Indonesia Economy Profile 2012Indonesia, a vast polyglot nation, has weathered the global financial crisis relatively smoothly because of its heavy reliance on domestic consumption as the driver of economic growth. Increasing investment by both local and foreign investors is also supporting solid growth. Although the economy slowed to 4.5% growth in 2009 from the 6%-plus growth rate recorded in 2007 and 2008, by 2010 growth returned to a 6% rate. During the recession, Indonesia outperformed most of its regional neighbors. The government made economic advances under the first administration of President YUDHOYONO, introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. Indonesia's debt-to-GDP ratio in recent years has declined steadily because of increasingly robust GDP growth and sound fiscal stewardship, leading two of the three leading credit agencies to upgrade credit ratings for Indonesia's sovereign debt to one notch below investment grade. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. YUDHOYONO and his vice president, respected economist BOEDIONO, have maintained broad continuity of economic policy, although the economic reform agenda has been slowed during the first year of their term by corruption scandals and the departure of an internationally respected finance minister. In late 2010, increasing inflation, driven by higher and volatile food prices, posed an increasing challenge to economic policymakers and threatened to push millions of the near-poor below the poverty line. The government in 2011 faces the ongoing challenge of improving Indonesia's infrastructure to remove impediments to growth, while addressing climate change concerns, particularly with regard to conserving Indonesia's forests and peatlands, the focus of a potentially trailblazing $1 billion REDD+ pilot project.GDP (purchasing power parity)$1.03 trillion (2010 est.)$970.6 billion (2009 est.)$928.2 billion (2008 est.)note:data are in 2010 US dollarsGDP (official exchange rate)$706.7 billion (2010 est.)GDP - real growth rate6.1% (2010 est.)4.6% (2009 est.)6% (2008 est.)GDP - per capita (PPP)$4,200 (2010 est.)$4,000 (2009 est.)$3,900 (2008 est.)note:data are in 2010 US dollarsGDP - composition by sectoragriculture:15.3%industry:47%services:37.6% (2010 est.)Population below poverty line13.33% (2010)Labor force116.5 million (2010 est.)Labor force - by occupationagriculture:38.3%industry:12.8%services:48.9% (2010 est.)Unemployment rate7.1% (2010 est.)7.9% (2009 est.)Unemployment, youth ages 15-24total:22.2%male:21.6%female:23% (2009)Household income or consumption by percentage sharelowest 10%:3.3%highest 10%:29.9% (2009)Distribution of family income - Gini index36.8 (2009)39.4 (2005)Investment (gross fixed)32.1% of GDP (2010 est.)Budgetrevenues:$119.5 billionexpenditures:$132.9 billion (2011 est.)Taxes and other revenues16.9% of GDP (2011 est.)Budget surplus (+) or deficit (-)-1.9% of GDP (2011 est.)Public debt25.7% of GDP (2010 est.)26.4% of GDP (2009 est.)Inflation rate (consumer prices)5.1% (2010 est.)4.8% (2009 est.)Central bank discount rate6.37% (31 December 2010)6.46% (31 December 2009)note:this figure represents the 3-month SBI rate; BI has not employed the one-month SBI since September 2010Commercial bank prime lending rate13.252% (31 December 2010 est.)14.498% (31 December 2009 est.)note:these figures represent the average annualized rate on working capital loansStock of money$41.71 billion (31 December 2008)$47.78 billion (31 December 2007)Stock of narrow money$67.34 billion (31 December 2010 est.)$54.87 billion (31 December 2009 est.)Stock of quasi money$131.1 billion (31 December 2008)$127 billion (31 December 2007)Stock of broad money$274.9 billion (31 December 2010 est.)$227.8 billion (31 December 2009 est.)Stock of domestic credit$254.1 billion (31 December 2010 est.)$212.6 billion (31 December 2009 est.)Market value of publicly traded shares$360.4 billion (31 December 2010)$178.2 billion (31 December 2009)$98.76 billion (31 December 2008)Agriculture - productsrice, cassava (tapioca), peanuts, rubber, cocoa, coffee, palm oil, copra; poultry, beef, pork, eggsIndustriespetroleum and natural gas, textiles, apparel, footwear, mining, cement, chemical fertilizers, plywood, rubber, food, tourismIndustrial production growth rate4.3% (2010 est.)Electricity - production141.2 billion kWh (2008 est.)Electricity - production by sourcefossil fuel:86.9%hydro:10.5%nuclear:0%other:2.6% (2001)Electricity - consumption126.1 billion kWh (2008 est.)Electricity - exports0 kWh (2009 est.)Electricity - imports0 kWh (2009 est.)Oil - production1.03 million bbl/day (2010 est.)Oil - consumption1.292 million bbl/day (2010 est.)Oil - exports404,100 bbl/day (2009 est.)Oil - imports767,400 bbl/day (2009 est.)Oil - proved reserves3.99 billion bbl (1 January 2011 est.)Natural gas - production82.8 billion cu m (2010 est.)Natural gas - consumption40.47 billion cu m (2010 est.)Natural gas - exports42.33 billion cu m (2010 est.)Natural gas - imports0 cu m (2010 est.)Natural gas - proved reserves3.001 trillion cu m (1 January 2011 est.)Current Account Balance$6.294 billion (2010 est.)$10.63 billion (2009 est.)Exports$158.1 billion (2010 est.)$119.6 billion (2009 est.)Exports - commoditiesoil and gas, electrical appliances, plywood, textiles, rubberExports - partnersJapan 16.3%, China 9.9%, US 9.1%, Singapore 8.7%, South Korea 8%, India 6.3%, Malaysia 5.9% (2010)Imports$127.4 billion (2010 est.)$88.72 billion (2009 est.)Imports - commoditiesmachinery and equipment, chemicals, fuels, foodstuffsImports - partnersChina 15.1%, Singapore 14.9%, Japan 12.5%, US 6.9%, Malaysia 6.4%, South Korea 5.7%, Thailand 5.5% (2010)Reserves of foreign exchange and gold$96.21 billion (31 December 2010 est.)$66.12 billion (31 December 2009 est.)Debt - external$223 billion (30 June 2011 est.)$196.1 billion (31 December 2010 est.)Stock of direct foreign investment - at home$86.15 billion (31 December 2010 est.)$72.84 billion (31 December 2009 est.)Stock of direct foreign investment - abroad$32.85 billion (31 December 2010 est.)$30.18 billion (31 December 2009 est.)Exchange ratesIndonesian rupiah (IDR) per US dollar -9,169.5 (2010)10,389.9 (2009)9,698.9 (2008)9,143 (2007)9,159.3 (2006)

