| GEOGRAPHIC NAMES | GEOLOGY | USA STATS | CHINA STATS | COUNTRY CODES | AIRPORTS | RELIGION | JOBS |

Laos Economy 2013

SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES











Laos Economy 2013
SOURCE: 2013 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 5, 2013

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. Laos' growth exceeded 7% per year during 2008-12. 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 urban areas and in many rural districts. Laos' economy continues to rely on subsistence agriculture, dominated by rice cultivation in lowland areas, which accounts for about 30% of GDP and 75% 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, and construction though some projects have drawn criticism for their environmental impacts. Laos gained Normal Trade Relations status with the US in 2004. On the fiscal side, Laos initiated a VAT tax system in 2010. 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, opening the country's first stock exchange in 2011 and participating in regional economic cooperation initiatives. Laos was admitted to the WTO in 2012. 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.

GDP (purchasing power parity):
$19.16 billion (2012 est.)
country comparison to the world: 133

$17.69 billion (2011 est.)
$16.37 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$9.269 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.3% (2012 est.)
country comparison to the world: 12

8% (2011 est.)
8.1% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,000 (2012 est.)
country comparison to the world: 173

$2,800 (2011 est.)
$2,600 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 26%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 34%
services: 40% (2012 est.)

Labor force:
3.69 million (2010 est.)
country comparison to the world: 94
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 75.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services: NA (2010 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% (2010 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)

Distribution of family income - Gini index:
36.7 (2008)
country comparison to the world: 79

34.6 (2002)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
28.6% of GDP (2012 est.)
country comparison to the world: 24
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $2.066 billion
[see also: Budget revenues country ranks ]
expenditures: $2.258 billion (2012 est.)

Taxes and other revenues:
22.3% of GDP (2012 est.)
country comparison to the world: 142
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2012 est.)
country comparison to the world: 76
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
48% of GDP (2012 est.)
country comparison to the world: 67

49.1% of GDP (2011 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
4.9% (2012 est.)
country comparison to the world: 137

7.6% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.3% (31 December 2010)
country comparison to the world: 92

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

Commercial bank prime lending rate:
22.3% (31 December 2012 est.)
country comparison to the world: 14

21.9% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$1.159 billion (31 December 2012 est.)
country comparison to the world: 145

$967.6 million (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$3.556 billion (31 December 2012 est.)
country comparison to the world: 137

$3.155 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.916 billion (31 December 2012 est.)
country comparison to the world: 129

$2.477 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

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

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

Industrial production growth rate:
17.7% (2010 est.)
country comparison to the world: 4
[see also: Industrial production growth rate country ranks ]

Current account balance:
$30.5 million (2012 est.)
country comparison to the world: 55

$90.2 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$2.28 billion (2012 est.)
country comparison to the world: 141

$2.131 billion (2011 est.)
[see also: Exports country ranks ]

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

Exports - partners:
Thailand 33%, China 23.4%, Vietnam 13.4% (2011)

Imports:
$2.645 billion (2012 est.)
country comparison to the world: 153

$2.336 billion (2011 est.)
[see also: Imports country ranks ]

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

Imports - partners:
Thailand 65.2%, China 11.1%, Vietnam 6.5% (2011)

Reserves of foreign exchange and gold:
$821.7 million (31 December 2012 est.)
country comparison to the world: 140

$773.5 million (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$5.599 billion (31 December 2012 est.)
country comparison to the world: 110

$5.955 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Exchange rates:
kips (LAK) per US dollar -

8,017.7 (2012 est.)
8,035.1 (2011 est.)
8,258.8 (2010 est.)
8,516.04 (2009)
8,760.69 (2008)

Fiscal year:
1 October - 30 September


NOTE: 1) The information regarding Laos on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Laos Economy 2013 information contained here. All suggestions for corrections of any errors about Laos Economy 2013 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 11-Mar-13
Copyright © 1995- , ITA (all rights reserved).

    . Feedback