1.
¦¾-ê¾-ì½−½-ì© ¯½§¾ ¯½-Ī ¯½§¾§ö−-쾸
¾ ìññ ¾êò §ö
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¾® ½- ½- ¡- ½«¾¸º−
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Lao Peop
L ple’s Dem
mocratic Repub
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Peace In
ndependence Demmocracy Unity P
y Prosperi
ity
ê½−¾£¾−- Á ¤ ¦¯¯ 쾸
Á¹È ¯
Bank of th Lao P
B he PDR

2. ¦¾ì½®¾− Contents
£¿-À¹ñ−-°øÉ-¸È¾¡¾− Message from the Governor Page No. 1
I. ¦½²¾®-À¦©«½¡ò©-¢º¤ ¦¯¯ 쾸 I. Lao Economic Performance 6
1. ¢½-ÁΤ-¡½¦ò¡¿ 1. Agriculture 6
2. ¢½-ÁΤ-º÷©-¦¾-¹½¡¿ 2. Industry 8
3. ¢½-ÁΤ-®ðìò¡¾− 3. Service 8
4. ¡¾−-¯È¼−-Á¯¤-£¤-¯½¡-º® GDP 4. Changes in GDP Components 10
5. 콩ñ®-ì¾£¾ 5. Price Level 10
II. ¢½-ÁΤ-¡¾−-À¤ò−-¢º¤-ìñ©. II. Public Finance 13
1. 쾨-»®-¤ö®¯½´¾−
ñ 1. Revenues 13
2. 쾨¥È¾¨¤ö®¯½´¾− 2. Expenditures 15
3. ¡¾−-©÷ú−©È¼¤¤ö®¯½´¾− 3. Financing 16
III. ¢½-ÁΤÀ¤ò−ª¾ III. Monetary Sector 17
1. −½Â¨®¾¨ºñ©ª¾-Á졯ȼ− 1. Exchange Rate Policy 17
2. −½Â¨®¾¨À¤ò−ª¾ 2. Monetary Policy 19
3. ¯½ìò´¾−-À¤ò− 3. Monetary Supply 19
4. «¾−-À¤ò−ª¾ 4. Monetary Base 21
5. À¤ò−-±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© 5. Deposits 21
6. ¦ò−À§ˆº¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© 6. Credits 22
7. ºñ©ª¾©º¡À®û¨-À¤ò−-±¾¡ -Áì½ -À¤ò−-¡øÉ 7. Interest Rates Deposits and Loan 23
8. ¡¾−-£÷É´-£º¤-À¤ò−ª¾-ªÈ¾¤¯½-Àê©Áì½ 8. Foreign Currency Management and the 25
Promotion of the Use of Kip
¡¾−-¦‰¤-À¦ó´-¡¾−-−¿-çÉ-À¤ò−-¡ó®
9. ¡¾−-£÷É´-£º¤-ê½−¾£¾−-ê÷ì½-¡ò©- 9. Commercial Bank Supervision 27
10. ¡¾−-£É´£º¤-¦½-«¾-®ñ−-¡¾−-À¤ò−
÷ - 10. Financial Institutions Supervision 27
11. ¸¼¡-¤¾−£÷É´-£º¤ª½Í¾©-Íñ¡-§ñ®-Ã− ¦¯¯ 쾸 11. Stock Exchange Management 28
IV. ©÷−-¡¾−-§¿-콡ñ®ªÈ¾¤¯½Àê©- IV. Balance of Payments 30
1. ¡¾−£É¾-¡ñ®ªÈ¾¤-¯½-Àê© 1. Foreign Trade 31
2. ©÷−-®ðìò¡¾− 2. Services 33
3. ©÷−-쾨-Ä©É - 3. Factor Income 34
4. À¤ò−º−-§È¸¨-ÀÍõº
- 4. Current Transfers 35
5. Κ¦ò−ªÈ¾¤¯½Àê© 5. External Debts 35
6. ¡¾−ìö¤êô−¥¾¡ªÈ¾¤¯½Àê© 6. Foreign Direct Investment 36
V. êò©-꾤-츴꾤-©É¾−-´½¹¾-²¾¡-À¤ò−ª¾-¢º¤ ¦¯¯ 쾸 ¯ó 2012 V. Lao Monetary Outlook for 2012 37
¦½²¾-®ðìò¹¾− Executive Board 39
Á°−-¸¾©êó1: £¤-»È¾¤-¡¾−¥ñ©-ª˜¤ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸
- Chart 1: Organizational Chart of the BOL 44
Á°−-¸¾©êó 2 : -£¤-»È¾¤-¡¾−¥ñ©-ª˜¤¢º¤-ì½®ö®ê−¾£¾−--Ã− ¦¯¯ Chart 2: Organizational Chart of the Lao 46
Banking System
쾸.

3. ¦¾ì½®¾−»ø® List of Figures
Page No.
»ø®êó 1: ¡¾−¢½¹¨¾¨ªö¸À¦©«½¡ò© Figure 1: GDP Growth Rate 7
»ø®êó 2: ¡¾−¢½¹¨¾¨ªö¸¢½ÁΤ¡½¦ò¡¿ Figure 2: Growth of Agriculture 7
»ø®êó 3: ¡¾−¢½¹¨¾¨ªö¸¢½ÁΤº÷©¦¾¹½¡¿ Figure 3: Growth of Industry 8
»ø®êó 4: ¡¾−¢½¹¨¾¨ªö¸¢½ÁΤ®ðìò¡¾− Figure 4: Growth of Services 9
»ø®êó 5: ¡¾−¯È¼−Á¯¤Â£¤¯½¡º® GDP Figure 5: Changes of GDP Components 10
»ø®êó 6: ºñ©ª¾À¤ò−À³š Figure 6: Inflation 12
»ø®êó 7: −ÕÎñ¡¢º¤ÁªÈì½Ï¸©¦ò−£É¾¡½êö®ªÒ©©
ñ Figure 7: Weight of each Group of Goods and 13
Services Influencing CPI
§½−óì¾£¾°øɧö´Ã§É
»ø®êó 8: «¾−½¡¾−À¤ò−¢º¤ìñ© Figure 8: Fiscal Performance 14
»ø®êó 9: 쾨»ñ®¢º¤¤ö®¯½´¾− Figure 9: Revenues 15
»ø®êó 10: 쾨¥È¾¨¢º¤¤ö®¯½´¾− Figure 10: Expenditures 16
»ø®êó 11: ¡¾−©÷È−©È¼¤¤ö®¯½´¾− Figure 11: Fiscal Financing 17
»ø®êó 12: ºñ©ª¾Á졯ȼ− Figure 12: Exchange Rates 18
»ø®êó 13: ¯½ìò´¾−À¤ò− M2 Figure 13: Money Supply (M2) 20
»ø®êó 14: ºö¤¯½¡º®¢º¤ M2 Á¨¡ª¾´¦½¡÷−À¤ò− Figure 14: M2 by Currency Components 20
»ø®êó 15: «¾−À¤ò−ª¾ Figure 15: Monetary Base 21
»ø®êó 16: À¤ò−±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Figure 16: Commercial banks’ Deposits 22
»ø®êó 17: ¦ò−À§ˆº¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Figure 17: Commercial banks’ Credits 23
»ø®êó 18: ºñ©ª¾©º¡À®É¨¦½ÀìȨÀ¤ò−±¾¡¡¿−ö©12 À©õº− Figure 18: Average 12 Months Deposit Rates 24
»ø®êó 19: ºñ©ª¾©º¡À®É¨¦½ÀìȨÀ¤ò−¡øÉ¡¿−ö© 12 À©õº− Figure 19: Average 12 Months Lending Rates 25
»ø®êó 20: ©ñ©-§½-−óª½Í¾©-Íñ¡-§ñ®-쾸 -Áì½ ´ø−-£È¾-»÷É−-ê†-´ó- Figure 20: Lao Stock Index Market and Trading 30
Volume
¡¾−-§œŒ¢¾¨
»ø®êó 21: ©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© Figure 21: Balance of payments 31
»ø®êó 22: ¡¾−£É¾ªÈ¾¤¯½Àê© Figure 22: Foreign Trade 32
»ø®êó 23: ¡¾−¢½¹¨¾¨ªö¸¢º¤¡¾−¦‰¤ºº¡Œ−¿À¢í¾ Figure 23: Growth Rate of Exports - Imports 33
»ø®êó 24: ªö¸Àì¡−ñ¡êȺ¤êȼ¸À¢í¾´¾ ¦¯¯ 쾸 Figure 24: Number of Tourist Arrivals 34
to Lao PDR
»ø®êó 25: Κ¦ò−ªÈ¾¤¯½Àê© Figure 25: Extenal Debts 35
»ø®êó 26: ¡¾−ìö¤êô−©¨¡ö¤¢º¤ªÈ¾¤¯½Àê© Figure 26: Foreign Direct Invesment 36

4. ¦¾ì½®¾−ª¾ª½ì¾¤ List of Tables
Page No.
