Laos (Lao People's Democratic Republic) Economic Statistics and Indicators

14, Aug 2020, EDT. Welcome to the Laos economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Laos (Lao People's Democratic Republic) › Change country
National or Regional Currency: Kip, LAK
Year of data: 2015 › Change year
Number of Indicators Listed: 34
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 6,803,699 (July 2014 est.)
Area: total: 236,800 sq km ; land: 230,800 sq km ; water: 6,000 sq km
Natural Resources: timber, hydropower, gypsum, tin, gold, gemstones
Capital: name: Vientiane (Viangchan) ; geographic coordinates: 17 58 N, 102 36 E ; time difference: UTC+7 (12 hours ahead of Washington, DC, during Standard Time)

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 2008-13. 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 83 % of the country. Laos' economy is heavily dependent on capital-intensive natural resource exports. The labor force, however, still relies on agriculture, dominated by rice cultivation in lowland areas, which accounts for about 25% of GDP and 73% 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, logging, and construction though some projects in these industries have drawn criticism for their environmental impacts. Laos gained Normal Trade Relations status with the US in 2004 and applied for Generalized System of Preferences trade benefits in 2013 after being admitted to the World Trade Organization earlier in the year. Laos is in the process of implementing a value-added tax system. 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, but suffered through a fiscal crisis in 2013 brought about by public sector wage increases, fiscal mismanagement, and revenue shortfalls. 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, and the country is preparing to enter the ASEAN Economic Community in 2015.
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GDP (Constant Prices, National Currency) for Laos in year 2015 is LAK 45,575.76 Billion.

GDP Growth (Constant Prices, National Currency) for Laos in year 2015 is 7.01 %.

GDP (Current Prices, National Currency) for Laos in year 2015 is LAK 102,070.82 Billion.

GDP (Current Prices, US Dollars) for Laos in year 2015 is US$ 12.503 Billion.

GDP Deflator for Laos in year 2015 is 223.959 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Laos in year 2015 is LAK 6,483,573.07 .

GDP Per Capita (Current Prices, National Currency) for Laos in year 2015 is LAK 14,520,517.26 .

GDP Per Capita (Current Prices, US Dollars) for Laos in year 2015 is US$ 1,778.71 .

GDP (PPP), US Dollars for Laos in year 2015 is US$ 37.322 Billion.

GDP Per Capita (PPP), US Dollars for Laos in year 2015 is US$ 5,309.41 .

GDP Share of World Total (PPP) for Laos in year 2015 is 0.033 %.

Implied PPP Conversion Rate for Laos in year 2015 is 2,734.87 .

Inflation, Average Consumer Prices (Indexed to Year 2000) for Laos in year 2015 is 163.682 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Laos in year 2015 is 5.3 %.

Inflation, End of Year (Indexed to Year 2000) for Laos in year 2015 is 167.078 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Laos in year 2015 is 5.5 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Laos in year 2015 is -0.952 %.

Import Volumes of Goods Only (Percent Change) for Laos in year 2015 is -1.374 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Laos in year 2015 is 6.652 %.

Export Volumes of Goods Only (Percent Change) for Laos in year 2015 is 7.103 %.

Population for Laos in year 2015 is 7.029 Million .

General government revenue (National Currency) for Laos in year 2015 is LAK 23,291.49 Billions.

General government revenue (% of GDP) for Laos in year 2015 is 23.273 %.

General government total expenditure (National Currency) for Laos in year 2015 is LAK 26,201.35 Billions.

General government total expenditure (% of GDP) for Laos in year 2015 is 26.181 %.

Total Government Net Lending/ Borrowing (National Currency) for Laos in year 2015 is LAK -2,909.85 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for Laos in year 2015 is -2.908 %.

Fiscal Year Gross Domestic Product, Current Prices for Laos in year 2015 is LAK 100,079.39 Billions.

Current Account Balance (US Dollars) for Laos in year 2015 is US$ -2.905 Billion.

Current Account Balance (% GDP) for Laos in year 2015 is -23.235 %.