Thailand

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.4%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% for most of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of 1.5% for the year. The industrial sector is poised to recover however, and the economy will probably grow between 4 and 5%.

GDP (purchasing power parity):

$609.8 billion (2011 est.)country comparison to the world:25$600.8 billion (2010 est.)$557.4 billion (2009 est.)note:data are in 2011 US dollars

GDP (official exchange rate):

$339.4 billion (2011 est.)

GDP - real growth rate:

1.5% (2011 est.)country comparison to the world:1727.8% (2010 est.)-2.4% (2009 est.)

GDP - per capita (PPP):

$9,700 (2011 est.)country comparison to the world:111$9,400 (2010 est.)$8,800 (2009 est.)note:data are in 2011 US dollars

GDP - composition by sector:

agriculture:12.2%industry:45.3%services:42.5% (2011 est.)

Labor force:

39.28 million (2011 est.)country comparison to the world:16

Labor force - by occupation:

agriculture:42.4%industry:19.7%services:37.9% (2008 est.)

Unemployment rate:

1% (2011 est.)country comparison to the world:61% (2010 est.)

Population below poverty line:

9.6% (2006 est.)

Household income or consumption by percentage share:

lowest 10%:1.6%highest 10%:42.6% (2009)

Distribution of family income - Gini index:

53.6 (2009)country comparison to the world:1442 (2002)

Investment (gross fixed):

26.9% of GDP (2011 est.)country comparison to the world:51

Budget:

revenues:$65.21 billionexpenditures:$74.99 billion (2011 est.)

Taxes and other revenues:

19.2% of GDP (2011 est.)country comparison to the world:164

Budget surplus (+) or deficit (-):

-2.9% of GDP (2011 est.)country comparison to the world:103

Public debt:

45.6% of GDP (2011 est.)country comparison to the world:6143.1% of GDP (2010 est.)note:data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are sold at public auctions.

Inflation rate (consumer prices):

4.1% (2011 est.)country comparison to the world:993.3% (2010 est.)

