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Laos
Index
General Character: Predominantly rural and
agricultural;
market-oriented economic liberalization measures beginning
in 1986
stimulated economic growth. Policy reforms continue,
including
decentralizing and expanding private-sector economy;
reversing
agricultural collectivization policy and ending
cooperatives;
introducing foreign investment code; and restructuring
banking
system. Agriculture accounts for almost 56 percent gross
domestic
product (GDP) and approximately 85-90 percent of workforce
(1993
estimate). 1989 unemployment estimate 21 percent.
Gross Domestic Product (GDP): Estimates vary.
US$989
million, US$295 income per capita (1993 estimate); from
$US295 to
US$335 per capita (1994 estimate); real growth rate from
4.5
percent to 5.9 percent. Composition of GDP agriculture and
forestry, approximately 56 percent; industry including
construction, approximately 17 percent; services,
approximately 25
percent; and import duties, 2 percent (1993 estimate). GDP
growth
targeted at 7 percent for fiscal year (FY) 1993-94. US$4.1
billion
purchasing power equivalent (1993 estimate).
Industry: Almost no industrial production
outside
Vientiane area.
Agriculture, Forestry, and Fishing: Rice main
crop; corn,
tobacco, coffee also grown.
Resources: Tin and gypsum most important mineral
resources although exploitation on a small scale;
electrical energy
from hydroelectric power; electricity exported to
Thailand.
Foreign Trade: Total exports US$133
million--free on
board (f.o.b.) (1993 estimate); primarily to France,
Germany,
Japan, Russia, Thailand, Vietnam, and United States.
Principal
exports timber and wood products US$42 million; textiles
and
garments, US$27 million; assembled motorcycles and other
items,
US$20 million; electricity, US$16 million (1993 estimate).
Total
imports US$266 million--cost, insurance, and freight
(c.i.f) (1992
estimate); primarily from China, France, Italy, Japan,
Russia,
Thailand, and Vietnam; increased by approximately 20.5
percent in
1993. Principal imports petroleum, food, vehicles,
machinery,
consumer goods. US$353.2 million total (1993 estimate).
Balance of Payments: Record trade deficit of
estimated
US$150 million in 1993. Foreign debt US$1.1 billion (1992
estimate).
Foreign Aid: Approximately US$167 million in
1992. Almost
totally dependent on foreign assistance for development
and
financing deficit on current account balance. Major
foreign aid
partners formerly communist countries, particularly
Council for
Mutual Economic Assistance (Comecon) members until 1990;
since
then, Australia, Japan, the Netherlands, Sweden, and
multilateral
agencies, primarily the World Bank and Asian Development
Bank.
Currency and Exchange Rate: Kip. In 1992
exchange rate
averaged US$1=K705; in June 1994, estimated average
US$1=K721.
Fiscal Year: October 1 to September 30.
Data as of July 1994
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