Economy
Laos
Budget
revenues
$2.288 billion (2022 est.)
expenditures
$2.259 billion (2022 est.)
Exports
Exports 2021
$7.82 billion (2021 est.)
Exports 2022
$8.604 billion (2022 est.)
Exports 2023
$9.698 billion (2023 est.)
Imports
Imports 2021
$6.527 billion (2021 est.)
Imports 2022
$7.983 billion (2022 est.)
Imports 2023
$8.596 billion (2023 est.)
Industries
mining (copper, tin, gold, gypsum); timber, electricity generation, agricultural processing, rubber, construction, textiles, cement, tourism
Labor force
3.585 million (2024 est.)
Public debt
Public debt 2016
58.4% of GDP (2016 est.)
Remittances
Remittances 2021
1.2% of GDP (2021 est.)
Remittances 2022
1.5% of GDP (2022 est.)
Remittances 2023
1.8% of GDP (2023 est.)
Exchange rates
Currency
kips (LAK) per US dollar -
Exchange rates 2019
8,679.409 (2019 est.)
Exchange rates 2020
9,045.788 (2020 est.)
Exchange rates 2021
9,697.916 (2021 est.)
Exchange rates 2022
14,035.227 (2022 est.)
Exchange rates 2023
17,688.874 (2023 est.)
Debt - external
Debt - external 2023
$9.619 billion (2023 est.)
Economic overview
a lower middle-income, industrialized economy in Southeast Asia; experiencing high inflation attributed to currency devaluation in 2022 due to ongoing high debt levels; new Laos-China railway and dry port developments; increasing disparities; persistent labor shortages
Unemployment rate
Unemployment rate 2022
1.3% (2022 est.)
Unemployment rate 2023
1.2% (2023 est.)
Unemployment rate 2024
1.3% (2024 est.)
Exports - partners
China 39%, Thailand 34%, Australia 4%, USA 4%, Cambodia 2% (2023)
Imports - partners
Thailand 58%, China 36%, Japan 1%, Singapore 1%, Germany 1% (2023)
Real GDP per capita
Real GDP per capita 2022
$8,200 (2022 est.)
Real GDP per capita 2023
$8,400 (2023 est.)
Real GDP per capita 2024
$8,600 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
2.7% (2022 est.)
Real GDP growth rate 2023
3.7% (2023 est.)
Real GDP growth rate 2024
4.3% (2024 est.)
Agricultural products
cassava, root vegetables, rice, sugarcane, vegetables, bananas, maize, rubber, coffee, watermelons (2023)
Exports - commodities
electricity, fertilizers, gold, textiles, paper (2023)
Imports - commodities
refined petroleum, automobiles, raw sugar, plastic products, trucks (2023)
Current account balance
Current account balance 2021
$431.636 million (2021 est.)
Current account balance 2022
-$458.754 million (2022 est.)
Current account balance 2023
$404.523 million (2023 est.)
Taxes and other revenues
12.1% (of GDP) (2022 est.)
GDP (official exchange rate)
$16.503 billion (2024 est.)
GDP - composition, by end use
household consumption
65.7% (2016 est.)
government consumption
14% (2016 est.)
investment in inventories
0% (2016 est.)
investment in fixed capital
29% (2016 est.)
exports of goods and services
33.2% (2016 est.)
imports of goods and services
-41.9% (2016 est.)
Population below poverty line
18.3% (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.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
23% (2022 est.)
Inflation rate (consumer prices) 2023
31.2% (2023 est.)
Inflation rate (consumer prices) 2024
23.1% (2024 est.)
Industrial production growth rate
3.9% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$61.856 billion (2022 est.)
Real GDP (purchasing power parity) 2023
$64.173 billion (2023 est.)
Real GDP (purchasing power parity) 2024
$66.905 billion (2024 est.)
Youth unemployment rate (ages 15-24)
male
2.4% (2024 est.)
total
2.2% (2024 est.)
female
2.1% (2024 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2021
$1.951 billion (2021 est.)
Reserves of foreign exchange and gold 2022
$1.576 billion (2022 est.)
Reserves of foreign exchange and gold 2023
$1.77 billion (2023 est.)
GDP - composition, by sector of origin
industry
29% (2024 est.)
services
43.5% (2024 est.)
agriculture
16.8% (2024 est.)
Household income or consumption by percentage share
lowest 10%
3% (2018 est.)
highest 10%
31.2% (2018 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2018
38.8 (2018 est.)