Lao economy likely to grow 7.5 pct

10:35 | 10/07/2015 Global Economy

Despite uncertainties about weather conditions and State budget revenue collection, the Lao economy is forecast to expand about 7.5 percent in the fiscal year 2014-2015 (October 1, 2014 - September 30, 2015).

Lao economy likely to grow 7.5 pct

A meeting of the Lao National Assembly (Photo: VNA)

The economy growth is expected to bring 12.74 billion USD to Laos’ State budget, according to Lao Minister of Investment and Planning Somdy Duangdy.

The minister predicted that considering the current economic growth pace, the average income per capita will reach about 1,857 USD and surpass its target of 1,700 USD as planned for 2011-2015.

The agro-forestry, industry and service sectors are expected to grow three percent, 8.9 percent and 9.1 percent, respectively.

Foreign exchange rates remained stable while inflation rate in the first six months of the reviewed period stood at a slight 2.15 percent, down 6.21 percent from the fiscal year 2013-2014.

According to his report on the national socio-economic development progress at the ninth session of the seventh National Assembly, around 1.4 billion USD was added to the State budget in the first half of this fiscal year, or 46.5 percent of the target, while about 1.7 billion USD was spent./.

Source: VNA

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