Central bank discount rate:

7.58% (31 December 2010 est.)country comparison to the world:1221.75% (31 December 2009 est.)

Commercial bank prime lending rate:

6.9% (31 December 2011 est.)country comparison to the world:1475.935% (31 December 2010 est.)

Stock of narrow money:

$47 billion (31 December 2011 est.)country comparison to the world:48$43.2 billion (31 December 2010 est.)

Stock of broad money:

$448.7 billion (31 December 2011 est.)country comparison to the world:22$390.6 billion (31 December 2010 est.)

Stock of domestic credit:

$418.2 billion (31 December 2011 est.)country comparison to the world:29$365.5 billion (31 December 2010 est.)

Market value of publicly traded shares:

$277.7 billion (31 December 2010)country comparison to the world:33$138.2 billion (31 December 2009)$102.6 billion (31 December 2008)

Agriculture - products:

rice, cassava (tapioca), rubber, corn, sugarcane, coconuts, soybeans

Industries:

tourism, textiles and garments, agricultural processing, beverages, tobacco, cement, light manufacturing such as jewelry and electric appliances, computers and parts, integrated circuits, furniture, plastics, automobiles and automotive parts; world's second-largest tungsten producer and third-largest tin producer

Industrial production growth rate:

5.2% (2011 est.)country comparison to the world:64

Electricity - production:

139 billion kWh (2008 est.)country comparison to the world:25

Electricity - consumption:

131.6 billion kWh (2008 est.)country comparison to the world:25

Electricity - exports:

1.979 billion kWh (2009 est.)

Electricity - imports:

2.313 billion kWh (2009 est.)

Oil - production:

406,800 bbl/day (2010 est.)country comparison to the world:33

Oil - consumption:

988,000 bbl/day (2010 est.)country comparison to the world:22

Oil - exports:

269,100 bbl/day (2009 est.)country comparison to the world:44

Oil - imports:

807,100 bbl/day (2009 est.)country comparison to the world:17

Natural gas - production:

30.88 billion cu m (2009 est.)country comparison to the world:26

Natural gas - consumption:

39.17 billion cu m (2009 est.)country comparison to the world:24

Natural gas - exports:

0 cu m (2009 est.)country comparison to the world:186

Natural gas - imports:

8.29 billion cu m (2009 est.)country comparison to the world:28

Natural gas - proved reserves:

312.2 billion cu m (1 January 2011 est.)country comparison to the world:38

Current account balance:

$12.68 billion (2011 est.)country comparison to the world:23$14.7 billion (2010 est.)

Exports:

$244.4 billion (2011 est.)country comparison to the world:25$193.5 billion (2010 est.)

Exports - commodities:

textiles and footwear, fishery products, rice, rubber, jewelry, automobiles, computers and electrical appliances

Exports - partners:

China 11%, Japan 10.5%, US 10.4%, Hong Kong 6.7%, Malaysia 5.4%, Australia 4.8%, Singapore 4.6% (2010)

Imports:

$214.6 billion (2011 est.)country comparison to the world:24$161.3 billion (2010 est.)

Imports - commodities:

capital goods, intermediate goods and raw materials, consumer goods, fuels

Imports - partners:

Japan 20.8%, China 13.3%, US 5.9%, Malaysia 5.9%, UAE 4.7%, South Korea 4.4% (2010)

Reserves of foreign exchange and gold:

$202.2 billion (31 December 2011 est.)country comparison to the world:13$172.1 billion (31 December 2010 est.)

Debt - external:

$84.16 billion (31 December 2011 est.)country comparison to the world:47$74.05 billion (31 December 2010 est.)

Stock of direct foreign investment - at home:

$119.5 billion (31 December 2011 est.)country comparison to the world:31$115.9 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad:

$29.79 billion (31 December 2011 est.)country comparison to the world:39$23.45 billion (31 December 2010 est.)

