Gov't Expects Shortfall In Agriculture, Industry, Service Growth | Lao Tribune

Gov’t Expects Shortfall In Agriculture, Industry, Service Growth

(KPL) The government has expected that the growth in the agricultural, industry and service sectors will below set targets, according to Deputy Prime Minister and Minister of Finance Somdy Douangdy.

The production in the agricultural and forestry sector is expected to be 2.5%, lower than the set target of 2.8%. Minister Somdy told the ongoing 6th Ordinary Session of the National Assembly’s 8th legislature on Wednesday that the government expected lower growth in the sector because of the fact that most provinces (16 out of 17 and Vientiane Capital) encountered natural disasters, especially floods this year.

Damages caused by natural disasters to the agricultural sector have been estimated at more than 1,260 billion kip, including 851.3 billion kip to farmlands, 89.7 billion kip to livestock and fisheries, and 320.7 billion kip to irrigation facilities.

Rice production is expected to reach 3.6 million tonnes, equivalent to 86% of planned 4.2 million tonnes.

The production of cattle, poultry and fish has been reduced as compared to last year.

The industrial sector is projected to grow by 7.7%, 1.4 percentage points below planned 9.1% due to external factors, declining prices of minerals and electricity.

The service sector is forecasted to rise to 7.6% this year, climbing from 4.4% in 2017. This year’s figure is 1.2 percentage points above the planned target of 6.4%.

Minister Somdy’s report suggested that the first nine months of Visit Laos Year 2018 witnessed 3 million foreigners visiting the country. Yet, it is expected that the number of foreigners visiting the Lao PDR will reach only 4 million, below the planned 5 million this year.

Source: Lao News Agency