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Laos Economy 2011
https://theodora.com/wfb2011/laos/laos_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

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 provides 80% of total employment. The government in FY08/09 received $560 million from international donors. Economic growth has reduced official poverty rates from 46% in 1992 to 26% in 2009. 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 launched an effort to ensure the collection of taxes in 2009 as the global economic slowdown reduced revenues from mining projects. 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. 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. According Laotian officials, the 7th Socio-Economic Development Plan for 2011-15 will outline efforts to achieve Millennium Development Goals.

GDP (purchasing power parity):
$15.42 billion (2010 est.)
country comparison to the world: 135

$14.41 billion (2009 est.)
$13.53 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$6.341 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7% (2010 est.)
country comparison to the world: 24

6.5% (2009 est.)
7.2% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,400 (2010 est.)
country comparison to the world: 181

$2,300 (2009 est.)
$2,200 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 29.8%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 31.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 38.5% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.65 million (2009 est.)
country comparison to the world: 94
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 80%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: 20% (2009 est.)

Unemployment rate:
2.5% (2009 est.)
country comparison to the world: 21

2.4% (2005 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
26% (2009 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.4%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 28.5% (2002)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
34.6 (2002)
country comparison to the world: 88

37 (1997)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $1.137 billion
[see also: Budget - revenues country ranks ]
expenditures: $1.328 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Inflation rate (consumer prices):
6.2% (2010 est.)
country comparison to the world: 165

0% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.3% (31 December 2010)
country comparison to the world: 108

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

Commercial bank prime lending rate:
26% (31 December 2010)
country comparison to the world: 83

11% (30 November 2009)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$630 million (31 December 2010 est)

$691.1 million (31 December 2009)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.818 billion (31 December 2010 est.)

$1.549 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.562 billion (31 December 2010 est.)
country comparison to the world: 135

$1.095 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

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

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

Industrial production growth rate:
12% (2009 est.)
country comparison to the world: 9
[see also: Industrial production growth rate country ranks ]

Electricity - production:
1.656 billion kWh (2009 est.)
country comparison to the world: 137
[see also: Electricity - production country ranks ]

Electricity - consumption:
1.798 billion kWh (2009 est.)
country comparison to the world: 137
[see also: Electricity - consumption country ranks ]

Electricity - exports:
230 million kWh (2009 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
819.5 million kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
0 bbl/day (2009 est.)
country comparison to the world: 158
[see also: Oil - production country ranks ]

Oil - consumption:
3,000 bbl/day (2009 est.)
country comparison to the world: 180
[see also: Oil - consumption country ranks ]

Oil - exports:
0 bbl/day (2007 est.)
country comparison to the world: 188
[see also: Oil - exports country ranks ]

Oil - imports:
3,080 bbl/day (2007 est.)
country comparison to the world: 169
[see also: Oil - imports country ranks ]

Oil - proved reserves:
NA bbl (1 January 2010 est.)
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
0 cu m (2008 est.)
country comparison to the world: 169
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
0 cu m (2008 est.)
country comparison to the world: 122
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 166
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 155
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
0 cu m (1 January 2010 est.)
country comparison to the world: 157
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$23 million (2010 est.)
country comparison to the world: 64

-$356 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$1.215 billion (2010 est.)
country comparison to the world: 147

$1.104 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Thailand 29.18%, China 15.04%, Vietnam 14.96%, UK 4.29% (2009)

Imports:
$1.504 billion (2010 est.)
country comparison to the world: 162

$1.308 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Thailand 66.2%, China 11.45%, Vietnam 5.3% (2009)

Reserves of foreign exchange and gold:
$756 million (31 December 2010 est.)
country comparison to the world: 114

$712.4 million (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$3.085 billion (2009 est.)
country comparison to the world: 126

$3.179 billion (2006 est.)
[see also: Debt - external country ranks ]

Exchange rates:
kips (LAK) per US dollar - 8,320.27 (2010), 8,516.04 (2009), 8,760.69 (2008), 9,658 (2007), 10,235 (2006)


NOTE: The information regarding Laos on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Laos Economy 2011 information contained here. All suggestions for corrections of any errors about Laos Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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