Exchange rates:

baht per US dollar -30.18 (2011 est.)31.686 (2010 est.)34.286 (2009)33.37 (2008)34.52 (2007)

MalaysiaMalaysia, a middle-income country, has transformed itself since the 1970s from a producer of raw materials into an emerging multi-sector economy. Under current Prime Minister NAJIB, Malaysia is attempting to achieve high-income status by 2020 and to move farther up the value-added production chain by attracting investments in Islamic finance, high technology industries, biotechnology, and services. The NAJIB administration also is continuing efforts to boost domestic demand and reduce the economy's dependence on exports. Nevertheless, exports - particularly of electronics, oil and gas, palm oil and rubber - remain a significant driver of the economy. As an oil and gas exporter, Malaysia has profited from higher world energy prices, although the rising cost of domestic gasoline and diesel fuel, combined with strained government finances, has forced Kuala Lumpur begin to reduce government subsidies. The government is also trying to lessen its dependence on state oil producer Petronas, which supplies more than 40% of government revenue. The central bank maintains healthy foreign exchange reserves and its well-developed regulatory regime has limited Malaysia's exposure to riskier financial instruments and the global financial crisis. Nevertheless, decreasing worldwide demand for consumer goods hurt Malaysia's exports and economic growth in 2009, although both showed signs of recovery in 2010. In order to attract increased investment, NAJIB has raised possible revisions to the special economic and social preferences accorded to ethnic Malays under the New Economic Policy of 1970, but he has encountered significant opposition, especially from Malay nationalists and other vested interests.GDP (purchasing power parity)$414.4 billion (2010 est.)$386.8 billion (2009 est.)$393.5 billion (2008 est.)note:data are in 2010 US dollarsGDP (official exchange rate)$238 billion (2010 est.)GDP - real growth rate7.2% (2010 est.)-1.7% (2009 est.)4.7% (2008 est.)GDP - per capita (PPP)$14,700 (2010 est.)$13,900 (2009 est.)$14,400 (2008 est.)note:data are in 2010 US dollarsGDP - composition by sectoragriculture:10.5%industry:41.4%services:48.2% (2010 est.)Population below poverty line3.6% (2007 est.)Labor force11.63 million (2010 est.)Labor force - by occupationagriculture:13%industry:36%services:51% (2005 est.)Unemployment rate3.4% (2010 est.)3.7% (2009 est.)Unemployment, youth ages 15-24total:10.9%male:10.3%female:11.8% (2008)Household income or consumption by percentage sharelowest 10%:1.8%highest 10%:34.7% (2009 est.)Distribution of family income - Gini index46.2 (2009)49.2 (1997)Investment (gross fixed)20.3% of GDP (2010 est.)Budgetrevenues:$49.56 billionexpenditures:$63 billion (2010 est.)Taxes and other revenues20.8% of GDP (2010 est.)Budget surplus (+) or deficit (-)-5.6% of GDP (2010 est.)Public debt53.1% of GDP (2010 est.)53.3% of GDP (2009 est.)Inflation rate (consumer prices)1.7% (2010 est.)0.6% (2009 est.)note:approximately 30% of goods are price-controlledCentral bank discount rate2.83% (31 December 2010)2% (31 December 2009 est.)Commercial bank prime lending rate5.05% (31 December 2010 est.)4.83% (31 December 2009 est.)Stock of narrow money$72.77 billion (31 December 2010 est.)$58.67 billion (31 December 2009 est.)Stock of money$51.51 billion (31 December 2008)$49.41 billion (31 December 2007)Stock of quasi money$200.9 billion (31 December 2008)$187.6 billion (31 December 2007)Stock of broad money$358.1 billion (31 December 2010 est.)$319.2 billion (31 December 2009 est.)Stock of domestic credit$328.4 billion (31 December 2010 est.)