unbekannter Gast

Laos: Economy#

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.

Economic Facts#

GDP (purchasing power parity)$20.78 billion (2013 est.)
$19.18 billion (2012 est.)
$17.78 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate8.3% (2013 est.)
7.9% (2012 est.)
8% (2011 est.)
GDP - per capita (PPP)$3,100 (2013 est.)
$2,900 (2012 est.)
$2,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 24.8%
industry: 32%
services: 37.5% (2013 est.)
Population below poverty line22% (2013 est.)
Household income or consumption by percentage sharelowest 10%: 3.3%
highest 10%: 30.3% (2008)
Labor force - by occupationagriculture: 73.1%
industry: 6.1%
services: 20.6% (2012 est.)
Exports - commoditieswood products, coffee, electricity, tin, copper, gold, cassava
Exports - partnersThailand 34%, China 21.5%, Vietnam 12.2% (2012)
Agriculture - productssweet potatoes, vegetables, corn, coffee, sugarcane, tobacco, cotton, tea, peanuts, rice; cassava (manioc, tapioca), water buffalo, pigs, cattle, poultry
Budgetrevenues: $2.481 billion
expenditures: $2.642 billion (2013 est.)
Imports - commoditiesmachinery and equipment, vehicles, fuel, consumer goods
Imports - partnersThailand 62.1%, China 16.2%, Vietnam 7.3% (2012)
Exchange rateskips (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)
Exports$2.313 billion (2013 est.)
$1.984 billion (2012 est.)
Debt - external$6.69 billion (31 December 2013 est.)
$6.288 billion (31 December 2012 est.)
Fiscal year1 October - 30 September
Imports$3.238 billion (2013 est.)
$2.744 billion (2012 est.)
Industrial production growth rate11% (2013 est.)
Industriesmining (copper, tin, gold, gypsum); timber, electric power, agricultural processing, rubber, construction, garments, cement, tourism
Inflation rate (consumer prices)6.5% (2013 est.)
4.3% (2012 est.)
Labor force3.373 million (2013 est.)
Unemployment rate1.9% (2010 est.)
2.5% (2009 est.)
Distribution of family income - Gini index36.7 (2008)
34.6 (2002)
Public debt46.3% of GDP (2013 est.)
49.1% of GDP (2012 est.)
Current account balance-$484.3 million (2013 est.)
-$315.5 million (2012 est.)
Reserves of foreign exchange and gold$845.4 million (31 December 2013 est.)
$796.9 million (31 December 2012 est.)
GDP (official exchange rate)$10.1 billion (2013 est.)
Stock of direct foreign investment - at home$15.14 billion (31 December 2012 est.)
$12.44 billion (31 December 2011 est.)
Market value of publicly traded shares$1.012 billion (2012 est.)
$NA (2011)
Central bank discount rate4.3% (31 December 2010)
4% (31 December 2009)
Commercial bank prime lending rate23.2% (31 December 2013 est.)
22.3% (31 December 2012 est.)
Stock of domestic credit$4.716 billion (31 December 2013 est.)
$4.034 billion (31 December 2012 est.)
Stock of narrow money$1.389 billion (31 December 2013 est.)
$1.154 billion (31 December 2012 est.)
Stock of broad money$4.071 billion (31 December 2013 est.)
$3.673 billion (31 December 2012 est.)
Taxes and other revenues24.6% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.6% of GDP (2013 est.)
GDP - composition, by end usehousehold 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.)
Gross national saving27.4% of GDP (2013 est.)
26.2% of GDP (2012 est.)
25.2% of GDP (2011 est.)