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Economy Burma
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measures have been rescinded.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.
GDP (purchasing power parity):
$74.3 billion (2004 est.)
GDP - real growth rate:
−1.3% (2004 est.)
GDP - per capita:
purchasing power parity - $1,700 (2004 est.)
GDP - composition by sector: agriculture: 56.6% industry: 8.8% services: 34.5% (2004 est.)
Labor force:
27.01 million (2004 est.)
Labor force - by occupation:
agriculture 70%, industry 7%, services 23% (2001 est.)
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)
Inflation rate (consumer prices):
17.2% (2004 est.)
Investment (gross fixed):
10.2% of GDP (2004 est.)
Budget:
revenues: $474.9 million
expenditures: $955.5 million, including capital expenditures of $5.7
billion (2004 est.)
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:
NA
Electricity - production:
5.068 billion kWh (2003)
Electricity - production by source: fossil fuel: 44.5% hydro: 43.4% nuclear: 0% other: 12.1% (2002)
Electricity - consumption:
3.484 billion kWh (2003)
Electricity - exports:
0 kWh (2002)
Electricity - imports:
0 kWh (2004)
Oil - production:
17,550 bbl/day (2003 est.)
Oil - consumption:
60,950 bbl/day (2003 est.)
Oil - exports:
3,356 bbl/day (2003)
Oil - imports:
49,230 bbl/day (2003)
Oil - proved reserves:
3.2 billion bbl (2003)
Natural gas - production:
9.98 billion cu m (2003 est.)
Natural gas - consumption:
1.569 billion cu m (2003 est.)
Natural gas - exports:
8.424 billion cu m (2003 est.)
Natural gas - imports:
0 cu m (2003 est.)
Natural
