Cambodia

Cambodia Economic Forecast

Cambodia Economic Outlook

Growth accelerated to 5.1% last year according to Central Bank estimates. The manufacturing sector expanded by 9.4% and exports by 19.8%. Additionally, tourism revenues and remittances posted strong growth. The Central Bank cited the government’s management of the Covid-19 pandemic as one of the reasons for last year’s growth rate—which will have been one of the highest in ASEAN according to our projections. Moreover, the opening of the Phnom Penh-Sihanoukville expressway, a trade agreement with South Korea and new funding from the Asian Development Bank and the World Bank boosted growth in Q4 and will continue to do so this year. In politics, the recent CPP ruling party congress resulted in increased support for social protection and the agricultural sector. This bodes well for private consumption and investment but will likely increase the fiscal deficit.

Cambodia Inflation

Inflation decelerated in December to 2.9% (November: 3.2%), driven by lower price pressures for food, clothing and restaurants. Inflation will fall markedly in 2023 on an appreciating currency and moderating commodity prices and supply chain bottlenecks. Strong demand, China’s reopening and potential floods are factors to watch.

Cambodia Economic Data

2017 2018 2019 2020 2021
Population (million) 15.3 15.5 15.6 15.7 15.8
GDP (USD bn) 22.2 24.5 27.0 26.0 27.0
GDP per capita (USD) 1 1 1 1 1
GDP (KHR bn) 89 99 110 105 110
Economic Growth (Nominal GDP, ann. var. %) 10.6 10.8 10.5 -3.7 4.4
Economic Growth (GDP, ann. var. %) 7.0 7.5 7.1 -3.1 3.0
Private Consumption (ann. var. %) 4.6 6.6 6.1 -4.3 -5.3
Government Consumption (ann. var. %) 6.5 7.7 6.8 13.0 22.7
Fixed Investment (ann. var. %) 6.1 15.6 14.3 -2.7 6.8
Exports (G&S, ann. var. %) 5.3 14.2 13.3 -11.3 13.5
Imports (G&S, ann. var. %) 4.1 16.9 11.1 -8.9 23.1
Industrial Production (ann. var. %) 9.7 11.6 11.3 -1.4 9.4
Unemployment (% of active population, aop) 0.1 0.1 0.1 0.3 0.6
Fiscal Balance (% of GDP) -0.8 0.7 3.0 -3.5 -5.9
Public Debt (% of GDP) 30.0 28.4 28.2 35.2 36.3
Inflation (CPI, ann. var. %, aop) 2.9 2.5 1.9 2.9 2.9
Deposit Rate (%, aop) 1.53 1.38 1.44 1.49 1.40
Exchange Rate (KHR per USD, eop) 4 3 4 4 4
Exchange Rate (KHR per USD, aop) 4 4 4 4 4
Current Account Balance (USD bn) -1.8 -2.9 -4.1 -2.2 -12.3
Current Account Balance (% of GDP) -8.1 -11.8 -15.0 -8.5 -45.7
Merchandise Trade Balance (USD bn) -4.3 -5.9 -7.3 -2.5 -11.4
Merchandise Exports (USD bn) 11.3 13.0 15.1 18.6 19.7
Merchandise Imports (USD bn) 15.6 18.9 22.4 21.2 31.0
Merchandise Exports (ann. var. %) 9.3 15.6 15.9 23.3 5.6
Merchandise Imports (ann. var. %) 9.8 21.4 18.5 -5.5 46.6
Foreign Direct Investment (USD bn) 2.8 3.2 3.7 3.6 3.5
International Reserves (USD bn) 11.3 13.4 17.0 18.6 17.3
International Reserves (months of imports) 8.7 8.5 9.1 10.5 6.7
External Debt (USD bn) 11.4 13.5 15.3 17.6 20.0
External Debt (% of GDP) 51.5 55.3 56.8 67.7 74.2

Free Sample Report

Interested in Cambodia economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest