The National Assembly meeting last Thursday approved to decrease GDP slightly to 7.5 per cent, from 8 per cent due to the global financial crisis and global economic recession.
The approval referred to a report of Government on the implementation opf socio-economic development plan 2008-2009 and socio-economic development plan 2009-2010.
NA also approved the GDP growth for fiscal year 2009-2010 would be at 7.5 per cent which amount to 54,100 billion kip.
The GDP will cover different sectors respectively, agriculture and forestry sector is 30 per cent, industrial sector is 27 per cent and services sector is 37 per cent.
The meeting also approved to collect revenue for state coffer by 15 per cent of GDP which is an average to increase from 7,910 billion kip to 8,115 billion kip.
The increment of state budget amounts to 205 billion kip will be used for the state investment project engaged in rural development, poverty reduction and infrastructure development
works.
While the expenditure for 2009-2010 will stand at 20.3 per cent of GDP which is equivalent to over 11,000 billion kip and budget deficit will be controlled at 3.3 per cent of GDP or calculates to 1,800 billion kip.
The meeting approved state investment by 6.7 per cent of GDP covering domestic investment and loans from overseas.
The economic sector, covered by 48.5 per cent, socio-culture sector will be at 43.3 per cent and other sector cover by 8.1 per cent./.