Laos' Macroeconomic Analysis:
Nominal GDP of USD 15.8 billion in 2023.
Nominal GDP of USD 15.7 billion in 2022.
GDP per capita of USD 2,103 compared to the global average of USD 10,589.
GDP per capita of USD 2,090 compared to the global average of USD 10,589.
Average real GDP growth of 5.3% over the last decade.
Average real GDP growth of 5.7% over the last decade.
Sector Analysis
In 2021, services accounted for 50% of overall GDP, manufacturing 9%, other industrial activity 25%, and agriculture 16%. Looking at GDP by expenditure, private consumption accounted for 66% of GDP in 2016, government consumption 14%, fixed investment 29%, and net exports -9%.International trade
In 2020, manufactured products made up 20% of total merchandise exports, mineral fuels 17%, food 28%, ores and metals 16% and agricultural raw materials 10%, with other categories accounting for 9% of the total. In the same period, manufactured products made up 63% of total merchandise imports, mineral fuels 14%, food 19%, ores and metals 1% and agricultural raw materials 3%, with other goods accounting for 0% of the total. Total exports were worth USD 8 billion in 2022, while total imports were USD 7 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 5.7% in the decade to 2022. To read more about GDP growth in Laos, go to our dedicated page.
Fiscal policy
Laos's fiscal deficit averaged 3.8% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 2.8% in the decade to 2022. For more information on Laos's unemployment click here.
Inflation
Inflation averaged 5.1% in the decade to 2022. Go to our Laos inflation page for extra insight.
Monetary Policy
Laos's monetary policy rate ended 2022 at 6.50%, up from 5.00% a decade earlier. See our Laos monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the kip weakened by 53.7% vs the U.S. dollar. For more info on the kip, click here.
Economic situation in Laos
GDP growth has likely trailed both Laos’ 10-year average of 5.0% and the ASEAN average this year as high inflation is eating into purchasing power, which, together with outward migration, has weighed on domestic demand. On the positive side, tourism has expanded thanks to the Laos-China railway and laxer visa rules; visitor arrivals were reportedly up 19% year on year in January–October. Moreover, potash output has grown, and non-rice crop exports have been robust, while increased rainfall has boosted electricity generation—which accounts for about 10% of GDP. In a recent staff visit, the IMF urged the government to rebalance its fiscal consolidation program toward boosting revenue and away from cutting social spending, as well as tighten monetary policy to stabilize the exchange rate.Laos Economic Forecasts
Projections out to 2034.36 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 8 expert analysts.
Want to get insight on the economic outlook for Laos in the coming years? FocusEconomics collects projections out to 2034 on 36 economic indicators for Laos from a panel of 8 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Laos economy. To download a sample report on the Laos' economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.