The gross domestic product (GDP) of the Lao PDR reached 95.2 trillion kip, equivalent to 49.6 of target set, in the first six months, growing by 4.3% year on year.
Addressing the 3rd Ordinary Session of the National Assembly (9th legislature), Minister of Planning and Investment Khamchen Vongphosy informed 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 agriculture-forestry sector and services.
Revenue collection in the first half of the year reached 10.6 trillion kip, increasing by 23.7% year on year. Meanwhile, government’s spending was valued at 8.8 trillion kip, representing 27.2% of the plan.
The total amount of money circulated in the economic system grew by 18.39% year on year as the kip depreciated 7.78% against the US dollar and 8.43% 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% of the country’s GDP as non-performing loan ratio of commercial banks stood at 2.22%.
Minister Khamchen proposed the National Assembly revises some monetary forecasts of the current National Socio-Economic Development Plan after realising that the projections may be unrealistic for the government to achieve.
“The national socio-economic development in the first six months of 2022 was faced with many difficulties and challenges caused by complicated situations in the region and the world,” said Minister Khamchen.
Source: Lao News Agency
