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Laos Economy 2015

SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES











Laos Economy 2015
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on June 20, 2014

Economy - overview:
The government of Laos, one of the few remaining one-party communist states, began decentralizing control and encouraging private enterprise in 1986. The results, starting from an extremely low base, were striking - growth averaged 6% per year from 1988-2008 except during the short-lived drop caused by the Asian financial crisis that began in 1997. Laos' growth exceeded 7% per year during 2008-13. Despite this high growth rate, Laos remains a country with an underdeveloped infrastructure, particularly in rural areas. It has a basic, but improving, road system, and limited external and internal land-line telecommunications. Electricity is available in 83 % of the country. Laos' economy is heavily dependent on capital-intensive natural resource exports. The labor force, however, still relies on agriculture, dominated by rice cultivation in lowland areas, which accounts for about 25% of GDP and 73% of total employment. Economic growth has reduced official poverty rates from 46% in 1992 to 26% in 2010. The economy also has benefited from high-profile foreign direct investment in hydropower, copper and gold mining, logging, and construction though some projects in these industries have drawn criticism for their environmental impacts. Laos gained Normal Trade Relations status with the US in 2004 and applied for Generalized System of Preferences trade benefits in 2013 after being admitted to the World Trade Organization earlier in the year. Laos is in the process of implementing a value-added tax system. Simplified investment procedures and expanded bank credits for small farmers and small entrepreneurs will improve Laos' economic prospects. The government appears committed to raising the country's profile among investors, but suffered through a fiscal crisis in 2013 brought about by public sector wage increases, fiscal mismanagement, and revenue shortfalls. The World Bank has declared that Laos' goal of graduating from the UN Development Program's list of least-developed countries by 2020 is achievable, and the country is preparing to enter the ASEAN Economic Community in 2015.

GDP (purchasing power parity):
$20.78 billion (2013 est.)
country comparison to the world: 132

$19.18 billion (2012 est.)
$17.78 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$10.1 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.3% (2013 est.)
country comparison to the world: 9

7.9% (2012 est.)
8% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,100 (2013 est.)
country comparison to the world: 176

$2,900 (2012 est.)
$2,700 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
27.4% of GDP (2013 est.)
country comparison to the world: 38

26.2% of GDP (2012 est.)
25.2% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 66.9%
government consumption: 9.8%
investment in fixed capital: 31.7%
investment in inventories: -1.3%
exports of goods and services: 40%
imports of goods and services: -48.4%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 24.8%
industry: 32%
services: 37.5% (2013 est.)

Agriculture - products:
sweet potatoes, vegetables, corn, coffee, sugarcane, tobacco, cotton, tea, peanuts, rice; cassava (manioc, tapioca), water buffalo, pigs, cattle, poultry

Industries:
mining (copper, tin, gold, gypsum); timber, electric power, agricultural processing, rubber, construction, garments, cement, tourism

Industrial production growth rate:
11% (2013 est.)
country comparison to the world: 12
[see also: Industrial production growth rate country ranks ]

Labor force:
3.373 million (2013 est.)
country comparison to the world: 100
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 73.1%
industry: 6.1%
services: 20.6% (2012 est.)

Unemployment rate:
1.9% (2010 est.)
country comparison to the world: 11

2.5% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
22% (2013 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.3%
highest 10%: 30.3% (2008)

Distribution of family income - Gini index:
36.7 (2008)
country comparison to the world: 83

34.6 (2002)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.481 billion
expenditures: $2.642 billion (2013 est.)

Taxes and other revenues:
24.6% of GDP (2013 est.)
country comparison to the world: 135
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.6% of GDP (2013 est.)
country comparison to the world: 77
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
46.3% of GDP (2013 est.)
country comparison to the world: 77

49.1% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
6.5% (2013 est.)
country comparison to the world: 183

4.3% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.3% (31 December 2010)
country comparison to the world: 94

4% (31 December 2009)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
23.2% (31 December 2013 est.)
country comparison to the world: 14

22.3% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.389 billion (31 December 2013 est.)
country comparison to the world: 141

$1.154 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.071 billion (31 December 2013 est.)
country comparison to the world: 136

$3.673 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.716 billion (31 December 2013 est.)
country comparison to the world: 114

$4.034 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.012 billion (2012 est.)

$NA (2011)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$484.3 million (2013 est.)
country comparison to the world: 98

-$315.5 million (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$2.313 billion (2013 est.)
country comparison to the world: 141

$1.984 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
wood products, coffee, electricity, tin, copper, gold, cassava

Exports - partners:
Thailand 34%, China 21.5%, Vietnam 12.2% (2012)

Imports:
$3.238 billion (2013 est.)
country comparison to the world: 145

$2.744 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, vehicles, fuel, consumer goods

Imports - partners:
Thailand 62.1%, China 16.2%, Vietnam 7.3% (2012)

Reserves of foreign exchange and gold:
$845.4 million (31 December 2013 est.)
country comparison to the world: 141

$796.9 million (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$6.69 billion (31 December 2013 est.)
country comparison to the world: 110

$6.288 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$15.14 billion (31 December 2012 est.)
country comparison to the world: 81

$12.44 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
kips (LAK) per US dollar -

7,875.9 (2013 est.)
8,007.3 (2012 est.)
8,258.8 (2010 est.)
8,516.04 (2009)
8,760.69 (2008)


NOTE: 1) The information regarding Laos on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Laos Economy 2015 information contained here. All suggestions for corrections of any errors about Laos Economy 2015 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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