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Economy - overview:
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The government of Laos - one of the few remaining official Communist states - began decentralizing control and encouraging private enterprise in 1986. The results, starting from an extremely low base, were striking - growth averaged 7% in 1988-2001 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 primitive infrastructure; it has no railroads, a rudimentary road system, and limited external and internal telecommunications. Electricity is available in only a few urban areas. Subsistence agriculture accounts for half of GDP and provides 80% of total employment. The economy will continue to benefit from aid from the IMF and other international sources and from new foreign investment in food processing and mining.
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GDP:
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purchasing power parity - $10.32 billion (2003 est.)
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GDP - real growth rate:
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5.5% (2003 est.)
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GDP - per capita:
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purchasing power parity - $1,700 (2003 est.)
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GDP - composition by sector:
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agriculture: 49.4%
industry: 24.5%
services: 26.1% (2003 est.)
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Population below poverty line:
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40% (2002 est.)
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Household income or consumption by percentage share:
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lowest 10%: 3.2%
highest 10%: 30.6% (1997)
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Distribution of family income - Gini index:
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37 (1997)
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Inflation rate (consumer prices):
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15.3% (2003 est.)
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Labor force:
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2.6 million (2001 est.)
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Labor force - by occupation:
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agriculture 80% (1997 est.)
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Unemployment rate:
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5.7% (1997 est.)
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Budget:
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revenues: $298.5 million
expenditures: $429.9 million, including capital expenditures of NA (2003 est.)
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Industries:
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tin and gypsum mining, timber, electric power, agricultural processing, construction, garments, tourism
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Industrial production growth rate:
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9.7% (2001 est.)
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Electricity - production:
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1.317 billion kWh (2001)
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Electricity - production by source:
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fossil fuel: 1.4%
hydro: 98.6%
other: 0% (2001)
nuclear: 0%
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Electricity - consumption:
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824.7 million kWh (2001)
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Electricity - exports:
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400 million kWh (2001)
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Electricity - imports:
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0 kWh (2001)
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Oil - production:
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0 bbl/day (2001 est.)
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Oil - consumption:
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2,750 bbl/day (2001 est.)
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Oil - exports:
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NA (2001)
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Oil - imports:
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NA (2001)
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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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Current account balance:
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$-58 million (2003)
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Exports:
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$332 million (2003 est.)
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Exports - commodities:
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garments, wood products, coffee, electricity, tin
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Exports - partners:
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Thailand 20.7%, Vietnam 15.8%, France 7.3%, Germany 5.3%, Belgium 4% (2003 est.)
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Imports:
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$492 million f.o.b. (2003 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 59.7%, China 12.8%, Vietnam 10.2% (2003 est.)
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Reserves of foreign exchange & gold:
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$201 million (2003)
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Debt - external:
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$2.49 billion (2001)
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Economic aid - recipient:
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$243 million (2001 est.)
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Currency:
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kip (LAK)
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Currency code:
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LAK
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Exchange rates:
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kips per US dollar - 10,443 (2003), 10,056.3 (2002), 8,954.58 (2001), 7,887.64 (2000), 7,102.02 (1999)
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Fiscal year:
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1 October - 30 September
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