Laos Economy - 2023

Economic overview

lower middle-income, socialist Southeast Asian economy; one of the fastest growing economies; declining but still high poverty; natural resource rich; new anticorruption efforts; already high and growing public debt; service sector hit hard by COVID-19

Real GDP (purchasing power parity)

$58.264 billion (2021 est.)

$56.827 billion (2020 est.)

$56.543 billion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

2.53% (2021 est.)

0.5% (2020 est.)

5.46% (2019 est.)

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Real GDP per capita

$7,800 (2021 est.)

$7,800 (2020 est.)

$7,800 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$16.97 billion (2017 est.)

Inflation rate (consumer prices)

3.76% (2021 est.)

5.1% (2020 est.)

3.32% (2019 est.)

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Credit ratings

Fitch rating: CCC (2020)

Moody's rating: Caa2 (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 20.9% (2017 est.)

industry: 33.2% (2017 est.)

services: 45.9% (2017 est.)

GDP - composition, by end use

household consumption: 63.7% (2017 est.)

government consumption: 14.1% (2017 est.)

investment in fixed capital: 30.9% (2017 est.)

investment in inventories: 3.1% (2017 est.)

exports of goods and services: 34.6% (2017 est.)

imports of goods and services: -43.2% (2017 est.)

Agricultural products

rice, roots/tubers nes, cassava, sugar cane, vegetables, bananas, maize, watermelons, coffee, taro

Industries

mining (copper, tin, gold, gypsum); timber, electric power, agricultural processing, rubber, construction, garments, cement, tourism

Industrial production growth rate

7.61% (2021 est.)

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Labor force

3.915 million (2021 est.)

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Labor force - by occupation

agriculture: 73.1%

industry: 6.1%

services: 20.6% (2012 est.)

Unemployment rate

1.26% (2021 est.)

1.03% (2020 est.)

0.85% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 3.3%

male: 3.4%

female: 3.2% (2021 est.)

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Population below poverty line

18.3% (2018 est.)

Gini Index coefficient - distribution of family income

38.8 (2018 est.)

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Average household expenditures

on food: 50% of household expenditures (2018 est.)

on alcohol and tobacco: 10.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.3%

highest 10%: 30.3% (2008)

Budget

revenues: $2.896 billion (2019 est.)

expenditures: $3.839 billion (2019 est.)

Budget surplus (+) or deficit (-)

-5.5% (of GDP) (2017 est.)

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Public debt

63.6% of GDP (2017 est.)

58.4% of GDP (2016 est.)

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Taxes and other revenues

18.3% (of GDP) (2017 est.)

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Fiscal year

1 October - 30 September

Current account balance

$446.572 million (2021 est.)

-$230.973 million (2020 est.)

-$1.32 billion (2019 est.)

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Exports

$7.82 billion (2021 est.) note: data are in current year dollars

$6.461 billion (2020 est.) note: data are in current year dollars

$6.985 billion (2019 est.)

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Exports - partners

Thailand 36%, China 28%, Vietnam 16% (2019)

Exports - commodities

electricity, gold, paper, copper, rubber, flavored water (2021)

Imports

$6.527 billion (2021 est.) note: data are in current year dollars

$5.816 billion (2020 est.) note: data are in current year dollars

$7.518 billion (2019 est.)

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Imports - partners

Thailand 53%, China 26%, Vietnam 10% (2019)

Imports - commodities

refined petroleum, cars, cattle, iron structures, steel products (2019)

Reserves of foreign exchange and gold

$1.476 billion (31 December 2021 est.)

$1.393 billion (31 December 2020 est.)

$1.111 billion (31 December 2019 est.)

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Debt - external

$14.9 billion (31 December 2017 est.)

$12.9 billion (31 December 2016 est.)

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Exchange rates

kips (LAK) per US dollar -

9,697.916 (2021 est.)

9,045.788 (2020 est.)

8,679.409 (2019 est.)

8,401.335 (2018 est.)

8,244.843 (2017 est.)

NOTE: The information regarding Laos on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Laos 2023 information contained here. All suggestions for corrections of any errors about Laos 2023 should be addressed to the CIA or the source cited on each page.