Cambodia’s economic growth to reach 7.3% this year

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Cambodia’s Economic Growth To Reach 7.3% This Year
Phnom Penh’s Independence Monument at night © Arno Maierbrugger

Cambodia’s economy is expected to grow by 7.3 per cent this year, spurred by the robust performance of garment exports, tourism and construction, deputy governor of the National Bank of Cambodia Neav Chanthana said on December 22, Xinhua reported.

“Nevertheless, this growth has relied on a narrow base as there are only four pillars supporting it, including garment exports, construction activities, tourism and agriculture,” she said in a speech at a macroeconomic conference in Phnom Penh.

Chanthana said garment and construction sectors have expanded remarkably in recent years, while tourism sector has also enjoyed a significant rise mainly due to the influx of Chinese visitors.

Government figures indicate that garment and footwear exports rose to $4.1 billion in the first six months of 2018, an increase of 11 per cent over the same period of the previous year, while the construction sector attracted a total investment of $2.15 billion during the January-June period this year.

In the tourism sector, Cambodia welcomed a total of 4.82 million international tourists during the first ten months of 2018, up 11.5 per cent over the same period in the previous year year, tourism data shows.

Tourism growth is driven by a remarkable surge in tourist arrivals from China. Some 1.62 million Chinese tourists visited the kingdom during the January-October period, up 71.5 per cent year-on-year.

Some international institutions have issued similar forecasts for Cambodia’s growth this year, with the International Monetary Fund putting it at 7.25 per cent, while the World Bank and the Asian Development Bank project seven per cent.

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[caption id="attachment_32340" align="alignleft" width="300"] Phnom Penh's Independence Monument at night © Arno Maierbrugger[/caption] Cambodia’s economy is expected to grow by 7.3 per cent this year, spurred by the robust performance of garment exports, tourism and construction, deputy governor of the National Bank of Cambodia Neav Chanthana said on December 22, Xinhua reported. “Nevertheless, this growth has relied on a narrow base as there are only four pillars supporting it, including garment exports, construction activities, tourism and agriculture,” she said in a speech at a macroeconomic conference in Phnom Penh. Chanthana said garment and construction sectors have expanded remarkably in recent...

Reading Time: 1 minute

Cambodia’s Economic Growth To Reach 7.3% This Year
Phnom Penh’s Independence Monument at night © Arno Maierbrugger

Cambodia’s economy is expected to grow by 7.3 per cent this year, spurred by the robust performance of garment exports, tourism and construction, deputy governor of the National Bank of Cambodia Neav Chanthana said on December 22, Xinhua reported.

“Nevertheless, this growth has relied on a narrow base as there are only four pillars supporting it, including garment exports, construction activities, tourism and agriculture,” she said in a speech at a macroeconomic conference in Phnom Penh.

Chanthana said garment and construction sectors have expanded remarkably in recent years, while tourism sector has also enjoyed a significant rise mainly due to the influx of Chinese visitors.

Government figures indicate that garment and footwear exports rose to $4.1 billion in the first six months of 2018, an increase of 11 per cent over the same period of the previous year, while the construction sector attracted a total investment of $2.15 billion during the January-June period this year.

In the tourism sector, Cambodia welcomed a total of 4.82 million international tourists during the first ten months of 2018, up 11.5 per cent over the same period in the previous year year, tourism data shows.

Tourism growth is driven by a remarkable surge in tourist arrivals from China. Some 1.62 million Chinese tourists visited the kingdom during the January-October period, up 71.5 per cent year-on-year.

Some international institutions have issued similar forecasts for Cambodia’s growth this year, with the International Monetary Fund putting it at 7.25 per cent, while the World Bank and the Asian Development Bank project seven per cent.

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