Flag description:
three horizontal bands of red (top), blue (double width), and red
with a large white disk centered in the blue band
Economy Laos
Economy - overview:
The government of Laos - one of the few remaining official
Communist states - began decentralizing control and encouraging
private enterprise in 1986. The results, starting from an extremely
low base, were striking - growth averaged 7% in 1988-2001 except
during the short-lived drop caused by the Asian financial crisis
beginning in 1997. Despite this high growth rate, Laos remains a
country with a primitive infrastructure; it has no railroads, a
rudimentary road system, and limited external and internal
telecommunications. Electricity is available in only a few urban
areas. Subsistence agriculture accounts for half of GDP and provides
80% of total employment. The economy will continue to benefit from
aid from the IMF and other international sources and from new
foreign investment in food processing and mining.
GDP:
purchasing power parity - $10.4 billion (2002 est.)
GDP - real growth rate:
5.7% (2002 est.)
GDP - per capita:
purchasing power parity - $1,800 (2002 est.)
GDP - composition by sector: agriculture: 53% industry: 23% services: 24% (2001 est.)
Population below poverty line: 40% (2002 est.)
Household income or consumption by percentage share: lowest 10%: 3.2% highest 10%: 30.6% (1997)
Distribution of family income - Gini index:
37 (1997)