$273 billion (31 December 2009 est.)Market value of publicly traded shares$410.5 billion (31 December 2010)$256 billion (31 December 2009)$187.1 billion (31 December 2008)Agriculture - productsPeninsular Malaysia - rubber, palm oil, cocoa, rice; Sabah - subsistence crops, coconuts, rice; rubber, timber; Sarawak - rubber, timber; pepperIndustriesPeninsular Malaysia - rubber and oil palm processing and manufacturing, light manufacturing, pharmaceuticals, medical technology, electronics, tin mining and smelting, logging, timber processing; Sabah - logging, petroleum production; Sarawak - agriculture processing, petroleum production and refining, loggingIndustrial production growth rate7.4% (2010 est.)Electricity - production101.1 billion kWh (2009 est.)Electricity - production by sourcefossil fuel:89.5%hydro:10.5%nuclear:0%other:0% (2001)Electricity - consumption93.8 billion kWh (2009 est.)Electricity - exports91.7 million kWh (2009 est.)Electricity - imports0 kWh (2009 est.)Oil - production664,800 bbl/day (2010 est.)Oil - consumption561,000 bbl/day (2010 est.)Oil - exports644,900 bbl/day (2009 est.)Oil - imports355,300 bbl/day (2009 est.)Oil - proved reserves4 billion bbl (1 January 2011 est.)Natural gas - production58.6 billion cu m (2009 est.)Natural gas - consumption29.07 billion cu m (2009 est.)Natural gas - exports30.79 billion cu m (2009 est.)Natural gas - imports1.269 billion cu m (2009 est.)Natural gas - proved reserves2.35 trillion cu m (1 January 2011 est.)Current Account Balance$34.14 billion (2010 est.)$31.8 billion (2009 est.)Exports$197 billion (2010 est.)$157.7 billion (2009 est.)Exports - commoditieselectronic equipment, petroleum and liquefied natural gas, wood and wood products, palm oil, rubber, textiles, chemicalsExports - partnersSingapore 13.4%, China 12.6%, Japan 10.4%, US 9.5%, Thailand 5.3%, Hong Kong 5.1% (2010 est.)Imports$152.6 billion (2010 est.)$117.4 billion (2009 est.)Imports - commoditieselectronics, machinery, petroleum products, plastics, vehicles, iron and steel products, chemicalsImports - partnersChina 12.6%, Japan 12.6%, Singapore 11.4%, US 10.7%, Thailand 6.2%, Indonesia 5.6% (2010 est.)Reserves of foreign exchange and gold$106.5 billion (31 December 2010 est.)$96.71 billion (31 December 2009 est.)Debt - external$79.12 billion (30 June 2011 est.)$70.18 billion (31 December 2010 est.)Stock of direct foreign investment - at home$77.44 billion (31 December 2010 est.)$74.64 billion (31 December 2009 est.)Stock of direct foreign investment - abroad$82.65 billion (31 December 2010 est.)$75.62 billion (31 December 2009 est.)Exchange ratesringgits (MYR) per US dollar -3.04 (2010)3.52 (2009)3.33 (2008)3.46 (2007)3.6683 (2006)Economy - overviewSingapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 7.1% between 2004 and 2007. The economy contracted 1.3% in 2009 as a result of the global financial crisis, but rebounded nearly 14.7% in 2010, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to 1% growth per year in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.GDP (purchasing power parity)$291.9 billion (2010 est.)$255.1 billion (2009 est.)$257 billion (2008 est.)note:data are in 2010 US dollarsGDP (official exchange rate)$222.7 billion (2010 est.)GDP - real growth rate14.5% (2010 est.)-0.8% (2009 est.)1.5% (2008 est.)GDP - per capita (PPP)$62,100 (2010 est.)$54,800 (2009 est.)$55,800 (2008 est.)note:data are in 2010 US dollarsGDP - composition by sectoragriculture:0%industry:28.3%services:71.7% (2010 est.)Population below poverty lineNA%Labor force3.156 million (2010 est.)Labor force - by occupationagriculture:0.1%industry:30.2%services:69.7% (2010)Unemployment rate2.2% (2010 est.)3% (2009 est.)Unemployment, youth ages 15-24total:12.9%male:9.9%female:16.6% (2009)Household income or consumption by percentage sharelowest 10%:4.4%highest 10%:23.2% (2008)Distribution of family income - Gini index47.8 (2009)48.1 (2008)Investment (gross fixed)25% of GDP (2010 est.)Budgetrevenues:$32.7 billionexpenditures:$32.31 billionnote:expenditures include both operational and development expenditures (2010 est.)Taxes and other revenues14.7% of GDP (2010 est.)Budget surplus (+) or deficit (-)0.2% of GDP (2010 est.)Public debt105.8% of GDP (2010 est.)109.3% of GDP (2009 est.)note:for Singapore, public debt consists largely of Singapore Government Securities (SGS) issued to assist the Central Provident Fund (CPF), which administers Singapore's defined contribution pension fund; special issues of SGS are held by the CPF, and are non-tradeable; the government has not borrowed to finance deficit expenditures since the 1980sInflation rate (consumer prices)2.8% (2010 est.)0.6% (2009 est.)Central bank discount rateNA% (31 December 2010 est.)0.27% (31 December 2009 est.)Commercial bank prime lending rate5.38% (31 December 2010 est.)5.38% (31 December 2009 est.)Stock of money$52.57 billion (31 December 2008)$44.4 billion (31 December 2007)Stock of narrow money$87.35 billion (31 December 2010 est.)