ª¾ª½ì¾¤êó 1: ªö¸À졧š®º¡À¦©«½¡ò©ê†¦¿£ñ− ¢º¤ ¦¯¯ 쾸 Table 1: Selected key Economic Indicators 5
of the Lao PDR
ª¾ª½ì¾¤êó 2:츴¨º©°½ìò©ª½²ñ−²¾¨Ã−£ò©ÄìÈ ª¾´´ø−£È¾À²†´ Table 2:Gross Domestic Product by 48
Value Added
ª¾ª½ì¾¤êó 3: ©ñ©¦½−óì¾£¾°øɧö´Ã§É Table 3: Consumer Price Index (CPI) 49
ª¾ª½ì¾¤êó 4: ºñ©ª¾À¤ò−À³š Table 4: Inflation 50
ª¾ª½ì¾¤êó 5: «¾−½¡¾−À¤ò−¢º¤ìñ© Table 5: Status of Government Budget 51
ª¾ª½ì¾¤êó 6: 쾨»ñ®¢º¤¤ö®¯½´¾− Table 6: Revenues 53
ª¾ª½ì¾¤êó 7: «¾−½¡¾−À¤ò−¢º¤ ê¹ì Table 7: Balance Sheet of the BOL 54
ª¾ª½ì¾¤êó 8: «¾−½¡¾−À¤ò−¢º¤ì½®ö®ê½−¾£¾− Table 8: Monetary Survey 55
ª¾ª½ì¾¤êó 9: ºñ©ª¾©º¡À®É¨ Table 9: Interest Rates 56
ª¾ª½ì¾¤êó 10: À¤ò−±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Table 10: Commercial banks’ Deposits 58
ª¾ª½ì¾¤êó 11: ¦ò−À§ˆº¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© Table 11: Commercial banks’ Credits 59
ª¾ª½ì¾¤êó 12: ©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© Table 12:Balance of Payments 60
ª¾ª½ì¾¤êó 13: ¡¾−£É¾ªÈ¾¤¯½Àê© Table 13: Foreign Trade 61
ª¾ª½ì¾¤êó 14: Κ¦ò−ªÒªÈ¾¤¯½Àê©¢º¤ìñ© Table 14: External Debts 62
ª¾ª½ì¾¤êó 15: ºñ©ª¾Á졯ȼ−ê½−¾£¾− Áì½ ª½¹ì¾© Table 15: Official and Parallel 63
Exchange Rate
ª¾ª½ì¾¤êó 16:À¤ò−º−À¢í¾´¾ìö¤êô−©¨¡ö¤ ¢º¤ Table 16: FDI Funds Transferred Through 64
Banking System
ªÈ¾¤¯½ÀꩰȾ−ì½®ö®ê½−¾£¾−
ª¾ª½ì¾¤êó 17: 츴¡¾−ìö¤êô−¥¾¡ªÈ¾¤¯½Àê© Table 17: Approved Foreign Direct Investments 65
by Sector
Á®È¤ª¾´¢½ÁΤ¡¾−
ª¾ª½ì¾¤êó 18: ªö¸Àì¡−ñ¡êȺ¤êȼ¸ Áì½ ì¾¨Ä©É Table 18: Tourist Arrivals to Lao PDR and 66
Revenues from Tourism
¥¾¡¡¾−êȺ¤êȼ¸ ¢º¤ 쾸.

5. £¿-À¹ñ−-°øÉ-¸È¾¡¾−-ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸
Massage from the Governor
Ã−-¯ó 2011 °È¾−´¾¡¾−»ñ¡¦¾¦½«¼−ì½ In 2011, maintaining monetary stability
²¾®À¤ò−ª¾Á¹È¤§¾© ĩɯ½À§ó−¡ñ®®ñ−¹¾®ÒÎûº¨ was faced with numerous challenges due to
debt crisis in Europe, unemployment, natural
¨Éº−®ñ−¹¾Îš¦ò−-Ã−À¢©Àºó-Âë®, ®ñ−¹¾-¡¾−-¸È¾¤-
calamities, the increase in oil, gold and
¤¾−, IJ꿴½§¾©; ì¾£¾−Õ´ñ−, -ì¾£¾-£¿ -Áì½
foodstuff prices, which resulted in rising
ì¾£¾-¦½®¼¤-º¾¹¾−´óêȾºÈ¼¤À²†´¢›− À»ñ©Ã¹Éºñ© inflation rates in many countries. In addition,
ª¾-À¤ò−-À³šμøÈ;¨¯½Àê©Ä©ÉÀ²†´-¢›−. −º¡-¥¾¡-−š, the domestic environment also faced with
¦½²¾®-Á¸©-ìɺ´μøȲ¾¨-Ã−¡Ò¨ñ¤¯½À§ó−¡ñ®®ñ−¹¾ natural calamities and the outbreak of animal
disease.
IJ꿴½§¾© Áì½ ²½¨¾©¦ñ©ì½®¾©.
À«ò¤μȾ¤−˜−¡ðª¾´, À²ˆº-»¡¦¾-¦½«¼−ì½-
ñ However, in order to maintain a long-
²¾®ê¾¤-©É¾−-À¤ò−ª¾-ùÉ-´ó-£¸¾´Ï˜−êȼ¤-¨¾-¸−¾−, term monetary stability, stable and sound
ì½®ö®-ê½−¾£¾− -´ó-£¸¾´Ï˜−£ö¤»º®©É¾− ²Éº´- banking system as well as enable the banks to
support and facilitate the process of socio-
êñ¤-¯½¡º®¦È¸−-¨øÉ-Á»¤-¡¾−-²ñ©ê½−¾À¦©«½¡ò©Œ
economic development, in particular to meet
¦ñ¤£ö´-ùÉ-®ñ−ì÷-ª¾´-Á°−¡¾−-¡¿-−ö©-Ä¸É ê½−¾£¾−
the major targets as set out in the plan, the
Á¹È¤ ¦¯¯ 쾸 (ê¹ì) Ä©É¥ñ©ª˜¤¯½ªò®ñ©²¾ì½- Bank of the Lao PDR (BOL) has actively
®ö©®¾©-Îɾ-ê-¢º¤-ªö−©É¸¨¡¾−: ¦õ®ªÒ¯½ªò®ñ©−½
† performed its role and duties as follows: the
¨®¾¨À¤ò−ª¾Á®®¯½¦ö´-¯½¦¾−©¨−¿Ã§ÉÀ£ˆº¤ BOL continued to conduct a combined
monetary policy framework by using indirect
´õÀ¤ò−ª¾ê¾¤ºÉº´À¯ñ−ªí−£õ: ¦õ®ªÒ»ñ¡¦¾ºñ©ª¾
monetary instruments such as BOL policy
©º¡À®É¨¢º¤ªö−Ä쨽®ÒÀ¡ó− 7 ¸ñ− Ã−ºñ©ª¾ rate with maturity less than 7 days at 5
5%; »ñ¡¦¾ºñ©ª¾À¤ò−Á»±¾¡®ñ¤£ñ® 5% ¦¿ìñ® percent, reserve requirement ratio at 5 percent
À¤ò−¡ó® Áì½ 10% ¦¿ìñ®À¤ò−ª¾ªÈ¾¤¯½Àê©; ¦õ® for Kip and 10 percent for foreign currency,
ªÒ§÷¡¨øÉùɪ½Í¾©À¯ó© À£ˆº−ŸμȾ¤Á¢¤Á»¤
continued to actively promote the open
market operations by issuing BOL securities
©É¸¨¡¾−¦õ®ªÒºº¡²ñ−ê½®ñ© ê¹ì; Áì½ ©¿À−ó−
and conducted Repo and outright operations
1

6. ¡¾−©ñ©¦ö´¦½²¾®£Èº¤©É¾−ÁÍȤêô−ùÉì½®ö®ê½ for banking system for the liquidity purpose.
