Cambodia

Cambodia Economic Forecast

Cambodia Economic Outlook

GDP increased robustly in 2022, and growth has likely remained healthy so far this year. In January-September, traveler numbers rose by around 211% year on year. This, coupled with lower inflation in January–August, should have underpinned growth in the services sector and boosted consumer spending. That said, merchandise imports fell 5.9% year on year in the first nine months of the year, while merchandise exports dropped 0.8% in the same period. The government is currently focusing on enhancing the productivity of the informal economy by easing access to the formal system and reducing red tape, as reflected in the National Strategy for Informal Economic Development 2023–2028, launched in October. Lastly, in late October, the government announced that it would scale up solar projects and increase energy imports in response to volatile hydropower output, boding well for energy security.

Cambodia Inflation

Inflation increased to 3.2% in August from July’s 1.9%. Inflation should average around current levels next year. That said, food prices may rise more than expected, as the El Niño weather phenomenon could take a toll on crops. Global commodity prices are a key factor to watch.

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

Cambodia Economic Data

2018 2019 2020 2021 2022
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 -0.9
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
Deposit Rate (%, aop) 1.38 1.44 1.49 1.40 1.50
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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