Govt expects GDP to exceed US$2,000 per capita in 2015-16
Govt expects GDP to exceed US$2,000 per capita in 2015-16
Gross Domestic Product (GDP) is expected to reach 16.74 million kip per person per annum (US$2,092) by the next fiscal year (2015-2016), reflecting increasing living standards for sections of the population.
The expected growth in GDP per capita was highlighted by the government in its draft report on socio-economic development at the 9th ordinary session of the National Assembly.
According to a draft report on the socio-economic development plan for fiscal years 2014-2015 and 2015-2016, GDP is also expected to increase by at least 7.5 percent per annum with a total value of around 115,452 billion kip (US$14.43 billion) for the next fiscal year (2015-2016).
Meanwhile, growth of GDP is expected in each sector of the economy, with projected increases of 9 percent in the service sector (covering 39.4 percent of GDP), 8.7 percent in the industrial sector (covering 29.5 percent of GDP), 8.1 percent in the area of import taxes and duties (covering 8.4 percent of GDP) but slower growth at around 3.1 percent in the agriculture sector (covering 22.7 percent of GDP).
To ensure the projected GDP increases are achieved for the next fiscal year, the government needs to secure total investments of around 34,500 billion kip or equal to about 30 percent of GDP.
Through the government’s efforts, the Ministry of Planning and Investment, in cooperation with other involved organisations, also predicts the capacity for mobilising sources of capital investment for the state budget is expected to reach 3.8 billion kip for the total of its internal capital.
In addition, 5.6 billion kip is expected from grant aid and loans from overseas; 18.4 billion kip shall be mobilised from domestic and international private sector investments; and 6.7 billion kip will come from an increase in loan disbursements by the banks.
The draft reports also displayed the economic growth recorded for this fiscal year (2014-2015), noting that GDP is expected to grow by 7.5 percent and see a total value of around 102,320 billion kip (US$12.74 billion).
Based on this figure, GDP per capita shall reach 14.91 million kip (US$1,857) for the 2014-15 fiscal year.
