VIENTIANE, Aug 15 (NNN-KPL) – Laos’ Ministry of Finance, expected a positive economic outlook for the third quarter of this year, highlighting strong potential in the tourism sector and booming investment, especially in electricity, infrastructure construction, and other key areas.
The Lao Statistics Bureau, under the Lao Ministry of Finance, convened a consultation meeting on Wednesday, bringing together officials from the ministry, representatives from the Lao central bank, and other relevant stakeholders, according to the ministry’s report, yesterday.
The meeting focused on discussing the results of data calculation and compilation, for the first half of this year, aiming to draft a report on the economic and social situation.
The centre has carried out the calculation, evaluation, and estimation of the country’s total economic value, while also presenting key data on economic and social trends. This work relies on indicators, such as gross domestic product (GDP), core macroeconomic data, and social statistics, gathered from administrative systems, surveys, and other sources.
According to the report, Laos’ GDP is estimated to grow by 4.5 percent in the first six months of this year, the same as in the corresponding period last year. The agricultural sector grew by 3.3 percent, up from 2.9 percent, in the first half of 2024. The industrial sector grew by 4.6 percent, compared to 4.4 percent last year, while the service sector grew by 4.7 percent, slightly lower than the 5.2 percent growth, recorded in the first half of 2024.
In addition, the economic outlook for Laos in the third quarter of this year remains positive, with strong potential in the tourism sector and growing investment. The centre forecasts GDP growth of 4.0 percent, with the agricultural sector expected to grow by 3.7 percent, industry by 3.6 percent, and services by 4.3 percent.
However, the economic outlook remains uncertain, due to potential risks from global trade tensions, political conflicts, natural disasters, and epidemics, which could impact production and services, said the report.– NNN-KPL