Close this search box.

Budget deficit reduces to 0.33% of GDP

State budget deficit for 2021 has declined from 3.95 trillion kip (approx USD 228.1 m), 2.17% of GDP, to 602.4 billion kip (approx USD34.7 m), 0.33% of the country’s gross domestic product – GDP – of 184 trillion kip (10.6 billion), according to Finance Minister.
Budget spending reached 29.5 trillion kip (by March 31, 2022), equivalent to 93.4 % of the annual plan including 20.5 trillion kip by the central government and 8.9 trillion kip by provincial governments, Finance Minister Bounchome Oubonpaseuth told the ongoing 4th Ordinary Session of the National Assembly on Monday.
Revenue collection in 2021 reached 28.9 trillion kip, equivalent to 104.6 % of the annual plan, up by 26% (5.9 trillion kip) as compared to 2020 with revenues collection at central level reaching 22.76 trillion kip, or 103.3% of the plan set for 2021, and revenues collection at provincial level reaching 6.13 trillion kip, 109.4% of the annual plan.
Capital city Vientiane and nine provinces exceeded their revenue collection plans by 720 billion kip in total including 183 billion kip from Vientiane, 13.4 billion kip from Oudomxay, 43.8 billion kip from Luang Prabang, 13.09 billion kip from Huaphan, 222.3 billion kip from Xaysomboun, 2.4 billion kip from Borikhamxay, 82 billion kip from Khammuan, 31.9 billion kip from Savannakhet, 24.3 billion kip from Xekong and 104.4 billion kip from Attapeu.
Revenue collection in the first 11 months reached 28.45 trillion kip, equivalent to 90.06 % of the annual plan, up by 26% (5.8 trillion kip) year on year with domestic revenues reaching 26.6 trillion kip, or 92.03% of the annual plan, an annual rise of 29% (5.9 trillion kip).
The revenues included 23.8 trillion kip as taxes and duties, 2.7 trillion kip as non taxes and duties, and 1.79 trillion kip as international grants.
Revenue collection for 2022 is expected to reach 32.4 trillion kip, 102.7% of the annual target, or 16.88 % of GDP with domestic revenues expected to reach over 30 trillion kip, 103.6% of the annual plan.

Source: Lao News Agency