WORLD Laos' GDP grows by 4.3 percent in 6 months: minister

WORLD

Laos' GDP grows by 4.3 percent in 6 months: minister

Xinhua

20:55, June 14, 2022

VIENTIANE, June 14 (Xinhua) -- The gross domestic product (GDP) of Laos grew 4.3 percent year on year in the first six months of this year, Lao News Agency on Tuesday quoted a government minister as saying.

Economic output in the first half of this year reached 95.2 trillion kip (about 6 billion U.S. dollars), equivalent to 49.6 of a pre-set annual target.

Photo taken on March 25, 2022, shows villagers carrying tea to the factory of 36 Manor in Bolaven Plateau, south Laos. (Photo: Xinhua)

Addressing the Third Ordinary Session of the National Assembly (ninth legislature) on Monday, Lao Minister of Planning and Investment Khamjane Vongphosy told members of the National Assembly about the implementation of the macroeconomic development plan in the first six months of 2022.

The country's main economic drivers included the agriculture-forestry sector and services, according to the minister.

At the same time, revenue collection in the first half of the year reached 10.6 trillion kip, increasing by 23.7 percent year on year. Meanwhile, government spending was valued at 8.8 trillion kip, representing 27.2 percent of the plan.

The total amount of money circulating in the economic system grew by 18.39 percent year on year as the kip depreciated 7.78 percent against the U.S. dollar and 8.43 percent against the Thai baht.

The country's foreign currency reserve has increased. As of the end of May, the foreign exchange reserve is enough to pay for 4.17 months of imports.

The credit balance of the commercial banking sector accounted for 54.85 percent of the country's GDP as the non-performing loan ratio of commercial banks stood at 2.22 percent, according to the minister.

Last Friday, Khamjane told a parliament meeting that the Lao government will aim for GDP growth of at least 4.4 percent for the second half of 2022 in line with the target of 192,145 billion kips, or about 12 billion U.S. dollars.

The current ninth legislature of the Lao National Assembly held its inaugural session in March, 2021. (1 U.S. dollar=14,843 Lao kip)

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