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Gross domestic product in current prices

(US dollars)

In 2017, GDP in Lao People’s Democratic Republic was 16,853 million US dollars. In the ranking by GDP including 189 countries, Lao People’s Democratic Republic has the 144th rank that is close to the positions of such countries as Namibia and the Micronesia (Federated States of). Compared to Australia which at the top of the ranking with GDP of 1,323,421 million US dollars in 2017, Lao People’s Democratic Republic has 98.73 % percent lower GDP.

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What is GDP?

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.