−¾£¾−μȾ¤À¯ñ−¯ö¡¡½ªò©É¸¨¡¾−§œŒ¢¾¨±¾¡
In addition, BOL continued to pursue a
Áì½ §œŒ¢¾¨¢¾©Âª²ñ−ê½®ñ©.
market-oriented exchange rate regime
²Éº´¡ñ−−˜−¡ðúĩɦõ®ªÒ¯½ªò®ñ©−½Â¨®¾¨ (managed floating system) by setting a daily
ºñ©ª¾Á졯ȼ−ª¾´¡ö−Ä¡ª½Í¾©´ó¡¾−£÷É´£º¤ reference rate and intervened in the foreign
¢º¤ìñ©©É¸¨-¡¾−-¡¿−ö©ºñ©ª¾Á졯ȼ−ºÉ¾¤-ºó¤-¯½ exchange market whenever necessary; BOL
continued to deregulate foreign exchange
¥¿-¸ñ−, ©ñ©¦ö´-ª½¹ù¾©À´ˆº-À¹ñ−-¸È¾-¥¿-À¯ñ−êñ¤-¦õ®
trading to public and continued to implement
ªÒ°Èº−£¾¨-ì½®¼®-¡¾−-§œŒ¢¾¨-À¤ò−ª¾- ùÉ-Á¡È-¦ñ¤ foreign currency management policy and Kip
£ö´ -Áì½ ¦õ®ªÒ-£÷É´-£º¤-À¤ò−ª¾-ªÈ¾¤¯½-Àê© -Áì½ promotion; increasingly encouraged and
¦‰¤-À¦ó´-¡¾−-−¿-çÉ-À¤ò−-¡ó®μȾ¤-ªÒ-À−ˆº¤. À¯ó©-¡¸É¾¤ supported payment through banking system
Áì½ §÷¡¨øÉ-¦‰¤-À¦ó´-¡¾−-§¿ì½-°È¾−-ì½®ö®-ê½−¾ and encouraged private sector to expand their
exchange bureaus to facilitate foreign
£¾−ùÉ-¹ì¾¨-¢›− ແລະ §÷¡¨øÉ-ùɲ¾¡¦È¸−Àº¡½
exchange for the public.
§ö−¢½¹¨¾¨»É¾−-Á졯ȼ−--À²†´-¢›−- À²ˆº-º¿−¸¨-
£¸¾´-¦½©¸¡-Ã−-¡¾−-Á졯ȼ−-À¤ò−ª¾-Á¡È-¦ñ¤£ö´. On commercial banks supervision, BOL
ສືບຕໍ່ §÷¡¨øÉùÉê½−¾£¾−ê÷콡ò© À²†´ê½ continued to encourage commercial banks to
mobilize more deposits by setting interest
¸ó¡¾−콩ö´À¤ò−±¾¡ ©É¸¨-¡¾−-¯ñ®¯÷¤-ºñ©ª¾-©º¡-
rates in line with domestic context,
À®É¨-ùÉ-ÀϾ½¦ö´-¡ñ®-¦½²¾®-À¦©«½¡ò©-²¾¨-Ã− -
international and regional trends; providing
Áì½ êȾ-ºÈ¼¤¢º¤-¦¾¡-ö−-Áì½²¾¡²œ−; ´ó°½ìò©ª½ diversified deposit accounts, improved and
²ñ−-À¤ò−-±¾¡ê†-¹ì¾¡-¹ì¾¨,- ¯ñ®¯÷¤- Áì½ ¢½¹¨¾¨ expanded commercial banks’ network
ª¾ÎȾ¤®ðìò¡¾− ¢º¤ ê½−¾£¾−ê÷콡ò© ìö¤-»º©- accessible to district levels, improved service
channels to provide a prompt and modern
¢˜−-À´õº¤, ¯ñ®¯÷¤-¡ö−-Ä¡-¡¾−-®ðìò¡¾−-ùÉ-¦½©¸¡¦½
financial service gradually. In order to
®¾¨¡È¸¾À¡‰¾ -Áì½ ¹ñ−-¦øÈ-êñ−-¦½-ÄÏ-Àꈺ-ì½-¡É¾¸. support long-term fund mobilization, BOL
²Éº´¡ñ−−˜−, À²ˆº¦‰¤À¦ó´¡¾−콩ö´êô−Ä쨽 paid special attention to create necessary
¨¾¸, ທຫລ ກໍ-úÄ©É-Àº-ö¾-Ã¥-æÈ-¦É¾¤-À¤ˆº−-Ä¢-ê†-¥¿-À¯ñ− - conditions conducive to the timely launch of
the stock market and the market officially
Áì½ »º®©É¾−-À²ˆº-ùÉ-ª½Í¾©-Íñ¡-§®-¦¾´¾©-À¯ó©-
ñ
began its trading in January 2011 with two
À£ˆº−-Ÿ-êñ−ª¾-´¡¿-−ö©-À¸ì¾ -Áì½ -Ä©É-´ó-¡¾−-
companies listed in the Lao securities
À¯ó©§œŒ¢¾¨-»÷É−-μȾ¤-À¯ñ−-꾤-¡¾−- Ã−-À©õº−´ñ¤¡º−
- exchange. The trading of securities was
¯ó 2011 ໂດຍ´ó¦º¤®ðìò¦ñ©À¢í¾¥ö©ê½®¼− -Áì½ launched smoothly, drawing a lot interests for
¡¾−--§œŒ¢¾¨-ªö¸-¥ò¤-μøÈ-Ã−-ª½Í¾© -´ó-£¸¾´-À¯ñ−-ì½ Lao and foreign investors. As a result, total
stock trading was amounted to 301.49 million
®¼®-»¼®»Éº¨, ¦É¾¤-£¸¾´-¦ö−-Ã¥-Á¡È-−ñ¡-ìö¤êô−-ê¤-
ñ
Kip in 2011.
²¾¨-Ã−- Áì½ ªÈ¾¤¯½-Àê© §‡¤-´ó-´−-£È¾-¡¾−-§œŒ¢¾¨
ø
301,49 ªœ¡® -Ã−-¯ó 2011.
ó In addition, BOL continued to create a
favorable condition for commercial banks to
2

7. ້
ນອກຈາກນີ, ¡Òĩɦõ®ªÒ¦¾¤¦½²¾®Á¸©
É provide credits to companies or projects with
ìɺ´ê†©ó-ùÉê½−¾£¾−ê÷콡ò© -À¯ñ−-À¥í¾-¡¾−-¯Èº¨ efficient operations by focusing on the
improvement of regulatory framework, loan
¦ò−-À§ˆºÃ¹ÉÁ¡È£¤¡¾−ꆴ󯽦ò©êò°ö− -©¨-¦´-æÈ-
÷
approval mechanism and procedures to
¡¾−¯ñ®¯÷¤-ì½®¼®, ¡ö−-Ä¡ Áì½ ¢˜−ªº−-¡¾−-²ò¥¾ provide a better access for entrepreneurs,
ì½−¾-À¤ò−-¡øÉ À²ˆº-ùÉ-°øÉ-¯½¡º®-¡¾−-À¢í¾¹¾-Á¹-ìȤ introduced a scheme of using productive
êô−-Ä©É-¤È¾¨-¢›−; −¿-çÉ-£¤¡¾−-À¤ò−¡øÉ-ê†-´ó-¯½¦ò©-êò
- projects as loan collateral. Furthermore, BOL
paid attention to transforming the commercial
°ö−-À¯ñ−¹ìñ¡§ñ®£Õ¯½¡ñ−-À¤ò−-¡øÉ.-
- - - Àºö¾-Ã¥--æÈ-£í−
bank supervision to comply with the
£¸É¾À²ˆº-¹ñ−-¡¾−-£÷É´-£º¤-ê½−¾£¾−-ê÷ì½-¡ò©-ª¾´- prudential principles of CAMELs, Basel I and
¹ìñ¡¡¾− CAMELs -Áì½ Basel I -į-¦øÈ-¡¾−-£÷É´- Basel II respectively. On the supervision of
£º¤-£¸¾´-¦È¼¤ª¾´-¹ìñ¡¡¾− Basel II. ¦È¸−-¡¾−- financial institutions, the BOL focused on
£÷É´£º¤-¦½-«¾-®ñ−-¡¾−-À¤ò−-Á´È−-Ä©É-¦÷´-æÈ-¦É¾¤-−òªò-
- formulating the regulatory framework and
keeping a close watch on the operations of
¡¿- Áì½ ¡¸©¡¾-ªò©ª¾´-¡¾−-À£ˆº−-Ÿ-¢º¤-®ñ−
- -
financial institutions under auspices of the
©¾-¦½-«¾-®ñ−-¡¾−-À¤ò−- μøÈ-²¾¨-êÉ-¡¾−-£÷É´-£º¤¢º¤ BOL.
