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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.
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GDP
(purchasing power parity):
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$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
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GDP (official
exchange rate):
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$6.341 billion
(2010 est.)
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GDP - real
growth rate:
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7% (2010 est.)
country
comparison to the world: 24
6.5% (2009 est.)
7.2% (2008 est.)
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GDP - per
capita (PPP):
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$2,400 (2010
est.)
country
comparison to the world: 180
$2,300 (2009
est.)
$2,200 (2008
est.)
note: data
are in 2010 US dollars
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GDP -
composition by sector:
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agriculture: 29.8%
industry: 31.7%
services: 38.5%
(2010 est.)
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Labor force:
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3.65 million
(2009 est.)
country
comparison to the world: 94 |
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Labor force -
by occupation:
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agriculture: 80%
industry and
services: 20%
(2009 est.)
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Unemployment
rate:
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2.5% (2009 est.)
country
comparison to the world: 21
2.4% (2005 est.)
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Population
below poverty line:
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26% (2009 est.)
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Household
income or consumption by percentage share:
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lowest 10%: 3.4%
highest 10%: 28.5%
(2002)
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Distribution
of family income - Gini index:
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34.6 (2002)
country
comparison to the world: 88
37 (1997)
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Inflation rate
(consumer prices):
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6.2% (2010 est.)
country
comparison to the world: 165
0% (2009 est.)
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Central bank
discount rate:
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4.3% (31 December
2010)
country
comparison to the world: 108
4% (31 December
2009)
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Commercial
bank prime lending rate:
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26% (31 December
2010)
country
comparison to the world: 83
11% (30 November
2009)
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Stock of
narrow money:
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$630 million (31
December 2010 est)
country
comparison to the world: 150
$691.1 million
(31 December 2009)
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Stock of broad
money:
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$1.818 billion
(31 December 2010 est.)
country
comparison to the world: 144
$1.549 billion
(31 December 2009 est.)
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Stock of
domestic credit:
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$1.562 billion
(31 December 2010 est.)
country
comparison to the world: 134
$1.095 billion
(31 December 2009 est.)
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Agriculture -
products:
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sweet potatoes,
vegetables, corn, coffee, sugarcane, tobacco,
cotton, tea, peanuts, rice; water buffalo, pigs,
cattle, poultry
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Industries:
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copper, tin,
gold, and gypsum mining; timber, electric power,
agricultural processing, construction, garments,
cement, tourism
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Industrial
production growth rate:
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12% (2010 est.)
country
comparison to the world: 9 |
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Electricity -
production:
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1.656 billion kWh
(2009 est.)
country
comparison to the world: 137 |
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Electricity -
consumption:
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1.798 billion kWh
(2009 est.)
country
comparison to the world: 137 |
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Electricity -
exports:
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230 million kWh
(2009 est.)
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Electricity -
imports:
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819.5 million kWh
(2009 est.)
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Oil -
production:
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0 bbl/day (2009
est.)
country
comparison to the world: 157 |
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Oil -
consumption:
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3,000 bbl/day
(2009 est.)
country
comparison to the world: 179 |
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Oil - exports:
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0 bbl/day (2007
est.)
country
comparison to the world: 187 |
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Oil - imports:
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3,080 bbl/day
(2007 est.)
country
comparison to the world: 168 |
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Oil - proved
reserves:
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NA bbl (1 January
2010 est.)
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Natural gas -
production:
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0 cu m (2008
est.)
country
comparison to the world: 168 |
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Natural gas -
consumption:
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0 cu m (2008
est.)
country
comparison to the world: 122 |
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Natural gas -
exports:
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0 cu m (2008
est.)
country
comparison to the world: 165 |
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Natural gas -
imports:
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0 cu m (2008
est.)
country
comparison to the world: 154 |
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Natural gas -
proved reserves:
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0 cu m (1 January
2010 est.)
country
comparison to the world: 156 |
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Current
account balance:
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-$23 million
(2010 est.)
country
comparison to the world: 64
-$356 million
(2009 est.)
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Exports:
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$1.215 billion
(2010 est.)
country
comparison to the world: 146
$1.104 billion
(2009 est.)
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Exports -
commodities:
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wood products,
coffee, electricity, tin, copper, gold
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Exports -
partners:
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Thailand 29.18%,
China 15.04%, Vietnam 14.96%, UK 4.29% (2009)
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Imports:
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$1.504 billion
(2010 est.)
country
comparison to the world: 161
$1.308 billion
(2009 est.)
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Imports -
commodities:
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machinery and
equipment, vehicles, fuel, consumer goods
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Imports -
partners:
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Thailand 66.2%,
China 11.45%, Vietnam 5.3% (2009)
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Reserves of
foreign exchange and gold:
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$756 million (31
December 2010 est.)
country
comparison to the world: 114
$712.4 million
(31 December 2009 est.)
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Debt -
external:
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$3.085 billion
(2009 est.)
country
comparison to the world: 126
$3.179 billion
(2006 est.)
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Exchange rates:
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kips (LAK) per US
dollar - 8,320.27 (2010), 8,516.04 (2009), 8,760.69
(2008), 9,658 (2007), 10,235 (2006)
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