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Laos Economy 2017
https://theodora.com/wfbcurrent/laos/laos_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Laos Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

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 6% per year from 1988-2008 except during the short-lived drop caused by the Asian financial crisis that began in 1997. Laos' growth has more recently been amongst the fastest in Asia and averaged nearly 8% per year for 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 25% of GDP and 73% of total employment.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 began a one-year chairmanship of ASEAN in January 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 small labor pool remains an impediment 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):
$40.96 billion (2016 est.) $38.11 billion (2015 est.) $35.43 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 114
[see also: GDP country ranks ]

GDP (official exchange rate):
$13.76 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
7.5% (2016 est.) 7.6% (2015 est.) 7.5% (2014 est.)
country comparison to the world: 8
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,700 (2016 est.) $5,400 (2015 est.) $5,100 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 165
[see also: GDP - per capita country ranks ]

Gross national saving:
25% of GDP (2016 est.) 20% of GDP (2015 est.) 25.8% of GDP (2014 est.)
country comparison to the world: 49
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 62.6%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 33.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.2%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -58% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 21.3%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 32.5%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 39.4% (2016 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% (2016 est.)
country comparison to the world: 11
[see also: Industrial production growth rate country ranks ]

Labor force:
3.5 million (2016 est.)
country comparison to the world: 99
[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:
1.3% (2012 est.) 1.4% (2014 est.)
country comparison to the world: 7
[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: 82
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $2.882 billion
[see also: Budget revenues country ranks ]
expenditures: $3.822 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
20.9% of GDP (2016 est.)
country comparison to the world: 150
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-6.8% of GDP (2016 est.)
country comparison to the world: 186
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
61.6% of GDP (2016 est.) 61.7% of GDP (2015 est.)
country comparison to the world: 61
[see also: Public debt country ranks ]

Fiscal year:
1 October - 30 September

Inflation rate (consumer prices):
0.7% (2016 est.) 1.3% (2015 est.)
country comparison to the world: 55
[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:
16.5% (31 December 2016 est.) 18.2% (31 December 2015 est.)
country comparison to the world: 30
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.161 billion (31 December 2016 est.) $1.132 billion (31 December 2015 est.)
country comparison to the world: 150
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.782 billion (31 December 2016 est.) $7.196 billion (31 December 2015 est.)
country comparison to the world: 116
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$8.135 billion (31 December 2016 est.) $7.231 billion (31 December 2015 est.)
country comparison to the world: 109
[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:
-$2.471 billion (2016 est.) -$2.904 billion (2015 est.)
country comparison to the world: 153
[see also: Current account balance country ranks ]

Exports:
$3.075 billion (2016 est.) $2.928 billion (2015 est.)
country comparison to the world: 125
[see also: Exports country ranks ]

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

Exports - partners:
Thailand 30.4%, China 27%, Vietnam 17.6% (2015)

Imports:
$3.936 billion (2016 est.) $4.058 billion (2015 est.)
country comparison to the world: 128
[see also: Imports country ranks ]

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

Imports - partners:
Thailand 60.9%, China 18.6%, Vietnam 7.3% (2015)

Reserves of foreign exchange and gold:
$1.024 billion (31 December 2016 est.) $1.058 billion (31 December 2015 est.)
country comparison to the world: 125
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$11.98 billion (31 December 2016 est.) $10.77 billion (31 December 2015 est.)
country comparison to the world: 105
[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: 88
[see also: Stock of direct foreign investment - at home country ranks ]

Exchange rates:
kips (LAK) per US dollar - 8,190.2 (2016 est.) 8,147.9 (2015 est.) 8,147.9 (2014 est.) 8,049 (2013 est.) 8,007.3 (2012 est.)


NOTE: The information regarding Laos on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Laos Economy 2017 information contained here. All suggestions for corrections of any errors about Laos Economy 2017 should be addressed to the CIA.




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