Thailand
Laos: Power generates seven percent plus growth in past year
The economy of Laos grew at a rate of 7.02 percent in 2016, falling short of the 7.5 percent forecast in the plan approved by National Assembly (NA) last year, according to the Ministry of Planning and Investment.
Minister of Planning and Investment DrSouphanKeomixay presented a report yesterday to the 8th National Assembly’s third ordinary session.
He spoke on the government’s proposed plan at the NA’s second ordinary session and the projected national economic growth at 6.9 percent in accordance with fiscal year of 2015-2016.
The NA has adjusted the plan and budget summary, so the ministry has adjusted calculations for GDP growth accordingly.
Economic growth in 2016 was rated at 7.02 percent, accounting for 93.6 percent of the forecasted total in the annual plan approved by NA to a total of more than 129.279 trillion kip.
GDP per capita in Laos reached US$2,408.
The agricultural sector grew by 2.7 percent, accounting for 17.2 percent of GDP.
The industrial sector grew by 12 percent, accounting for 28.7 percent of GDP.
The service sector grew by 4.6 percent, making up 42.4 percent of GDP.
Customs revenue on imports grew by 7.8 percent, accounting for 11.5 percent of GDP.
Although agriculture, service and entry customs sectors were unable to generate the planned revenue, the power industry sector has driven growth in national economy. The sector grew by 39 percent over the plan of 36.9 percent due to electricity generators and powerhouses having been completed and commissioned.
Besides this, there was an increasing investment in processing industries in economic development zones, he said.
The inflation rate in 2016 was 1.6 percent, an increase of 0.31 percent comparing to 2015.
Export values reached US$4.523 billion, a 22.2 percent increase on the plan.
Value of imports reached US$4.215 billion, accounting for 80.1 percent of plan
The trade surplus reached US$308 million.
The labour force engaged domestically and in foreign countries increased by 149,733 people, including an additional 94,066 Lao citizens working within the country’s borders and 20,668 people registered as working abroad.
Overall investment reached some 42,857 billion kip, an increase of 24.2 percent on the plan.
DrSouphan said this was the first year of the operation of Provincial People’s Councils, so provincial administrations must submit plans to respective councils for which the process had just finished at the end of January this year.
The implementation of the plans commenced in February this year, however the implementation of National Socio-Economic Development Plan has continued as per usual.
For the first three months of the year the inflation rate was an average of 1.8 percent, a slightly down over the past three months.
The national currency the Lao Kip is down by 0.7 percent on US dollar and 2.2 percent on Thai baht over the same period.
Revenue for the three months reached 4,621 billion kip, an increase of 1.5 percent as compared with same period last year.
For the three months export values reached US$1.212 billion or 27.2 percent of the yearly plan.
Import values reached US$1.117 billion or equal to 24.9 percent of the yearly plan’ resulting in a trade surplus of some US$95 million.
Source: http://www.vientianetimes.org.la/FreeContent/FreeConten_Power.html