| Economy | Laos |
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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. Despite this high growth rate, Laos remains a country with an underdeveloped infrastructure, particularly in rural areas. It has a rudimentary, but improving, road system, and limited external and internal telecommunications. Electricity is available in urban areas and in many rural districts. Subsistence agriculture, dominated by rice cultivation in lowland areas, accounts for about 30% of GDP and 75% of total employment. Economic growth has reduced official poverty rates from 46% in 1992 to 26% in 2010. The economy has benefited from high foreign investment in hydropower, mining, and construction. Laos gained Normal Trade Relations status with the US in 2004, and is taking steps required to join the World Trade Organization, such as reforming import licensing. Related trade policy reforms will improve the business environment. On the fiscal side, Laos initiated a VAT tax system in 2010. Simplified investment procedures and expanded bank credits for small farmers and small entrepreneurs will improve Lao's economic prospects. The government appears committed to raising the country's profile among investors, opening the country's first stock exchange in 2011. The World Bank has declared that Laos's goal of graduating from the UN Development Program's list of least-developed countries by 2020 is achievable. Lao's growth has exceeded 7% in each of the last four years. According Laotian officials, the 7th Socio-Economic Development Plan for 2011-15 will outline efforts to achieve Millennium Development Goals. |
GDP (purchasing power parity):
|
$17.44 billion (2011 est.)
$16.12 billion (2010 est.)
$14.89 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$2,700 (2011 est.)
$2,500 (2010 est.)
$2,400 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$7.9 billion (2011 est.) |
GDP - real growth rate:
|
8.3% (2011 est.)
7.9% (2010 est.)
7.6% (2009 est.) |
GDP - composition by sector:
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agriculture: 27.8%
industry: 34.8%
services: 37.4% (2011 est.) |
Investment (gross fixed):
|
void |
Population below poverty line:
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26% (2010 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.3%
highest 10%: 30.3% (2008) |
Distribution of family income - Gini index:
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36.7 (2008)
34.6 (2002) |
Inflation rate (consumer prices):
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7.8% (2011 est.)
5.7% (2010 est.) |
Central bank discount rate:
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4.3% (31 December 2010)
4% (31 December 2009) |
Commercial bank prime lending rate:
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22% (31 December 2011 est.)
22.613% (31 December 2010 est.) |
Stock of money:
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$691.1 million (31 December 2009)
$438.2 million (31 December 2008) |
Stock of money - per capita:
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107 USD per capita |
Stock of quasi money:
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$1.08 billion (31 December 2009)
$717.9 million (31 December 2007) |
Stock of quasi money - per capita:
|
167 USD per capita |
Stock of domestic credit:
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$2.53 billion (31 December 2011 est.)
$1.95 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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391 USD per capita |
Stock of narrow money:
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$992 million (31 December 2011 est.)
$787.9 million (31 December 2010 est.) |
Stock of broad money:
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$3.227 billion (31 December 2011 est.)
$2.643 billion (31 December 2010 est.) |
Labor force:
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3.69 million (2010 est.) |
Labor force participation rate:
|
56.97 % of population |
Labor force - by occupation:
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agriculture: 75.1%
industry and services: NA (2010 est.) |
Unemployment rate:
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2.5% (2009 est.)
2.4% (2005 est.) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $1.365 billion
expenditures: $1.594 billion (2011 est.) |
Budget revenues per capita:
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211 USD per capita |
Taxes and other revenues:
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17.3% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-2.9% of GDP (2011 est.) |
Public debt:
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void |
Industries:
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copper, tin, gold, and gypsum mining; timber, electric power, agricultural processing, construction, garments, cement, tourism |
Industrial production growth rate:
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17.7% (2010 est.) |
Electricity - production:
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1.553 billion kWh (2010 est.) |
Electricity - production per capita:
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240 kWh per capita |
Electricity - consumption:
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2.23 billion kWh (2010 est.) |
Electricity - consumption - per capita:
|
345 kWh per capita |
Electricity - exports:
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341 million kWh (2010 est.) |
Electricity - imports:
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999 million kWh (2010 est.) |
Oil - production:
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0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
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3,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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0.17 bbl/year per capita |
Oil - exports:
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0 bbl/day (2009 est.) |
Oil - imports:
|
1,918 bbl/day (2010 est.) |
Oil - proved reserves:
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0 bbl (1 January 2011 est.) |
Natural gas - production:
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0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
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sweet potatoes, vegetables, corn, coffee, sugarcane, tobacco, cotton, tea, peanuts, rice; water buffalo, pigs, cattle, poultry |
Current account balance:
|
-$76.7 million (2011 est.)
-$228.3 million (2010 est.) |
Current account balance - per capita:
|
-11 USD per capita |
Exports:
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$1.842 billion (2011 est.)
$1.474 billion (2010 est.) |
Exports per capita:
|
285 USD per capita |
Exports - commodities:
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wood products, coffee, electricity, tin, copper, gold |
Exports - partners:
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Thailand 31.1%, China 23%, Vietnam 12.9% (2010) |
Imports:
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$2.37 billion (2011 est.)
$2.06 billion (2010 est.) |
Imports per capita:
|
366 USD per capita |
Imports - commodities:
|
machinery and equipment, vehicles, fuel, consumer goods |
Imports - partners:
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Thailand 65.6%, China 14.6%, Vietnam 6.6% (2010) |
Reserves of foreign exchange and gold:
|
$756.8 million (31 December 2011 est.)
$713.4 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
117 USD per capita |
Debt - external:
|
$5.094 billion (31 December 2011 est.)
$4.635 billion (31 December 2010 est.) |
Debt - external - per capita:
|
787 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
kip (LAK) |
Exchange rates:
|
kips (LAK) per US dollar -
8,043.7 (2011 est.)
8,258.77 (2010 est.)
8,516.04 (2009)
8,760.69 (2008)
9,658 (2007) |
Fiscal year:
|
1 October - 30 September |
|
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