Savannakhet records 12.3 pct growth
Savannakhet records 12.3 pct growth
Savannakhet province has registered a 12.3 percent growth in its gross provincial product in the 2012-2013 fiscal year to date, despite a decrease in export values.
The increase was driven by a robust 17.2 percent growth in the industrial sector – the province's best performing area – while solid increases of 13.7 percent and 7.3 percent in the service and agricultural sectors, respectively, also provided a boon.
Savannakhet was less fortunate with the export value of its domestic products, which dropped 6.4 percent on the previous year to US$809.4 million – 5 percent lower than the province's planned figure.
Provincial Governor Dr Souphanh Keomixay reported on the state of the economy to Deputy Prime Minister Somsavat Lengsavad, who is in charge of economic affairs, during his recent visit to the province.
Dr Souphanh blamed the dro p in export values on a decrease in market orders from Vietnam and China compared to previous years, notably for agricultural commodities including rice, cassava and bananas, as well as for wooden products and mined resources .
Growth in the industrial sector also enabled the province to lessen its dependence on imported products, with import values dropping 10.8 percent on last year to US$330.9 million, or just 80 percent of the year's target figure.
This fiscal year alone, 17 new factories have been built in the province, bringing the total in Savannakhet to 2,650.
Dr Souphanh said growth had increased the average per capita income for Savannakhet residents to US$1,440, far ahead of this year's target of US$1,048, and inflation remained steady at 5 percent.
As at August 22, this fiscal year the province has collected more than 793 billion kip in revenue, about 76 percent of its annual plan, and has spent more than 540 billion kip.
This year, 274 state projects have been successfully carried out at a cost of 55.78 billion kip.
In addition, nine projects by domestic and foreign private investors have been initiated in the first 10 months with investment capital amounting to more than US$37 million.
Deposits registered in both state and private banks reached 2,568.7 billion kip, a 29.3 percent increase on the previous year.
Banks have also released loans totalling more than 1,475 billion kip – an increase of 15.6 percent on last year.
vientiane times
