Laos Economy - 2024

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

Real GDP growth rate

2.53% (2021 est.)
0.5% (2020 est.)
5.46% (2019 est.)

Real GDP per capita

$7,800 (2021 est.)
$7,800 (2020 est.)
$7,800 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

3.915 million (2021 est.)

Unemployment rate

1.26% (2021 est.)
1.03% (2020 est.)
0.85% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 3.3% (2021 est.)

male: 3.4%

female: 3.2%

Population below poverty line

18.3% (2018 est.)

Gini Index coefficient - distribution of family income

38.8 (2018 est.)

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)

Remittances

1.22% of GDP (2020 est.)
1.58% of GDP (2019 est.)
1.32% of GDP (2018 est.)

Budget

revenues: $2.896 billion (2019 est.)

expenditures: $3.839 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

63.6% of GDP (2017 est.)
58.4% of GDP (2016 est.)

Taxes and other revenues

18.3% (of GDP) (2017 est.)

Fiscal year

1 October - 30 September

Current account balance

$446.572 million (2021 est.)
-$230.973 million (2020 est.)
-$1.32 billion (2019 est.)

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.)

Exports - partners

Thailand 33%, China 27%, Vietnam 13%, Australia 8%, Switzerland 3% (2021)

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.)

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.)

Debt - external

$14.9 billion (31 December 2017 est.)
$12.9 billion (31 December 2016 est.)

Exchange rates

kips (LAK) per US dollar -

Exchange rates:
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.)