$66.6 billion (31 December 2009 est.)Stock of broad money$313.1 billion (30 November 2010 est.)$264.4 billion (31 December 2009 est.)Stock of quasi money$179 billion (31 December 2008)$162.2 billion (31 December 2007)Stock of domestic credit$202.2 billion (31 December 2010 est.)$172.4 billion (31 December 2009 est.)Market value of publicly traded shares$620.5 billion (31 December 2010)$474.3 billion (31 December 2009)$268.6 billion (31 December 2008)Agriculture - productsorchids, vegetables; poultry, eggs; fish, ornamental fishIndustrieselectronics, chemicals, financial services, oil drilling equipment, petroleum refining, rubber processing and rubber products, processed food and beverages, ship repair, offshore platform construction, life sciences, entrepot tradeIndustrial production growth rate29.7% (2010 est.)Electricity - production39.21 billion kWh (2008 est.)Electricity - production by sourcefossil fuel:100%hydro:0%nuclear:0%other:0% (2001)Electricity - consumption37.11 billion kWh (2008 est.)Electricity - exports0 kWh (2009 est.)Electricity - imports0 kWh (2009 est.)Oil - production10,910 bbl/day (2010 est.)Oil - consumption1.08 million bbl/day (2010 est.)Oil - exports1.374 million bbl/day (2009 est.)Oil - imports2.052 million bbl/day (2009 est.)Oil - proved reserves0 bbl (1 January 2011 est.)Natural gas - production0 cu m (2009 est.)Natural gas - consumption9.66 billion cu m (2009 est.)Natural gas - exports0 cu m (2009 est.)Natural gas - imports9.66 billion cu m (2009 est.)Natural gas - proved reserves0 cu m (1 January 2011 est.)Current Account Balance$46.27 billion (2010 est.)$32.63 billion (2009 est.)Exports$358.4 billion (2010 est.)$273.4 billion (2009 est.)Exports - commoditiesmachinery and equipment (including electronics), consumer goods, pharmaceuticals and other chemicals, mineral fuelsExports - partnersMalaysia 11.9%, Hong Kong 11.7%, China 10.4%, Indonesia 9.4%, US 6.5%, Japan 4.7%, South Korea 4.1% (2010)Imports$310.4 billion (2010 est.)$243.2 billion (2009 est.)Imports - commoditiesmachinery and equipment, mineral fuels, chemicals, foodstuffs, consumer goodsImports - partnersMalaysia 11.7%, US 11.5%, China 10.8%, Japan 7.9%, South Korea 5.8%, Indonesia 5.4% (2010)Reserves of foreign exchange and gold$225.7 billion (31 December 2010 est.)$187.8 billion (31 December 2009 est.)Debt - external$21.82 billion (31 December 2010 est.)$20.3 billion (31 December 2009 est.)Stock of direct foreign investment - at home$298.7 billion (31 December 2010 est.)$260.5 billion (31 December 2009 est.)Stock of direct foreign investment - abroad$173.2 billion (31 December 2010 est.)$167.4 billion (31 December 2009 est.)Exchange ratesSingapore dollars (SGD) per US dollar -1.3702 (2010)1.4545 (2009)1.415 (2008)1.507 (2007)1.5889 (2006)Economy - overviewVietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises (SOEs), which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the WTO in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 20% in 2010, while industry's share increased from 36% to 41% in the same period. Deep poverty has declined significantly and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-10 growing less than the 7% per annum average achieved during the last decade. In 2010, exports increased by more than 25%, year-on-year, but the trade deficit remained high, prompting the government to consider administrative measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance, and, since 2008, the government devalued it by 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached 11.8% in 2010. Vietnam's economy also faces challenges from falling foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the SOE Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.GDP (purchasing power parity)$276.6 billion (2010 est.)