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Laos Economy 2019

SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES











Laos Economy 2019
SOURCE: 2019 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 08, 2019

Economy - overview:
The government of Laos, one of the few remaining one-party communist states, began decentralizing control and encouraging private enterprise in 1986. Economic growth averaged more than 6% per year in the period 1988-2008, and Laos' growth has more recently been amongst the fastest in Asia, averaging more than 7% per year for most of the last decade.

Nevertheless, 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 to 83% of the population. Agriculture, dominated by rice cultivation in lowland areas, accounts for about 20% of GDP and 73% of total employment. Recently, the country has faced a persistent current account deficit, falling foreign currency reserves, and growing public debt.

Laos' economy is heavily dependent on capital-intensive natural resource exports. The economy has benefited from high-profile foreign direct investment in hydropower dams along the Mekong River, copper and gold mining, logging, and construction, although 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 held the chairmanship of ASEAN in 2016. Laos is in the process of implementing a value-added tax system. The government appears committed to raising the country's profile among foreign investors and has developed special economic zones replete with generous tax incentives, but a limited labor pool, a small domestic market, and corruption remain impediments to investment. Laos also has ongoing problems with the business environment, including onerous registration requirements, a gap between legislation and implementation, and unclear or conflicting regulations.

GDP (purchasing power parity):
$49.34 billion (2017 est.)
$46.16 billion (2016 est.)
$43.13 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 111
[see also: GDP country ranks ]

GDP (official exchange rate):
$16.97 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.9% (2017 est.)
7% (2016 est.)
7.3% (2015 est.)
country comparison to the world: 22
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$7,400 (2017 est.)
$7,000 (2016 est.)
$6,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 155
[see also: GDP - per capita country ranks ]

Gross national saving:
22.7% of GDP (2017 est.)
21.3% of GDP (2016 est.)
15.8% of GDP (2015 est.)
country comparison to the world: 79
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 63.7% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.1% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 30.9% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 3.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 34.6% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -43.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 20.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 33.2% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 45.9% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
8% (2017 est.)
country comparison to the world: 23
[see also: Industrial production growth rate country ranks ]

Labor force:
3.582 million (2017 est.)
country comparison to the world: 100
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 73.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 6.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 20.6% (2012 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
0.7% (2017 est.)
0.7% (2016 est.)
country comparison to the world: 4
[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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.3% (2008)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
36.7 (2008)
34.6 (2002)
country comparison to the world: 87
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 3.099 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 4.038 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
18.3% (of GDP) (2017 est.)
country comparison to the world: 161
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.5% (of GDP) (2017 est.)
country comparison to the world: 172
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
63.6% of GDP (2017 est.)
58.4% of GDP (2016 est.)
country comparison to the world: 64
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
0.8% (2017 est.)
1.6% (2016 est.)
country comparison to the world: 42
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.3% (31 December 2010)
4% (31 December 2009)
country comparison to the world: 86
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.5% (31 December 2017 est.)
18% (31 December 2016 est.)
country comparison to the world: 18
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.131 billion (31 December 2017 est.)
$1.1 billion (31 December 2016 est.)
country comparison to the world: 155
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.131 billion (31 December 2017 est.)
$1.1 billion (31 December 2016 est.)
country comparison to the world: 160
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$9.3 billion (31 December 2017 est.)
$8.623 billion (31 December 2016 est.)
country comparison to the world: 108
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.012 billion (2012 est.)
$576.8 million (2011 est.)
country comparison to the world: 105
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.057 billion (2017 est.)
-$2.07 billion (2016 est.)
country comparison to the world: 165
[see also: Current account balance country ranks ]

Exports:
$3.654 billion (2017 est.)
$2.705 billion (2016 est.)
country comparison to the world: 121
[see also: Exports country ranks ]

Exports - partners:
Thailand 42.6%, China 28.7%, Vietnam 10.4%, India 4.4% (2017)

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

Imports:
$4.976 billion (2017 est.)
$4.739 billion (2016 est.)
country comparison to the world: 131
[see also: Imports country ranks ]

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

Imports - partners:
Thailand 59.1%, China 21.5%, Vietnam 9.8% (2017)

Reserves of foreign exchange and gold:
$1.27 billion (31 December 2017 est.)
$940.1 million (31 December 2016 est.)
country comparison to the world: 128
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$14.9 billion (31 December 2017 est.)
$12.9 billion (31 December 2016 est.)
country comparison to the world: 104
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$15.14 billion (31 December 2012 est.)
$12.44 billion (31 December 2011 est.)
country comparison to the world: 89
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
kips (LAK) per US dollar -
8,231.1 (2017 est.)
8,129.1 (2016 est.)
8,129.1 (2015 est.)
8,147.9 (2014 est.)
8,049 (2013 est.)


NOTE: 1) The information regarding Laos on this page is re-published from the 2019 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Laos Economy 2019 information contained here. All suggestions for corrections of any errors about Laos Economy 2019 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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