial Production Growth Rate

NA%

Labor Force

27.75 million (2005 est.)

Electricity production

7.393 billion kWh (2003)

Electricity Consumption

6.875 billion kWh (2003)

Electricity Exports

0 kWh (2003)

Electricity Imports

0 kWh (2004)

Unemployment Rate

5% (2005 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: $473.3 million

Expenditures: $716.6 million; including capital expenditures of NA (FY04/05 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

$763 million (2005 est.)

Debt External

$6.99 billion (2005 est.)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: kyats per US dollar - 5.761 (2005), 5.7459 (2004), 6.0764 (2003), 6.5734 (2002), 6.6841 (2001)

Note: these are official exchange rates; unofficial exchange rates ranged in 2004 from 815 kyat/US dollar to nearly 970 kyat/US dollar, and by year-end 2005, the unofficial exchange rate was 1,075 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

GDP Official Exchange Rate

$7.464 billion 2005 est.

Fiscal Year

1 April - 31 March

GDP Purchasing Power Parity

$80.11 billion (2005 est.)

GDP Real Growth Rate

5.2% (2005 est.)

GDP Per Capital

$1,700 (2005 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
56.4%
Industry
8.2%
Services
35.3% (2005 est.)

Inflation Rate Consumer Prices

20.2% (2005 est.)

Current Account Balance

$700 million (2005 est.)

Exports

Exports
$3.111 billion f.o.b.
Note
official export figures

Exports Partners

Thailand
44.3%
India
12.3%
China
6.8%
Japan
5%

Exports Commodities

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

Imports

Imports
$3.454 billion f.o.b.
Note
import figures are

Imports Partners

China
28.8%
Thailand
21.8%
Singapore
18.3%
Malaysia
7.6%

Imports Commodities

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

Burma