$259 billion (2009 est.)$245.9 billion (2008 est.)note:data are in 2010 US dollarsGDP (official exchange rate)$103.6 billion (2010 est.)GDP - real growth rate6.8% (2010 est.)5.3% (2009 est.)6.3% (2008 est.)GDP - per capita (PPP)$3,100 (2010 est.)$2,900 (2009 est.)$2,800 (2008 est.)note:data are in 2010 US dollarsGDP - composition by sectoragriculture:20.6%industry:41.1%services:38.3% (2010 est.)Population below poverty line10.6% (2010 est.)Labor force47.37 million (2010 est.)Labor force - by occupationagriculture:53.9%industry:20.3%services:25.8% (2009)Unemployment rate4.4% (2010 est.)4.6% (2009 est.)Unemployment, youth ages 15-24total:4.6%male:4.4%female:4.9% (2004)Household income or consumption by percentage sharelowest 10%:3.2%highest 10%:30.2% (2008)Distribution of family income - Gini index37.6 (2008)36.1 (1998)Investment (gross fixed)33.9% of GDP (2010 est.)Budgetrevenues:$29.23 billionexpenditures:$34.95 billion (2010 est.)Taxes and other revenues28.2% of GDP (2010 est.)Budget surplus (+) or deficit (-)-5.5% of GDP (2010 est.)Public debt57.1% of GDP (2010 est.)49.8% of GDP (2009 est.)Inflation rate (consumer prices)9% (2010 est.)7% (2009 est.)Central bank discount rate7% (31 December 2010)8% (31 December 2009 est.)Commercial bank prime lending rate13.135% (31 December 2010 est.)10.068% (31 December 2009 est.)Stock of money$25.52 billion (31 December 2008)$27.01 billion (31 December 2007)Stock of narrow money$32.08 billion (31 December 2010 est.)$30.6 billion (31 December 2009 est.)Stock of broad money$127.1 billion (31 December 2010 est.)$103.4 billion (31 December 2009 est.)Stock of quasi money$63.63 billion (31 December 2008)$50.81 billion (31 December 2007)Stock of domestic credit$138 billion (31 December 2010 est.)$110.4 billion (31 December 2009 est.)Market value of publicly traded shares$20.39 billion (31 December 2010 est.)$21.2 billion (31 December 2009)$9.589 billion (31 December 2008)Agriculture - productspaddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafoodIndustriesfood processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, paperIndustrial production growth rate14% (2010 est.)Electricity - production97.3 billion kWh (2010 est.)Electricity - production by sourcefossil fuel:43.7%hydro:56.3%nuclear:0%other:0% (2001)Electricity - consumption85.6 billion kWh (2010 est.)Electricity - exports535 million kWh (2009 est.)Electricity - imports3.85 billion kWh (2009 est.)Oil - production343,200 bbl/day (2010 est.)Oil - consumption320,000 bbl/day (2010 est.)Oil - exports277,300 bbl/day (2009 est.)Oil - imports182,300 bbl/day (2010 est.)Oil - proved reserves600 million bbl (1 January 2011 est.)Natural gas - production9.4 billion cu m (2010 est.)Natural gas - consumption10.3 billion cu m (2010 est.)Natural gas - exports0 cu m (2009 est.)Natural gas - imports905,800 cu m (2010 est.)Natural gas - proved reserves192.5 billion cu m (1 January 2011 est.)Current Account Balance-$12.22 billion (2010 est.)-$6.117 billion (2009 est.)Exports$72.27 billion (2010 est.)$57.1 billion (2009 est.)Exports - commoditiesclothes, shoes, marine products, crude oil, electronics, wooden products, rice, machineryExports - partnersUS 20%, Japan 10.7%, China 9.8%, South Korea 4.3% (2010 est.)Imports$79.95 billion (2010 est.)$65.4 billion (2009 est.)Imports - commoditiesmachinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobilesImports - partnersChina 23.8%, South Korea 11.6%, Japan 10.8%, Taiwan 8.4%, Thailand 6.7%, Singapore 4.9% (2010 est.)Reserves of foreign exchange and gold$12.93 billion (31 December 2010 est.)$16.8 billion (31 December 2009 est.)Debt - external$32.84 billion (31 December 2010 est.)$28.67 billion (31 December 2009 est.)Stock of direct foreign investment - at home$77.95 billion (31 December 2010 est.)$66.95 billion (31 December 2009 est.)Stock of direct foreign investment - abroad$7.7 billion (31 December 2009 est.)$5.3 billion (31 December 2008)Exchange ratesdong (VND) per US dollar -19,148.9 (2010)17,799.6 (2009)16,548.3 (2008)16,119 (2007)15,983 (2006)