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Laos:
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Other pages in this profile of Laos:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition 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 in 1988-2007 except during the short-lived drop caused by the Asian financial crisis beginning in 1997. Despite this high growth rate, Laos remains a country with a underdeveloped infrastructure, particularly in rural areas. It has no railroads, a rudimentary road system, and limited external and internal telecommunications, though the government is sponsoring major improvements in the road system with support from Japan and China. Electricity is available in urban areas and in most rural districts. Subsistence agriculture, dominated by rice, accounts for about 40% of GDP and provides 80% of total employment. The economy will continue to benefit from aid from international donors and from foreign investment in hydropower and mining. Construction will be another strong economic driver, especially as hydroelectric dam and road projects gain steam. Several policy changes since 2004 may help spur growth. In late 2004, Laos gained Normal Trade Relations status with the US, allowing Laos-based producers to benefit from lower tariffs on exports. Laos is taking steps to join the World Trade Organization in the next few years; the resulting trade policy reforms will improve the business environment. On the fiscal side, a value-added tax (VAT) regime, slated to begin in 2008, should help streamline the government's inefficient tax system. |
GDP (purchasing power parity) |
Definition - World rank and map $12.65 billion (2007 est.) |
GDP (official exchange rate) |
Definition $4.028 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 7.5% (2007 est.) |
GDP - per capita |
Definition - World rank and map $2,100 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 41.3% industry: 32.2% services: 26.5% (2007 est.) |
Labor force |
Definition 2.1 million (2006 est.) |
Labor force - by occupation |
Definition agriculture: 80% industry and services: 20% (2005 est.) |
Unemployment rate |
Definition - World rank and map 2.4% (2005 est.) |
Population below poverty line |
Definition 30.7% (2005 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 3.4% highest 10%: 28.5% (2002) |
Distribution of family income - Gini index |
Definition - World rank and map 34.6 (2002) |
Inflation rate (consumer prices) |
Definition - World rank and map 4.5% (2007 est.) |
Budget |
Definition revenues: $472.3 million expenditures: $646.1 million (2007 est.) |
Agriculture - products |
Definition sweet potatoes, vegetables, corn, coffee, sugarcane, tobacco, cotton, tea, peanuts, rice; water buffalo, pigs, cattle, poultry |
Industries |
Definition copper, tin, gold, and gypsum mining; timber, electric power, agricultural processing, construction, garments, tourism, cement |
Industrial production growth rate |
Definition - World rank and map 12% (2007 est.) |
Electricity - production |
Definition - World rank and map 1.715 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 1.193 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 178.7 kWh (2005) |
Electricity - exports |
Definition 728 million kWh (2005) |
Electricity - imports |
Definition 326 million kWh (2005) |
Oil - production |
Definition - World rank and map 0 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 2,950 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 0.4 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 0 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 2,898 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$930 million (2007 est.) |
Exports |
Definition - World rank and map $970 million (2007 est.) |
Exports - commodities |
Definition wood products, coffee, electricity, tin, copper, gold |
Exports - partners |
Definition Thailand 35.7%, Vietnam 11.3%, China 6.2%, Taiwan 4% (2006) |
Imports |
Definition - World rank and map $1.376 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition machinery and equipment, vehicles, fuel, consumer goods |
Imports - partners |
Definition Thailand 70%, China 8.5%, Vietnam 5.7% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $541 million (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $3.179 billion (2006) |
Economic aid - recipient |
Definition $379 million (2006 est.) |
Currency (code) |
Definition kip (LAK) |
Exchange rates |
Definition kips per US dollar - 9,658 (2007), 10,235 (2006), 10,820 (2005), 10,585.5 (2004), 10,569 (2003) |
Fiscal year |
Definition 1 October - 30 September |
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