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Laos - Economy
How is the economy of Laos? Based on the information we have, Laos has a lower middle-income, industrial Southeast Asian economy; high inflation due to 2022 currency depreciation brought on by persistently high debt; new Laos-China railway and dry port; rising inequities; ongoing labor shortages. Key agricultural products in this country include: cassava, root vegetables, rice, sugarcane, vegetables, bananas, maize, rubber, coffee, watermelons (2023).
More about the economy of Laos
| Labor force | 3.585 million (2024 est.) |
|---|---|
| Industrial production growth rate | 3.9% (2024 est.) |
| Industries | mining (copper, tin, gold, gypsum); timber, electric power, agricultural processing, rubber, construction, garments, cement, tourism |
| Population below poverty line | 18.3% (2018 est.) |
| Taxes and other revenues | 12.1% (of GDP) (2022 est.) |
| Fiscal year | N/A |
| Exchange rates | |
| Currency | kips (LAK) per US dollar - |
| Exchange rates 2023 | 17,688.874 (2023 est.) |
| Exchange rates 2022 | 14,035.227 (2022 est.) |
| Exchange rates 2021 | 9,697.916 (2021 est.) |
| Exchange rates 2020 | 9,045.788 (2020 est.) |
| Exchange rates 2019 | 8,679.409 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $9.619 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $1.77 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $1.576 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $1.951 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $404.523 million (2023 est.) |
| Current account balance 2022 | -$458.754 million (2022 est.) |
| Current account balance 2021 | $431.636 million (2021 est.) |
| Public debt | |
| Public debt 2016 | 58.4% of GDP (2016 est.) |
| Budget | |
| Revenues | $2.288 billion (2022 est.) |
| Expenditures | $2.259 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | N/A |
| Remittances | |
| Remittances 2023 | 1.8% of GDP (2023 est.) |
| Remittances 2022 | 1.5% of GDP (2022 est.) |
| Remittances 2021 | 1.2% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 3% (2018 est.) |
| Highest 10% | 31.2% (2018 est.) |
| Average household expenditures | |
| On food | 50.5% of household expenditures (2023 est.) |
| On alcohol and tobacco | 7.8% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $8.596 billion (2023 est.) |
| Imports 2022 | $7.983 billion (2022 est.) |
| Imports 2021 | $6.527 billion (2021 est.) |
| Imports (partners) | Thailand 58%, China 36%, Japan 1%, Singapore 1%, Germany 1% (2023) |
| Comodities Imports force | refined petroleum, cars, raw sugar, plastic products, trucks (2023) |
| Exports | |
| Exports 2023 | $9.698 billion (2023 est.) |
| Exports 2022 | $8.604 billion (2022 est.) |
| Exports 2021 | $7.82 billion (2021 est.) |
| Exports (partners) | China 39%, Thailand 34%, Australia 4%, USA 4%, Cambodia 2% (2023) |
| Comodities Exports force | electricity, fertilizers, gold, garments, paper (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $66.905 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $64.173 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $61.856 billion (2022 est.) |
| GDP (official exchange rate) | $16.503 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $8,600 (2024 est.) |
| Real GDP per capita 2023 | $8,400 (2023 est.) |
| Real GDP per capita 2022 | $8,200 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 16.8% (2024 est.) |
| Industry | 29% (2024 est.) |
| Services | 43.5% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 65.7% (2016 est.) |
| Government consumption | 14% (2016 est.) |
| Investment in fixed capital | 29% (2016 est.) |
| Investment in inventories | 0% (2016 est.) |
| Exports of goods and services | 33.2% (2016 est.) |
| Imports of goods and services | -41.9% (2016 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 1.3% (2024 est.) |
| Unemployment rate 2023 | 1.2% (2023 est.) |
| Unemployment rate 2022 | 1.3% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 2.2% (2024 est.) |
| Male | 2.4% (2024 est.) |
| Female | 2.1% (2024 est.) |
All Important Facts about Laos
Want to know more about Laos? Check all different factbooks for Laos below.
