Cambodia Economic Update, May 2019 : Recent Economic Developments and Outlook
Preliminary estimates show real growth achieved a four-year high of 7.5 percent in 2018, compared to 7.0 percent in 2017. Driven primarily by rapid expansion of exports and robust internal demand, the economy performed better-than expected. Exports...
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| Language: | English |
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World Bank, Phnom Penh
2019
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| Online Access: | http://documents.worldbank.org/curated/en/843251556908260855/Cambodia-Economic-Update-Recent-Economic-Developments-and-Outlook http://hdl.handle.net/10986/31641 |
| Summary: | Preliminary estimates show real growth
achieved a four-year high of 7.5 percent in 2018, compared
to 7.0 percent in 2017. Driven primarily by rapid expansion
of exports and robust internal demand, the economy performed
better-than expected. Exports burgeoned as external demand,
especially in the United States and European Union markets,
strengthened. Garment and footwear exports which account for
more than two-thirds of total merchandise exports, recorded
a five-year high,rising by 17.6 percent in 2018, up from 8.3
percent in 2017. Upbeat consumer confidence led to a surge
in imports. Motor vehicles and steel imports, which gauge
domestic consumption and construction demands, rose by 50
percent and 48 percent, respectively. The current account
deficit widened to 10.4 percent of GDP in 2018, from 9.7
percent of GDP in 2017, but remained fully financed by
foreign direct investment (FDI). FDI is estimated to have
reached a record high of more than 3.0 billion US dollars or
13.4 percent of GDP in 2018. Burgeoning exports and strong
FDI inflows have contributed to further accumulation of
gross international reserves, which in 2018 reached 10.1
billion US dollars or about six months of prospective imports. |
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