unbekannter Gast

Burma: Economy#

Since the transition to a civilian government in 2011, Burma has begun an economic overhaul aimed at attracting foreign investment and reintegrating into the global economy. Economic reforms have included establishing a managed float of the Burmese kyat in 2012, granting the Central Bank operational independence in July 2013, and enacting a new Anti-corruption Law in September 2013. The government’s commitment to reform, and the subsequent easing of most Western sanctions, has begun to pay dividends. The economy accelerated in 2012 and 2013. And Burma’s abundant natural resources, young labor force, and proximity to Asia’s dynamic economies have attracted foreign investment in the energy sector, garment industry, information technology, and food and beverages. Foreign direct investment grew from US$1.9 billion in FY 2011 to US$2.7 billion in FY 2012. 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 - more than one-fourth of the country’s 60 million people live in poverty. The previous government’s isolationist policies and economic mismanagement 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 an opaque revenue collection system and antiquated banking system. Key benchmarks of sustained economic progress would include modernizing and opening the financial sector, increasing budget allocations for social services, and accelerating agricultural and land reforms.

Economic Facts#

GDP (purchasing power parity)$111.1 billion (2013 est.)
$104 billion (2012 est.)
$97.81 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate6.8% (2013 est.)
6.4% (2012 est.)
5.9% (2011 est.)
GDP - per capita (PPP)$1,700 (2013 est.)
$1,600 (2012 est.)
$1,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 38%
industry: 20.3%
services: 41.7% (2013 est.)
Population below poverty line32.7% (2007 est.)
Household income or consumption by percentage sharelowest 10%: 2.8%
highest 10%: 32.4% (1998)
Labor force - by occupationagriculture: 70%
industry: 7%
services: 23% (2001)
Exports - commoditiesnatural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems
Exports - partnersThailand 40.7%, India 14.8%, China 14.3%, Japan 7.4% (2012)
Agriculture - productsrice, pulses, beans, sesame, groundnuts, sugarcane; fish and fish products; hardwood
Budgetrevenues: $2.413 billion
expenditures: $4.443 billion (2013 est.)
Imports - commoditiesfabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil
Imports - partnersChina 36.9%, Thailand 20.2%, Singapore 8.7%, South Korea 8.7%, Japan 8.2%, Malaysia 4.6% (2012)
Exchange rateskyats (MMK) per US dollar -
947.9 (2013 est.)
853.48 (2012 est.)
5.58 (2010 est.)
1,055 (2009)
1,205 (2008)
Exports$9.043 billion (2013 est.)
$7.82 billion (2012 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
Debt - external$5.379 billion (31 December 2013 est.)
$5.591 billion (31 December 2012 est.)
Fiscal year1 April - 31 March
Imports$10.11 billion (2013 est.)
$7.998 billion (2012 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
Industrial production growth rate11.4% (2013 est.)
Industriesagricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade, gems
Inflation rate (consumer prices)5.7% (2013 est.)
1.5% (2012 est.)
Labor force34.31 million (2013 est.)
Unemployment rate5.2% (2013 est.)
5.4% (2012 est.)
Current account balance-$2.596 billion (2013 est.)
-$1.791 billion (2012 est.)
Reserves of foreign exchange and gold$8.278 billion (31 December 2013 est.)
$6.977 billion (31 December 2012 est.)
GDP (official exchange rate)$59.43 billion (2013 est.)
Market value of publicly traded shares$NA
Central bank discount rate9.95% (31 December 2010 est.)
12% (31 December 2009 est.)
Commercial bank prime lending rate13% (31 December 2013 est.)
13% (31 December 2012 est.)
Stock of domestic credit$14.43 billion (31 December 2013 est.)
$13.51 billion (31 December 2012 est.)
Stock of narrow money$12.23 billion (31 December 2013 est.)
$11.54 billion (31 December 2012 est.)
Taxes and other revenues4.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-3.4% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 80.6%
government consumption: 3.8%
investment in fixed capital: 17.5%
investment in inventories: 0.3%
exports of goods and services: 20.1%
imports of goods and services: -22.3%
(2013 est.)
Gross national saving11.9% of GDP (2013 est.)
12.9% of GDP (2012 est.)
13.7% of GDP (2011 est.)