How has the structure of Myanmar’s GDP changed over the years?
GDP composition
GDP can be determined in three ways, all of which should, in principle, give the same result. They are the production (or output) approach, the income approach, and the expenditure approach. The expenditure approach is summarized in the formula: GDP = C (private consumption) + I (Investment) + G (public consumption) + X (export of goods and services) – M (import of goods and services).
The production approach measures the market value of all final goods and services calculated during the period. It sums up the value add of each production process to avoid double counting. The value-added shares presented in the World Development Indicators for agriculture, industry, and services may not always add up to a hundred percent due to FISIM and net indirect taxes.
Myanmar’s GDP composition
Even though Myanmar just recently opened its economy, the economy has been industrialized at a rapid rate over the past two decades. Up until 2011, Myanmar had been a closed economy with the share of export in GDP closed to zero. On the production side, Industry had more than tripled its share in the GDP from 9.9% in 1995 to 36% in 2017. Agriculture share had decreased from over 60% in 1995 to 23.7% in 2017.
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