Cambodia

Cambodia Economic Forecast

Cambodia Economic Outlook

Following GDP growth of 5.3% in 2022, the economy has seemingly remained resilient so far this year. In January-August, air traveler numbers increased by around 180% year on year. This, coupled with cooling inflation in January–June, has likely boosted the services sector and private spending. That said, merchandise imports contracted markedly in annual terms in January–May. In politics, Hun Manet was sworn in as prime minister for a five-year term in late August, succeeding his father, Hun Sen. At his first cabinet meeting, Hun Manet launched a five-year plan to boost the resilience of the economy, create jobs, reduce the poverty rate below 10% and increase the efficiency of public institutions. He also earmarked USD 100 million to boost the agricultural sector by improving irrigation.

Cambodia Inflation

Inflation slowed to 0.1% in June from May’s 0.5%. Average inflation will more than halve this year compared to last on cooling demand and looser supply chains. That said, food prices may rise more than expected, given the potential impact of the El Niño weather pattern on crops. Key factors to watch include China’s economic performance and the evolution of oil prices.

This chart displays Economic Growth (GDP, annual variation in %) for Cambodia from 2013 to 2022.

Cambodia Economic Data

2018 2019 2020 2021 2022
Deposit Rate (%, aop) 1.38 1.44 1.49 1.40 1.50
Population (million) 15.5 15.6 15.7 15.8 16.0
GDP (USD bn) 24.5 27.0 26.0 27.2 29.6
GDP per capita (USD) 1,581 1,733 1,656 1,716 1,851
GDP (KHR bn) 99,544 110,014 105,892 110,506 121,030
Economic Growth (Nominal GDP, ann. var. %) 10.8 10.5 -3.7 4.4 9.5
Economic Growth (GDP, ann. var. %) 7.5 7.1 -3.1 3.0 5.3
Private Consumption (ann. var. %) 6.6 6.1 -4.3 -5.3 16.7
Government Consumption (ann. var. %) 7.7 6.8 13.0 22.7 -41.6
Fixed Investment (ann. var. %) 15.6 14.3 -2.7 6.8 20.0
Exports (G&S, ann. var. %) 14.2 13.3 -11.3 13.5 20.7
Imports (G&S, ann. var. %) 16.9 11.1 -8.9 23.1 22.3
Industrial Production (ann. var. %) 11.6 11.3 -1.4 9.4 8.3
Unemployment (% of active population, aop) 0.1 0.1 0.3 0.3 0.4
Fiscal Balance (% of GDP) 0.7 3.0 -3.4 -7.1 -4.1
Public Debt (% of GDP) 28.4 28.2 34.4 35.9 36.5
Inflation (CPI, ann. var. %, aop) 2.5 1.9 2.9 2.9 5.3
Exchange Rate (KHR per USD, eop) 4,013 4,060 4,032 4,069 4,115
Exchange Rate (KHR per USD, aop) 4,032 4,041 4,064 4,063 4,083
Current Account Balance (USD bn) -2.9 -2.9 -0.9 -10.9 -7.6
Current Account Balance (% of GDP) -11.8 -10.8 -3.4 -40.1 -25.6
Merchandise Trade Balance (USD bn) -5.9 -7.3 -2.5 -11.3 -8.9
Merchandise Exports (USD bn) 13.0 15.1 18.6 19.7 23.3
Merchandise Imports (USD bn) 18.9 22.4 21.1 31.0 32.1
Merchandise Exports (ann. var. %) 15.6 15.8 23.4 5.9 18.2
Merchandise Imports (ann. var. %) 21.4 18.5 -5.4 46.6 3.7
Foreign Direct Investment (USD bn) 3.2 3.7 3.6 3.5 3.6
International Reserves (USD bn) 13.4 17.0 18.6 17.3 14.7
International Reserves (months of imports) 8.5 9.1 10.5 6.7 5.5
External Debt (USD bn) 13.5 15.3 17.6 20.0 -
External Debt (% of GDP) 55.3 56.8 67.7 73.7 -

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