Lao Economy
- Details
- Category: About Lao P.D.R
- Published on 19 June 2012
Achievements of the 6th National Socio-Economic Development Plan/NSEDP (2006-2010):
During the five years period (2006-2010), the Lao economy had maintained rapid and sustainable growth, low inflation rate, increased in the national reserves, and it was the first time in the history of Lao PDR that national budgets were implemented as planned. The poverty ratio has reduced from 33.5% in 2003 to 25.6% in 2009-2010. People's incomes and livelihoods have visibly improved and been restructured. The Human Development Index (HDI) ranking of the country improved from 137 in 2007 to 130 in 2008. The fundamental achievements are as follows:
- GDP Growth: 7.9% per annum on average, compared to 2001-2005 increased by 1.08 times; and 8.1% in 2010.
Agriculture and Forestry sector: 30.4%
Industry: 26.1%
Services: 37.2%
- GDP per capita: US$ 573 in 2005-2006 up to US$ 1,069 in 2009-2010; and US$ 1,087 in 2010
- Inflation: 8% (2001-2005) to 4.41% (2009-2010); and 7.93% in 2010
- Trade deficit: 5.3% of GDP
- Budget revenue: 16.5% of GDP
- Budget deficit: 4.7% of GDP
- Foreign reserve covers about six months
- Investment balances:
State investment: Totally 24,747 billion Kip of which 20,765 billion Kip is Official Development Assistance (ODA) (US$ 488 million per annum);
Domestic and foreign investment: Actual 1,022 projects with US$ 11.06 billion of which domestic private investment is about US$ 2 billion.
- Export products: wood product, coffee, agricultural products, garment, electricity, mining, gold and silver, copper.
- Import products: Machineries and production equipment, vehicle, fuel, construction/electronic equipment, material and garment machines, luxury product, electricity, import for investment and import for consumption.