ê¹ì μȾ¤-À¯ñ−-¯ö¡¡½ªò.
°È¾−-¡¾−¥ñ©ª˜¤¯½ªò®ñ©-−½Â¨®¾¨ê†¦º© Upon the implementation of appropriate
policies and prompt actions as mentioned
£Èº¤ Áì½ -Á¡É-Ä¢-êñ−-¡ñ®-¦½²¾®-¡¾−£õ-©„¤¡È¾¸-−˜−,
-
above, BOL could contribute in its part to
²¸¡-À»ö¾-¥‡¤¦¾´¾© ¯½¡º®¦È¸−§÷¡¨ø-ÉùÉÀ¦©«½
maintain a sustained economic growth rate at
¡ò©¢½¹¨¾¨ªö¸-μȾ¤-ªÒ-À−ˆº¤-Ã−-ºñ©ª¾ 8% ì¾¨Ä©É 8 percent, lifting GDP per capita from US$
GDP -ªÒ-¹ö¸-£ö− -À²†´-¢›− 1.281 ©-ì¾-¦½¹½ìñ© - 1.281 in 2010 to US$ 1.076 in 2011. Average
¥¾¡ 1-.076 -©-ì¾-¦½¹½ìñ©-Ã−-¯ó 2010, ºñ©ª¾ annual inflation rate was able to maintain
with a single digit at 7.58 percent, the rate
À¤ò−À³š¦½ÀìȨÏö©¯óμøÈ-Ã−-콩ñ®Î‡¤ªö¸-Àì¡ 7,58%
which is lower than GDP growth rate as
Áì½ ªÔ-¡¸È¾-¡¾−-¢½¹¨¾¨ªö¸-¢º¤-À¦© «½¡ò©. targeted.
-¯½ìò´¾−-À¤ò− M2 -À²†´-¢›−-Ã−-콩ñ®-ê†-£¸®-
£÷´-Ä©É 25,2%, À¤ò−-¡ó®-Á¢¤-£È¾ 2,93% ê¼®-©-ì¾- Money supply (M2) was able to maintain
at manageable levels at 25.2 percent,
¦½¹½ìñ©, ÁªÈºÈº−£È¾ 1,36%- ê¼®-æÈ-À¤ò−-®¾©
exchange rate Kip/US$ was appreciated by
ê¼®-¡ñ®¯ó 2010; £ñ¤-¦¿»º¤-À¤ò−ª¾-ªÈ¾¤¯½-Àêດ¦¾
2.93 percent, while Kip depreciated against
´¾©-¡÷É´-¡¾−-−¿-À¢í¾Ä©É 3,4 -À©õº−, ì½®ö®ê½−¾
- Thai Baht by 1.36 percent compared to 2010.
£¾−-¦õ®-ªÒ-¢½¹¨¾¨ªö¸ -Áì½ ´ó-£¸¾´Ï˜−£ö¤, -À¤ò−- The level of foreign reserve could cover more
±¾¡¢º¤-ê½−¾£¾−-ê÷ì½-¡ò© À²†´¢›− 24,33%- than 3.4 months of imports of goods. The
banking system continued to expand and
À´ˆºê¼®-æÈ-êɾ¨¯ó 2010 Àꉾ¡ñ® 35,82% ¢º¤
remained financially sound. The total deposits
GDP. ¦ò−À§ˆº¢º¤-ê½−¾£¾−-ê÷ì½-¡ò©Ã¹ÉÁ¡È²¾¡ of commercial banks continued to rise by
¦È¸−À¦©«½¡ò© À²†´¢›− 37,90%- Àꉾ¡ñ® 24.33 percent or represented 35.82 percent of
28,28% ¢º¤ GDP. GDP compared to 2010. The total loan
3

8. Ã−-¯ó 2012 £¾©¸È¾êȾºÈ¼¤¢º¤À¦©«½¡ò©- provided by the entire commercial banks to
Â졨ñ¤¦õ®ªÒ´ó¦†¤êɾ꾨ùÉÁ¡È¡¾−²ñ©ê½−¾À¦© the economy rose by 37.90 percent and
represented 28.28 percent of GDP.
«½¡ò©Œ¦ñ¤£ö´¢º¤¯½Àê©À»ö¾ À¯ñ−ªí−®ñ−¹¾Îš
¦ò−, -ì¾£¾-−Õ´ñ−, ì¾£¾-£¿, ì¾£¾-¦½®¼¤º¾ In 2012, it is anticipated that the
¹¾−, ì¾£¾»÷É− -Áì½ ºñ©ª¾-Á졯ȼ−¨ñ¤¥½¦õ®ªÒ outlook of global economy continues to pose
°ñ−°¸−. À«ò¤μȾ¤Ã©¡ðª¾´, ê¹ì ¥½¦õ®ªÒ»ñ¡¦¾ various challenges to Lao socio-economic
development such as: uncertainty in oil, gold,
¦½«¼−ì½²¾®À¤ò−ª¾Á¹È¤§¾© ùÉϘ−êȼ¤¨¾¸
foodstuff, stock prices and the fluctuation of
−¾−©É¸¨¡¾−¯ñ®¯÷¤ Áì½ ²ñ©ê½−¾®ñ−©¾À£ˆº¤´õ exchange rate. Nevertheless, BOL will strive
−½Â¨®¾¨À¤ò−ª¾Ã¹É´ó£¸¾´¹ì¾¡¹ì¾¨ ²Éº´ to maintain monetary stability in the long run
êñ¤¦É¾¤¡ö−Ä¡¡¾−¥ñ©ª˜¤¯½ªò®ñ© ùɦº©£Èº¤¡ñ® by improving and developing a variety of
¦½²¾®À¦©«½¡ò©¢º¤¯½Àê©À»ö¾; ¥½¦õ®ªÒ−¿Ã§É monetary instruments, together with creating
an appropriate operation mechanism in line
−½Â¨®¾¨ºñ©ª¾Á졯ȼ−ª¾´¡ö−Ä¡ª½¹ù¾©ê†´ó
with Lao economic condition. The BOL will
¡¾−£÷É´£º¤¢º¤ìñ©; ¦õ®ªÒ£÷É´£º¤¡½Á¦À¤ò−ª¾ continue to pursue a market oriented
À¢í¾Œºº¡¯½Àê© Áì½ ¦‰¤À¦ó´¡¾−−¿Ã§ÉÀ¤ò−¡ó® exchange rate regime, monitor closely the
μȾ¤Á¢¤Á»¤, ¯ñ®¯÷¤¡¾−®ðìò¡¾−ùÉêñ−¦½ÄÏ inflows and outflows of capital and intensify
its campaign to promote the use of Kip,
Áì½ ¢½¹¨¾¨ª¾Îú¾¤¡¾−®ðìò¡¾−ùÉꉸÀ«ò¤
continue to improve financial service and
Áì½ §÷¡¨øɦ‰¤À¦ó´¡¾−§¿ລ½Â©¨®ÒçÉÀ¤ò−¦ö©μȾ¤
expand its network and promote the non-cash
Á¢¤Á»¤, À²†´ê½¸ó¡¾−£÷É´£º¤ Áì½ ¡¸©¡¾ payment means through banking system,
ê½−¾£¾−ê÷콡ò© Áì½ ¦½«¾®ñ−¡¾−À¤ò−ùɴó strengthen the bank supervision and
£¸¾´Ï˜−£ö¤ Áì½ ¯º©Ä². examination on commercial banks and
financial institution to be financially sound
and secured.
