Economy - overview:
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, re-writing the Foreign Investment Law in 2012 to allow more foreign investment participation, granting the Central Bank operational independence in July 2013, enacting a new Anti-corruption Law in September 2013, and authorizing a small number of foreign banks to open branch offices for limited operations beginning in 2015.The government’s commitment to reform, and the subsequent easing of most Western sanctions, has begun to pay dividends as growth accelerated in 2013 and 2014. In 2015 growth slowed because of political uncertainty in an election year, summer floods, and external factors, including China’s slowdown and lower commodity prices. 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. Pledged foreign direct investment grew from $1.4 billion in FY 2012 to $4.1 billion in FY 2013.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 – nearly one-third of the country’s 51 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 insecure land rights, a restrictive trade licensing system, an opaque revenue collection system, and an antiquated banking system. The newly elected government, led by AUNG SAN SUU KYI will likely focus on modernizing and opening the financial sector, increasing budget allocations for social services, and accelerating agricultural and land reforms.

GDP (purchasing power parity):
$267.7 billion (2015 est.) $246.8 billion (2014 est.) $227.5 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 58
[see also: GDP country ranks ]

GDP (official exchange rate):
$65.78 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.5% (2015 est.) 8.5% (2014 est.) 8.4% (2013 est.)
country comparison to the world: 7
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,200 (2015 est.) $4,800 (2014 est.) $4,400 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 165
[see also: GDP - per capita country ranks ]

Gross national saving:
16.3% of GDP (2015 est.) 19.4% of GDP (2014 est.) 17.7% of GDP (2013 est.)
country comparison to the world: 106
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 76.8%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 3.9%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 21%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 31.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -33.7% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 36.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 41.6% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

Industries:
agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments, jade, gems

Industrial production growth rate:
12.2% (2015 est.)
country comparison to the world: 3
[see also: Industrial production growth rate country ranks ]

Labor force:
36.18 million (2015 est.)
country comparison to the world: 18
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 7%
[see also: Labor force - by occupation - industry country ranks ]
services: 23% (2001 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5% (2015 est.) 5.1% (2014 est.)
country comparison to the world: 52
[see also: Unemployment rate country ranks ]

Population below poverty line:
32.7% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.4% (1998)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $2.682 billion
[see also: Budget revenues country ranks ]
expenditures: $4.471 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
4.1% of GDP (2015 est.)
country comparison to the world: 215
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.7% of GDP (2015 est.)
country comparison to the world: 97
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
9.2% (2015 est.) 5.5% (2014 est.)
country comparison to the world: 205
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9.95% (31 December 2010) 12% (31 December 2009)
country comparison to the world: 22
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13% (31 December 2015 est.) 13% (31 December 2014 est.)
country comparison to the world: 56
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$13.47 billion (31 December 2015 est.) $14.07 billion (31 December 2014 est.)
country comparison to the world: 71
[see also: Stock of narrow money country ranks ]

Stock of domestic credit:
$15.41 billion (31 December 2015 est.) $16.91 billion (31 December 2014 est.)
country comparison to the world: 91
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$5.867 billion (2015 est.) -$3.851 billion (2014 est.)
country comparison to the world: 171
[see also: Current account balance country ranks ]

Exports:
$9.752 billion (2015 est.) $8.962 billion (2014 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
country comparison to the world: 90
[see also: Exports country ranks ]

Exports - commodities:
natural gas, wood products, pulses, beans, fish, rice, clothing, jade and gems

Exports - partners:
China 63%, Thailand 15.8%, India 5.7% (2014)

Imports:
$12.64 billion (2015 est.) $12.17 billion (2014 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
country comparison to the world: 89
[see also: Imports country ranks ]

Imports - commodities:
fabric, petroleum products, fertilizer, plastics, machinery, transport equipment; cement, construction materials, crude oil; food products, edible oil

Imports - partners:
China 42.4%, Thailand 19%, Singapore 10.9%, Japan 5.4% (2014)

Reserves of foreign exchange and gold:
$9.417 billion (31 December 2015 est.) $8.727 billion (31 December 2014 est.)
country comparison to the world: 77
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.616 billion (31 December 2014 est.) $7.367 billion (31 December 2013 est.)
country comparison to the world: 121
[see also: Debt - external country ranks ]

Exchange rates:
kyats (MMK) per US dollar - 1,171.8 (2015 est.) 984.35 (2014 est.) 984.35 (2013 est.) 853.48 (2012 est.) 815 (2011 est.)