Myanmar economy grows 4.6%

Myanmar economy grows 4.6%

YANGON (AP): Myanmar's economy grew 4.6 percent in the last fiscal year, failing to reach the targeted growth rate of 6.4 percent, according to newly-released official statistics seen yesterday.

Statistics issued by the National Planning and Economic Development Ministry said the country's gross domestic product for the fiscal year ending March 31, 1998 totaled 74.329 billion kyat, equal to US$12.4 billion at the official rate of exchange, or $256.3 million on the free market.

Per capita income for 1997-98, calculated at 1985-86 constant price, increased 2.7 percent to 1,532 kyat (about $255 at the official exchange rate compared to 1,492 kyat ($249) for 1996-97.

The official report attributed the lagging growth to the disappointing performance of the agricultural sector, which dominates the economy.