°øÉ-¸È¾¡¾−- ê½−¾£¾−Á¹È¤ ¦¯¯ 쾸 Governor of the Bank of the Lao PDR
4

9. ª¾ª½ì¾¤êó 1: ªö¸Àì¡-§š-®º¡-À¦©-«½-¡ò©-ê†-¦¿-£ñ−¢º¤ ¦¯¯ 쾸
Table 1: Selected Key Economic Indicators of the Lao PDR
p
쾨¡¾− 2008 2009 2010 2011 Items
¢½ÁΤ¡¾−°½ìò© (- %) Real Sector (in percent)
ºñ©ª¾¡¾−¢½¹¨¾¨ªö¸¢º¤ì¸´¨º©°½ìò©ª½²ñ− 7.5 7.5 8.1 8.0 GDP growth rate
²¾¨Ã−ª¾´ì¾£¾¯ó 2002 (GDP) GDP at (constant price 2002)
ºñ©ª¾À¤ò−À³šêɾ¨¯ó 3.17 3.92 5.76 7.70 Inflation rate (End of Period)
ºñ©ª¾À¤ò−À³š¦½Àìú¨-Ã-−¯ó 7.63 0.03 5.98 7.58 Annual inflation rate (average)
¡¾−À¤ò−¢º¤ìñ©ê¼®Ã¦È GDP (%) 2007/2008 2008/2009 2009/2010 2010/2011 Public Finance in % of GDP
쾨»ñ®¤ö®¯½´¾−츴êñ¤À¤ò−§È¸¨ÀÍõºìɾ 17.43 17.58 22.31 22.24 Revenues and grants
쾨»ñ®²¾¨Ã− 14.56 15.12 15.73 16.30 Revenues
À¤ò−§È¸¨ÀÍõºìɾ 2.87 2.46 6.57 5.94 Grants
츴¨º©ì¾¨¥È¾¨ Áì½Ã¹É¡øÉμõ´¦÷©êò 20.50 21.00 24.57 24.16 Total expenditures and net lending
쾨¥È¾¨®ðìò¹¾−ꉸį 12.27 13.85 12.73 12.63 Current expenditures
쾨¥È¾¨ìö¤êô− Áì½Ã¹É¡øÉμõ´¦÷©êò 8.44 7.0 11.8 11.52 Capital and On-lending net
©÷È−©È¼¤ì¸´ -3.07 -3.42 -2.3 -1.79 Overall cash balance
©÷È−©È¼¤ì¸´ ꆮÒ−ñ®À¤ò−§È¸¨ÀÍõºìɾ -6.1 -5.87 -8.9 -7.73 Overall Cash Balance (Excl grants)
¢½ÁΤÀ¤ò−ª¾ (%) 2008 2009 2010 2011 Monetary Sector (in percent)
ºñ©ª¾¡¾−À²†´¢›−¢º¤¯½ìò´¾−À¤ò−êɾ¨¯ó (%) 18.31 31.23 39.13 25.2 Annual growth rate of
Money Supply M2
¢½ÁΤ¡¾−À¤ò−ªÈ¾¤¯½Àê©ê¼®Ã¦È GDP (%) 2008 2009 2010 2011 External Sector in % of GDP
©÷−¡¾−§¿ì½¡ñ®ªÈ¾¤¯½Àê© 1.90 -0.07 1.61 -0.74 Overall Balance
©÷−¡¾−§¿ì½À¤ò−¯ö¡¡½ªò츴êñ¤À¤ò−º−¢º¤ìñ© 1.71 -1.09 0.46 -1.94 Current Account Balance
(Including Official Transfers)
©÷−¡¾−§¿ì½À¤ò−¯ö¡¡½ªò®Ò츴Àºö¾À¤ò−º−¢º¤ìñ© 0.25 -2.8 -1.24 -3.87 Current Account Balance
(Excluding Official Transfers)
©÷−¡¾−£É¾ -5.89 -7.30 -4.90 -7.34 Trade Balance
©÷−®ñ−§óêô− Áì½ ¡¾−À¤ò− 8.14 11.52 6.27 6.01 Capital and Financial Accounts
´ø−£È¾¡¾−£É¾ 47.20 44.92 59.39 55.16 Foreign Trade Volume
¨º©Îš¦ò−ªÈ¾¤¯½Àê© 48.50 48.15 43.72 38.56 Stock of External Debts
Á¹ìú¤¢Ó´ø−: ¡ö´¦½«òªò-À¦©«½¡ò©, ¦ø−¦½«òª-Á¹È¤-§¾©
- ò Source: Department of Economic Statistics, Lao statistics Bureau
¡½§¸¤-Á°−¡¾− -Áì½- ¡¾−-ìö¤êô− Ministry of Planning and Investment,
ê½−¾£¾− -Á¹È¤ ¦¯¯ 쾸 Bank of the Lao PDR
5

10. I. ¦½²¾®À¦©«½¡ò©¢º¤ ¦¯¯ 쾸. I. Lao Economic Performance
Ã−¯ó 2011 À«ò¤Á´ú−¸È¾¦½²¾®Á¸©ìɺ´ Despite the domestic and international
êñ¤²¾¨Ã− Áì½ ¦¾¡ö−ĩɯ½À§ó−¡ñ®¦òú¤êɾ꾨 environments were faced with various
challenges, Lao economic performance
;¨μȾ¤¡Òª¾´, ¦½²¾®À¦©«½¡ò©¢º¤ ¦¯¯ì¾¸
continued to depict high and sustained
©¨ì¸´¨ñ¤¦õ®ªÒ¢½¹¨¾¨ªö¸¦ø¤ Áì½ ªÒÀ−ˆº¤, growth, achieving at 8.0 percent (Figure 1).
ºñ©ª¾¡¾−¢½¹¨¾¨ªö¸ GDP ®ñ−ì÷Ä©É 8,0% The total value of GDP expressed in constant
(À®…¤»ø®êó1). 츴¨º© GDP £ò©ÄìȪ¾´ì¾£¾ price stood at 34,033.74 billion Kip while
total value of GDP in current price stood at
£ö¤êóú ´ó´ø−£È¾ 34.033,74 ªœ¡ó®, ¦È¸− GDP £ò©
65,689.69 billion Kip (Table 2), which
ÄìȪ¾´ì¾£¾ ¯½¥÷®ñ− ´ó´ø−£È¾ 65.689,69 ªœ¡ó®
resulted in GDP per capita income rose from
(À®…¤ª¾ª½ 쾤êó 2), À»ñ©Ã¹É쾨ĩɦ½ÀìȨªÒ 1,076 US dollar in 2010 to 1,281 US dollar in
¹ö¸£ö− À²†´¢›− ¥¾¡ 1.076 ©쾦½¹½ìñ© Ã−¯ó 2011.
2010 ´¾À¯ñ− 1.281 ©쾦½¹½ìñ© Ã−¯ó 2011. The key factors boosting the expansion
and strong growth of Lao economy were
¯ñ©-Ã¥¦¿£ñ−ꆨøÉ-Á»¤Ã¹ÉÀ¦©«½¡ò©-¢º¤
mainly driven by industrial sector, which
¦¯¯ 쾸 ¨ñ¤-Á´È−-¢½-ÁΤ-¡¾−-º÷©-¦¾-¹½¡¿- ªí− includes mining, electricity and manufac-
ªð-Á´È−-¢½-ÁΤ-¡¾−-®Ò-Á»È, -²½ìñ¤¤¾−-ij³É¾ -Áì½ turing; followed by service and agriculture
º÷©¦¾¹½¡¿-¯÷¤-ÁªÈ¤ »º¤-ìö¤-´¾-Á´È−-¢½-ÁΤ-¡¾−- sectors. Also, due to conducive conditions
®ðìò¡¾− Áì½ ¡½¦ò¡¿. ²Éº´-¡ñ−-−− ¨Éº− ¦¯¯
˜
created by Lao PDR, the large increase in
domestic and foreign investments had
ì-¾¸ ´ó¦½²¾®-À¤ˆº−-Ä¢-ê†-Àºœºº¿-−¸¨ À»ñ©-ùû´ó
-
supported the growth. In addition, large
¡¾−-ìö¤êô−êñ¤-²¾¨-Ã− Áì½ ªÈ¾¤¯½-Àê© À²†´¢›− amount of fund contributed by the banking
−º¡−š¡Ò´ó¡¾−-¯½¡º®¦È¸−꾤©É¾−ÁÍȤêô−;¨ system also help to boost the production
¦ö´£¸−¢º¤ ¢½ÁΤ¡¾−ê½−¾£¾−Ã−¡¾−§÷¡¨øÉ sector of economy such as: manufacturing-
business sectors, construction and others
²œ−«¾−À¦©«½¡ò©À¯ñ−ªí−-,¢½-ÁΤ-¡¾−-°½ìò©Œê÷
(Figure 1).
