Myanmar - Economy
How is the economy of Myanmar? Based on the information we have, Myanmar has a slowly recovering Southeast Asian economy; household incomes weaken domestic consumption; growing trade deficit; declining employment; high inflation and reduced currency power; agriculture sector remains most stable . Key agricultural products in this country include: rice, sugarcane, vegetables, beans, maize, groundnuts, fruits, plantains, coconuts, onions (2022).
More about the economy of Myanmar
| Labor force | 22.884 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.53% (2023 est.) |
| Industries | agricultural processing; wood and wood products; copper, tin, tungsten, iron; cement, construction materials; pharmaceuticals; fertilizer; oil and natural gas; garments; jade and gems |
| Population below poverty line | 24.8% (2017 est.) |
| Taxes and other revenues | 6.02% (of GDP) (2019 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | kyats (MMK) per US dollar - |
| Exchange rates 2020 | 1,381.619 (2020 est.) |
| Exchange rates 2019 | 1,518.255 (2019 est.) |
| Exchange rates 2018 | 1,429.808 (2018 est.) |
| Exchange rates 2017 | 1,360.359 (2017 est.) |
| Exchange rates 2016 | 1,234.87 (2016 est.) |
| Debt - external | |
| Debt - external 31 December 2017 | $6.594 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $8.2 billion (31 December 2016 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2020 | $7.67 billion (2020 est.) |
| Reserves of foreign exchange and gold 2019 | $5.824 billion (2019 est.) |
| Reserves of foreign exchange and gold 2018 | $5.646 billion (2018 est.) |
| Current account balance | |
| Current account balance 2019 | $67.72 million (2019 est.) |
| Current account balance 2018 | -$2.561 billion (2018 est.) |
| Current account balance 2017 | -$4.917 billion (2017 est.) |
| Public debt | |
| Public debt 2017 | 33.6% of GDP (2017 est.) |
| Budget | |
| Revenues | $13.361 billion (2020 est.) |
| Expenditures | $18.035 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 2.31% of GDP (2023 est.) |
| Remittances 2022 | 2.03% of GDP (2022 est.) |
| Remittances 2021 | 1.93% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3.8% (2017 est.) |
| Highest 10% | 25.5% (2017 est.) |
| Average household expenditures | |
| On food | 56.6% of household expenditures (2021 est.) |
| On alcohol and tobacco | 0.6% of household expenditures (2021 est.) |
| Imports | |
| Imports 2021 | $23.1 billion (2021 est.) |
| Imports 2019 | $17.356 billion (2019 est.) |
| Imports 2018 | $18.664 billion (2018 est.) |
| Imports (partners) | China 45%, Thailand 16%, Singapore 14%, Malaysia 4%, Indonesia 4% (2022) |
| Comodities Imports force | refined petroleum, fabric, synthetic fabric, crude petroleum, fertilizers (2022) |
| Exports | |
| Imports 2021 | $23.1 billion (2021 est.) |
| Imports 2019 | $17.356 billion (2019 est.) |
| Imports 2018 | $18.664 billion (2018 est.) |
| Exports (partners) | China 36%, Thailand 13%, Germany 6%, Japan 6%, US 4% (2022) |
| Comodities Exports force | garments, precious stones, natural gas, dried legumes, rice (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $290.507 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $287.624 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $276.462 billion (2021 est.) |
| GDP (official exchange rate) | $64.815 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $5,300 (2023 est.) |
| Real GDP per capita 2022 | $5,300 (2022 est.) |
| Real GDP per capita 2021 | $5,100 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 24.1% (2017 est.) |
| Industry | 35.6% (2017 est.) |
| Services | 40.3% (2017 est.) |
| GDP - composition, by end use | |
| Household consumption | 59.2% (2017 est.) |
| Government consumption | 13.8% (2017 est.) |
| Investment in fixed capital | 33.5% (2017 est.) |
| Investment in inventories | 1.5% (2017 est.) |
| Exports of goods and services | 21.4% (2017 est.) |
| Imports of goods and services | -28.6% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 2.84% (2023 est.) |
| Unemployment rate 2022 | 2.83% (2022 est.) |
| Unemployment rate 2021 | 4.34% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 9.7% (2023 est.) |
| Male | 10.3% (2023 est.) |
| Female | 8.9% (2023 est.) |
All Important Facts about Myanmar
Want to know more about Myanmar? Check all different factbooks for Myanmar below.
