"Burma?s economic situation showed a modest but encouraging upswing in fiscal 1976. The gross domestic product (GDP) in 1976 was estimated at $3.7 billion in current dollars. At constant 1969 prices the GDP rose an estimated 5.6% to $1.8 billion. This was a considerable improvement over Burma?s 10-year average growth rate of less than 3%, which had barely exceeded the population growth, leaving per capita GDP growth negligible during the decade. Per capita income at current prices rose an estimated 15% during 1976 to about $118, over twice the 1975 gain of 7%. The balance of payments showed a $28 million deficit in 1975, and estimates for 1976 indicated a slight increase in the deficit to around $30 million. Inflation was still the main economic problem as the amount of currency in circulation continued to increase and bottlenecks in production, transportation, and distribution kept the supply of goods low. Speculators, hoarders, smugglers, and black marketeers added to inflation. In recent years, the inflation rate has been well over 20%. The consumer price index in Rangoon (1972 = 100) was at 222 in 1975, an increase of nearly 35% over that of the previous year. In 1976, however, consumer prices were held to a 20% increase, closing the year at about 266. Similarly, the wholesale agricultural price index climbed 20% in 1976. The major bright spot in the economic picture was the vital agricultural sector, which had an increase in output of about 7% over that of 1975, the largest increase in the past 15 years. Production of all major crops except jute rose for the 1975-76 crop season, mainly because of excellent climatic conditions during the year. These favorable conditions continued throughout the 1976-77 crop season, and Burma was expected to have a record harvest for the second consecutive year. Rice production in 1976 could be over 9 million tons and again contribute the major portion of Burma?s export income. Burma?s mineral production was mixed during the year, with some products making modest gains. These included antimony, copper, mixed tin-tungsten concentrates, gypsum, limestone, and crude petroleum. A number of the minerals most important to the economy, however, showed declines in production. Foremost among these were the products from the famed Bawdwin mine—lead, zinc, and silver. Silver was particularly disappointing, with production falling 73% to 211,000 troy ounces..."