ì½-¡©, ¡¾−-¡Ò¦É¾¤ -Áì½ ºˆ−Å (-À®…¤-»ø®êó 1)
ò
1. ¢½ÁΤ¡½¦ò¡¿ 1. Agriculture
Agricultural sector slightly decreased
Ã−--¯ó 2011, ¢½-ÁΤ-¡½¦ò¡¿¢½¹¨¾¨ªö¸
from 3.19 percent in 2010 to 2.66 percent in
ÍЩìö¤ ¥¾¡ 3,19% -Ã−-¯ó 2010 ´¾-À¯ñ− 2,66%,
2011 with the total value of 9,566.57 billion
©¨´ó´ø−-£È¾-êñ¤-Ïö©-®ñ−ì÷-Ä©É 9.566,57 ªœ-¡ó® -Áì½ Kip and represented 28.11 percent of GDP
¡¸´-Àºö¾ 28,11% -¢º¤ GDP (À®…¤»ø®-êó 2). (Figure 2). The main sector driven the rise in
¢½ÁΤ¡¾−ꆲ¾Ã¹ÉÀ²†´¢›−Á´È− ¡¾−¯½´ö¤ agricultural sector was fishery increased
5,14 percent and represented 3.28 percent of
À²†´¢›− 5,14% Áì½ ¡¸´-Àºö¾ 3,28% ¢º¤
GDP, agriculture–livestock, which rose by
GDP, ¡¾−¯ø¡±ñ¤ Áì½ ìɼ¤¦ñ© À²†´¢›− 4,92% - 4.92 percent and represented 22.69 percent of
6

11. GDP while
P,
»®êó 1: ¡¾−¢
»ø ¢½¹¨¾¨ªö¸¢º¤-À¦©«½¡ò©
¡ò
Figure 1 GDP Gro
1: owth Rate
10.00%
9.00% 8.66%
8.10%
8 8.00%
8.00% 7.50
0% 7.50%
6.87% 7.02% 77%
6.7 6.83%
7.00% 6.21%
%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
2002 2003
3 2004 20
005 2006 2007 200
08 2009 2010
2 2011
Á¹ìȤ¢Ó´ø−: ¡ö´¦½«òªòÀ¦©«½¡ò©, ¦ø−¦½«òªòÁ¹È¤§¾© Source: Depart
© tment of Econom Statistics, Lao statistics Bureau
mic
¡½§¸¤-Á°−¡¾− -Áì½- ¡¾−-ìö¤êô−
− stry of Planning and Investment
Minis
-À§…¤ ¡¸´-Àºö¾ 22,69% ¢º¤ GDP, à ¢½−½-ꆢ½-
¢ Ã−- estry sector dropped by 18.78 perc and
fore y cent
ÁΤ¯È¾-Ä´É -ÍЩìö¤ 18,78% -Áì½ -¡¸´-Àºö¾²¼
¼¤ repre
esented 2.14 percent o GDP.
of
2,14% ¢º¤ GDP.
¤
»ø®êó 2 ¡¾−¢½¹¨
2: ¨¾¨ªö¸¢º¤¢
¢½ÁΤ¡½¦ò¡¿
¦ò
Figure 2: Growth of Ag
F griculture
35.00% 32.41%
31.46% 31.00
0%
8.82%
28
30.00% 28.11%
25.00%
20.00%
15.63%
15.00%
10.00%
3.72% 2.83% 3.19% 2.66%
5.00%
0.00%
2007 2008 2009 2010
2 2011
ºñ©ª¾¦È¸−¢½ÁΤ¡ ¡¿ªÒ GDP (Agri
¡½¦ò icultural Componen of GDP)
nt
ºñ©ª¾¡¾−¢½¹¨¾¨ ¸¢½ÁΤ¡½¦ò¡¿ (
¨ªö (Growth Rate of Ag
griculture)
Á¹ìȤ¢Ó´ø−: ¡ö´¦½ ªòÀ¦©«½¡ò©, ¦ø−
½«ò −¦½«òªòÁ¹È¤§¾© Source: Depar
rtment of Econom Statistics, Lao statistics Bureau
mic o u
¡½§¸¤-Á°−¡¾− -Áì½- ¡¾−-ìö¤êô− Mini
istry of Planning and Investment
7

12. 2. ¢½ÁΤº÷©¦¾¹½¡
¡¿ 2. Industr
. ry
Industri sector co
ial ontinued to grow but
Ã−-¯ó 2011, ¢½-ÁΤº÷©¦¾¹½ ¢½¹¨¾¨
Á ½¡¿- ¨ lowe than las year, wh
er st hich was d decreased
ªö¸-ÍЩìö¤ ¥
¥¾¡ 17,49% -Ã−-¯ó 201 ´¾-À¯ñ− - -
- % 10 from 17.49 per
m rcent in 2010 to 14.62 percent
2
14,62%, -©¨´ó´ø−-£È¾-ê¤-Ïö©-®ñ−ì÷Ä 9.345,24
ñ Ä©É
- in 2 2011. Tot tal value was amou unted to
9,3445.24 billio Kip and represented 27.46
on d
ªœ-¡ó® -¡¸´-Àºö¾ 27,46% ¢º¤ GDP (-À®…¤»ø®-êó 3)
).
perccent of G GDP (Figu ure 3), of which
Ã−-−˜−, ¢½ÁΤº÷-©¦¾-¹½¡¿-ij³É¾ -Áì½ −Õ-¯½
¹
electtricity and water sup pply sector rose by
¯¾ -À²†´-¢›− 29,53% -Áì½ ¡¸´-Àºö¾ 4,84% ¢º -
ì º¤- 29.5 percent a represen
53 and nted 4.84 p
percent of
GDP, ¡¾−¡Ò¦É¾¤ -À²†´-¢›− 24,83% -Áì½ ¡¸´
−- % ´- GDP construct
P, tion rose by 24.83 per
y rcent and
Àºö¾ 6,07% ¢º¤ GDP ¢½-ÁΤº÷©¦¾¹½¡¿-¯÷
% P, ¯¤- repreesented 6.0 percent of GDP, m
07 manufac-
turin rose by 9.73 perce and rep
ng ent presented
ÁªÈ¤ -À²†´-¢− 9,73% -Áì½ ¡¸´-Àºö¾ 9,58% ¢º
› ì º¤
9.58 percent of GDP, mi
8 ining and qquarrying
GDP, ¢½-Á
ÁΤ®Ò-Á»È Áì½- ¡¾−¢÷©£í− À²†´-¢›−
Á ©- rose by 5.16 percent an represen
nd nted 6.97
5,16% ¡¸´Àºö¾ 6,97% ¢º¤ GDP (-À®…¤-ª¾ª½
´- % perc of GDP (Table 2).
cent P
쾤 2).
