The Gross Domestic Product (GDP) in Laos expanded 6.50 percent in 2018 from the previous year. Laos GDP Annual Growth Rate - data, historical chart, and calendar of releases - was last updated on February of 2020 from its official source.

GDP Annual Growth Rate in Laos averaged 6.94 percent from 1989 until 2018, reaching an all time high of 9.90 percent in 1989 and a record low of 4 percent in 1991. This page provides - Laos GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP Annual Growth Rate in Laos is expected to reach 6.50 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Laos GDP Annual Growth Rate is projected to trend around 6.80 percent in 2021 and 6.90 percent in 2022, according to our econometric models.

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Laos GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.90 9.90 4.00 1989 - 2018 percent Yearly

Laos GDP Annual Growth Rate
Laos is one of the poorest countries in the world. Still a communist state, in recent years Laos opened its economy to private initiative and foreign direct investments. As a result, Laos started to exploit its hydropower, precious metals and wood resources. The country is heavily dependent on agriculture (33 percent of GDP) as it employs around 80 percent of the population. Tourism (11 percent of GDP) is the second largest earner of foreign currency and is growing rapidly. In spite of the recent developments, the government relies extensively on foreign aid to fund its budget and infrastructure development.