Laos' service sector has been growing at a pace of 8.6 percent annually and now it accounts for 44.2 percent of the country's GDP, according to a government report.

The service sector is considered as a fast emerging sector with rapid growth, according to data in a report on the implementation of the Five-Year Economic Development Plan.

In comparison, the agriculture and forestry sector has seen an annual growth of 2.9 percent and accounts for 25.5 percent of the GDP, while the industrial sector has been growing at 13.9 percent and accounts for 30.3 percent of the GDP.

Significantly improved profitability of the air and land transport sector has added to the boom of the service sector. Other strong contributors include the financial sector, international trade, tourism and new market networks.

Since 2011, Laos has seen an average annual GDP growth rate of 8.2 percent, comfortably above the government's annual target of 8 percent. Per capita income has reached $1,500, while the inflation rate has been kept under control. At present, Laos has foreign exchange reserves enough to support import of goods for at least five months.

Total investment in Laos for the last five months amounted to $10.6 billion. Gross national income for the same period was $5.16 billion, and total national expenditure was $5.91 billion, with a deficit rate of 2.5 percent.

By Agencies - globaltimes.cn

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