»ø®êó 3: ¡¾
¾−¢½¹¨¾¨ªö¸¢º¤¢½ÁÎ ©¦¾¹½
ªö Τº÷ ½¡¿
Figure 3: Gr
F rowth of Ind
dustry
30
0.00% 28.04%
% 27
7.46%
26
6.73%
25
5.00% 23.82%
21.61%
20
0.00%
15
5.00% 18.48%
17.49%
14
4.62%
10
0.00%
10.42%
5.00%
5 6.83%
6
0.00%
0
2007
2 2008 2009 2010
0 2011
ºñ©ª¾¦¸−¢½ÁΤº÷©¦¾¹½
¦È ½¡¿ªÒ GDP (Industr Component of G
rial GDP)
ºñ©ª¾¡
¡¾−¢½¹¨¾¨ªö¸º÷©¦
¦¾¹½¡¿ (Growth Ra of Industry)
ate
Á¹ìȤ¢Ó´ø−: ¡ö´¦½«òªÀ¦©«½¡ò©, ¦ø−¦½«òªòÁ¹È¤§¾©
À
ò «ò So
ource: Department of Economic Sta
t atistics, Lao statistics Bureau
¡½§¸ Á°−¡¾− -Áì½- ¡¾−-ìö¤êô−
¸¤- ¡ Ministry o Planning and I
of Investment
3. ¢½ÁΤ®ðìò¡¾− 3. Service
. e
Ã−-¯ó 2011, ¢½-ÁΤ-¡¾−®ðìò¡
Á ¡¾−¢½¹¨¾-¨
- In 2011, service se
, ector expanded from
ªö¸-À²†´-¢›− ¥¾¡ 6,95% ´¾-À¯ñ− 8,
% ,06%, -´ø−-£È¾ 6.95 percent t 8.06 pe
5 to ercent commpared to
2010 which was amou
0, unted of 112,959.83
êñ¤-Ïö© -®ñ−ì-Ä©É 12.959
ì÷ 9,83 ªœ-¡ó® -Á
Áì½ ¡¸´-Àºö¾
billio Kip and represente 38.08 percent of
on d ed
8

13. 38,08% ¢º GDP (-À®…¤-»ø®-êó 4). Ã−-−˜−, ¡¾−
º¤ −- GDP (Figure 4 of whic financia service
P 4), ch al
®ðìò¡¾−-©¾−¡¾−-À¤ò−
É −- -À²†´-¢›− 12
2,26%- -Áì½ rose by 12.26 percent an represen
nd nted 3.55
perc
cent of GD wholesa
DP, ale- retail t
trade and
¡¸´-Àº-ö¾ 3,55% ¢º¤ GDP; ¡¾−-¢¾¨¨ö¡Œ¢¾¨
¨
repa rose by 8.66 percent and rep
airs y presented
¨Èº¨ -Áì½ ¡¾−-¦Éº´-Á¯¤ -À²†´-¢›− 8,66% -Áì½
¯ 19.32 percent of GDP, h hotel and r restaurant
¡¸´-Àºö¾ 19,32% ¢º¤ GDP; » Á»´ -Áì½-
»¤- rose by 13.83 percent an represen
nd nted 0.71
»É¾−-º¾¹¾− -À²†´-¢›− 13,83% -Áì ¡¸´-Àºö¾
− ì½ perc
cent of GDP public s
P, service rose by 5.92
e
perc
cent or repr
resented 7.4 percent of GDP,
43
0,71% ¢º GDP; ¡¾−-®ðìò¡¾−-¢º¤²¾¡-ìñ© -
º¤ ¡ -
trans
sport, warehouse, po and c
ost communi-
À²†´-¢›− 5,92% -Áì½ ¡¸´-Àºö¾ 7,43% ¢º
º¤ catio rose by 8.52 perce and rep
on ent presented
GDP; ¡¾−-¢ö−-¦‰¤, ¦¾¤, į¦½−ó -Áì Âêì½£ö´
ì½- 4.78 percent of GDP, com
8 f mmunity so ocial and
´½−¾£ö´ À²†´¢›− 8,52% -Áì½ ¡¸´Àºö¾ 4,78%
²† ´- % personal servic rose by 7.53 per
ce y rcent and
¢º¤ GDP; ¡¾−-®ìò¡¾−-´¸−-§ö−
ð §ö -À²†´-¢›− esented 1.67 percent of GDP, private
repre t
housseholds wit employe persons rose by
th ed
7,53% -Áì½ ¡¸´-Àºö¾ 1,67% ¢º¤ GDP; ¡¾−
½ ¤ −-
5.28 percent an represen
8 nd nted 0.68 ppercent of
¸È¾-¥É¾¤-²¾¨-Ã−-£ö¸-À»õº− À²†´¢›− 5
- 5,28% -Áì½ GDP and fin
P nancial lea
asing and business
¡¸´-Àºö¾ 0
0,68% ¢º¤ GDP Áì ¡¾−-À§‰¾-§œ
ì½ service rose by 7.95 perc
y cent and rep presented
Áì½ ¡¾−-®ðìò¡¾−-ê÷ì½-¡ò© - -À²†´-¢›− 7,95% Áì½ -
¡ò ½ 2.98 percent of GDP (Tabl 2).
8 f le
¡¸´-Àºö¾ 2,98% ¢º¤ GDP (-À®…¤-ª¾
G ¾ª½ì¾¤-êó 2)
).
»ø®êó 4: ¡¾−¢½¹¨¾ ¸¢º¤¢½ÁΤ®ðìò¡¾
: ¾¨ªö ¾−
Figure 4: G
Growth of Se
ervices
45.00%
4
%
39.03% 38.4
49% 38.09%
3 38.08%
40.00%
4
35.23%
35.00%
3
30.00%
3
25.00%
2
20.00%
2
15.00%
1 11.2
27% 12.40%
1
10.00%
1 6.95% 8.06%
6.02%
5.00%
0.00%
2007 2008 2009 201
10 2011
ºñ©
©ª¾¡¾−¢½¹¨¾¨ªö¸
¸¢½ÁΤ®ðìò¡¾− (Gr
rowth Rate of Servi
ices)
ºñ©
©ª¾¦È¸−¢½ÁΤ®ðìò¡
¡¾−ªÒ GDP (Services Component of G
GDP)
Á¹ì¤¢Ó´ø−: ¡ö´¦½«òªòÀ¦©«½¡ò©, ¦ø−¦½ ªòÁ¹È¤§¾©
ìÈ ªò ½«ò Source: Departmen of Economic Statistics, Lao stat
nt tistics Bureau
¡½§ Á°−¡¾− -Áì½ ¡¾−-ìö¤êô−
§¸¤- ½- Ministry of Planning and Investment
9

14. 4. ¡¾−-¯¼−-Á¯¤-£¤-¯½-¡º®-¢º¤ GDP
È ¯ ¤ 4. Change in GDP Compone
. es ents
£¤-¯½
½¡º®-¢º¤ GDP Ã−-¯ó 20
G 011, ¢½-ÁÎ
Τ- In 2011, the service sector was a major
e
share of GDP compone
P ent, accou
unted for
¡¾−-®ðìò¡¾−
− ¨ñ¤¡¸´-ºñ©ª¾-¦È¸−-ù -
ºñ ¹¨È §‡¤¡¸´
´-
38.0 percent of GDP ro by 1.82 percent
08 ose 2
38,08% ¢
¢º¤ GDP À²†´¢›−- 1
1,82% ¥¾¡
¡ from 37.25 pe
m ercent in 2010; folloowed by
37,25% -à ¯ó 2010, »º¤-ìö¤-´¾Á´È−-¢½-ÁÎ
Ã−- ¾- Τ agric
culture sec ctor with a share o 27.46
of
¡½¦ò¡¿ ¡¸´- 27,46% ¹ì÷©-ìö¤ 1,39% ¥¾¡
¸- % ¡ perc
cent slightly dropped b 1.39 perc
y by cent from
28,04%, Ã−¢½−½ê†º÷©¦¾¹½¡¿
ê† ¿ ¡¸-´-Àºö¾ 28.0
04 percen nt, while industrial sector
l
acco
ounted for 228.11 perce dropped by 0.78
ent, d
28,11% -Í© ¤ 0,78% ¥¾¡ 28,82 -Áì½ ²¾¦ó-
©ìö
Ð 2% ¦ó
perc
cent from 2 28.82 percent and ne import
et
−¿-À¢í¾ ¡¸´Àºö¾ 6,24% À²†´¢›− 0,35% ¥¾¡
´- % ¡ dutie covered 6.24 per
es d rcent rose by 0.35
5,89% -Ã−-¯ó°È¾−-´¾ (À®…¤»ø®êó 5).
¯ó ®… perc from 5. percent in the prev
cent .89 vious year
(Figu 5).
ure
»ø®êóó 5: ¡¾−¯È¼−Á¯¤Â£¤¯½¡
¡º®¢º¤ GD
DP
Figu 5: Chan
ure nges in GDP Componen
P nts
²¾¦óó¡¾−−¿À¢í¾(Impor Duties)
rt ®ðìò¡¾− ( Se
ervices)
120.00% ¦¾¹½¡¿ (Industry)
º÷©¦ ¡½¦ò¡¿ ( Ag
griculture)
100.00% 6.68%
6 5.89% 6.24%
6.94%
80.00%
39.03% 38.49%
3 37.25%
% 38.08%
60.00%
40.00% 21.61% 23.82%
2 28.04%
% 27.46%
20.00%
32.41% 31.00%
3 28.82%
% 28.11%
0.00%
2008 2009 2010 2011
Á¹ìȤ¢Ó´ø−: ¡ö´¦½«òªòÀ¦©«½¡ò©, ¦ø−¦½«òªòÁ¹È¤§¾©
¦ Source: Depar
rtment of Econom Statistics, Lao statistics Bureau
mic o u
¡½§¸¤-Á°−¡¾− -Áì½- ¡¾−-ìö¤êô− Mini
istry of Planning and Investment
5. 콩ñ®ì
ì¾£¾ 5. Price L
. Level
In 2011, average a
, annual inflaation rate
Ã−¯ó 2011 ºñ©ª¾-À¤ò−-À³š ¦ À섨Ã−¯ó- -
¯ó © ¦½-
was slightly hhigher than 2010 wh
n hich rose
Á´È− 7,58% -À²†´-¢›−¥¾¡ 5,98% -Ã−-¯ó 2010
% -¥ 0.
from 5.98 perc
m cent in 2010 to 7.58 p
0 percent in
¦½²¾®ºñ©ª −À³š¢º¤ ¦¯¯ 쾸 ¨ñ¤»ñ¡¦¾Ä©
ª¾À¤ò ¤ ¸ ©É 2011 However the inflat
1. r, tion rate sit
tuation of
Ã−콩ñ®Î‡¤ªö¸Àì¡ ª¾´£¾©Ï¾¨ê†¸¾¤Ä¸ÉÁª
ª ªÈ Lao PDR still remained a single digit as
l d
eted and lo
targe ower than GGDP growt In the
th.
10

15. ¡ÒÀ¹ñ−¸È¾ºñ©ª¾À¤ò−À³š´óêȾºÈ¼¤À²†´¢›−Àìñ¡Îɺ¨. first six months of 2011, the inflation rate
Ã−-§È¸-¤ 6 -À©õº−-ªí−¯ó 2011 ºñ©ª¾-À¤ò−-À³š-´ó¡¾−- increased sharply at 8.16 percent (from 6.06
percent in January 2011 to 9.52 percent),
ÀÎñ¤-ª¤-Á»¤ ¦½-À섨 8,16% (¥¾¡ 6,06% -Ã−-
ó
while in the second half of 2011, it slightly
À©õº− 1/2010 ´¾-À¯ñ− 9,52%)-, -Áª-È-À¤ò−-À³š-¦½-À섨 dropped at 6.73 percent (from 9.52 percent in
6 À©õº−êɾ¨-¯ó ´ó-êȾ-ºÈ¼¤¹ì÷©-ìö¤ ´¾-μøÈ-Ã−-콩ñ®
- June 2011 to 7.70 percent in December 2011)
6,73% (¥¾¡ 9,52% -Ã−-À©õº− 6/2011 ´¾-À¯ñ− (Figure 6), the factors driven an increasing
inflation rate came from 2 sources: (1)
7,70% -Ã−-À©-õº− 12/2011) - (À®…¤-»ø®êó 6). ¦¾-
-
domestic factor associated with natural
À¹©-ê†-À»ñ©-ùÉ-ºñ©ª¾-À¤ò−-À³š- ¢º¤ ¦¯¯- 쾸 -À»ö¾- disasters (flood caused by Nokten and Haima
À²†´-¢›−-¦ø¤-Ã−-¯ó 2011 ´¾-¥¾¡ 2 ¯ñ©-Ã¥-ªí−ªð-£õ : storms), which severely destroyed agricultural
(1) ¯ñ©-Ã¥-²¾¨-Ã− -Á´È−-¨Éº− ¦¯¯ 쾸 -Ä©É-»ñ®-°ö−- crops, coupled with weak domestic produc-
¡½êö®-¥¾¡-IJ-ê¿-´½-§¾© (−Õ-«É¸´¥¾¡²½¨÷-−¡-
ö tion resulting in disequilibrium between
supply and demand in the market, unregulated
Àªñ− -Áì½ -Ä»-´¾) §‡¤-Ä©É-¦É¾¤-£¸¾´-À¦¨-¹¾¨-μ¾¤-
È
price management of necessary foodstuffs
¹ì¸¤¹ì¾¨ªÒ¡¾−-°½ìò©-¡½¦ò¡¿ ®¸¡-¡ñ®-¡¾−-°½ and lack of monitoring and distribution
ìò©-²¾¨-Ã−-¨ñ¤-®Ò-êñ−-À¢˜´-Á¢¤ À»ñ©-ùû¡¾−ªº®¦½ channels. In addition, the depreciation of Kip
꤮Ò-²¼¤²ð-¡ñ®-£¸¾´-ªÉº¤¡¾−¢º¤-¦ñ¤£ö´-, ¢º© against Thai Baht also resulted in increase in
real cost of imported commodities from
¡¾−£÷É´£º¤ì¾£¾¦ò−£É¾ Áì½ ¡¾−®ðìò¡¾−, ¢º©
neighboring country (imported inflation); and
¡¾−Á¥¡μ¾¨¦ò−£É¾¨ñ¤®Òêñ−©óÀꉾꆣ¸−. ²Éº´-
(2) external factor was associated with the
¡ñ−−˜−, ¡¾−-ºÈº−-£È¾-¢º¤-À¤ò−-¡ó®- ê¼®-¡ñ® -À¤ò−-®¾©- increase of oil and gold prices in the global
À»ñ©-ùÉ-ªí−-êô−-¡¾−-−¿-À¢í¾-¦ò−£É¾-¥¾¡-¯½Àê©À²ˆº− market. For a group of commodities, which
®É¾−¦ø¤-¢›− (−¿-À¢í¾-À¤ò−-À³š); (2) ¯ñ©-Ã¥-²¾¨-−º¡ - has price change and influence on inflation
are as follows: foodstuff rose by 10.35
Á´È−-¨Éº−-ì¾£¾-−Õ´ñ− -Áì½ ì¾£¾-£¿Ã−-ª½Í¾©
percent, transport and communications rose
Âì¡-À²ó-ú´¢›−-. ¦¿ìñ®Ï¸©-¦ò−£É¾-ê†-´ó-¡¾−-¯È¼−-Á¯¤ by 9.78 percent, commodities and other
ì¾£¾-À²†´-¢›− -Áì½ ´ó°ö−-ªÒ-¡ñ®-ºñ©ª¾-À¤ò−-À³šÁ´È− services rose by 8 percent, hotel and
ϸ©-¦½®¼¤-º¾¹¾− -À²†´-¢− 10,35%; ϸ©£ö´
› restaurants rose by 5.2 percent, housing
,electricity, water supply and gas rose by 4.4
´½−¾£ö´-¢ö−-¦‰¤ -À²†´-¢›− 9,78%; ϸ©-¦ò−£É¾ -
percent, alcoholic beverages and tobacco rose
Áì½ ®ðìò¡¾− -À²†´-¢›− 8,00% ; ϸ©-»É¾−-
by 4.03 percent, post and telecommunication
º¾¹¾− -Áì½ -»¤-Á»´ À²†-´¢›− 5,2%; ϸ©-ê†- rose by 3.49 percent, clothing and footwear
²ñ¡º¾-æ, -ij³É¾, -−Õ-¯½¯¾ -Áì½ -À§œº-À²ó¤-À²†´-¢›−
- rose by 2.99 percent and other group of
4,4% ; ϸ©-À¹ìí¾ -Áì½ μ¾¦ø® -À²†´-¢›− 4,03%; - commodity was slightly increased (Table 4).
ϸ©-į¦½−ó -Áì½ -Âêì½-£ö´´½−¾ À²†´-¢−
- ›
3,49%; ϸ©-À£ˆº¤−÷Ȥ-¹‰´ -Áì½ À¡ó® -À²†´-¢›−
2,99% Áì½ Ï¸©-ºˆ−Å- -À²†´-¢›−-Àìñ¡-−ɺ¨ (-À®…¤
ª¾ª½ì¾¤-êó 4).
11