ZCZC
BCN-23
CAMBODIA-BANK-GROWTH
Cambodia expects 7.3-pct growth in 2018: central bank
PHNOM PENH, Dec. 22, 2018 (BSS/Xinhua) – Cambodian economy has been
projected to grow by 7.3 percent this year, spurred by the robust performance
of garment exports, tourism and construction, Deputy Governor of the National
Bank of Cambodia Neav Chanthana said Friday.
“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 here.
Chanthana said garment and construction sectors have expanded remarkably in
recent years, while tourism sector has also enjoyed a significant rise.
Government figures indicated that garment and footwear exports rose to 4.1
billion U.S. dollars in the first six months, an increase of 11 percent over
the same period last year, as the construction sector attracted a total
investment of 2.15 billion U.S. dollars during the January-June period this
year.
For tourism sector, the Southeast Asian nation received a total of 4.82
million international tourists during the first 10 months, up 11.5 percent
over the same period last year, said a tourism data.
Tourism growth is driven by a remarkable surge in tourist arrivals from
China. The data showed that some 1.62 million Chinese tourists visited the
kingdom during the January-October period, up 71.5 percent year-on-year.
For agriculture sector, the deputy governor said despite a declining
contribution to the country’s GDP during the last two decades, the sector
still continues to contribute to enhance growth.
Some international institutions have issued similar forecasts for
Cambodia’s growth this year, with the International Monetary Fund (IMF)
predicting it at 7.25 percent, the World Bank projecting 7 percent and the
Asian Development Bank expecting 7 percent.
In its October statement, the IMF said Cambodia’s growth is projected to
remain robust, around 7 percent, in the near term before moderating to around
6 percent in the medium term due to subdued productivity growth and maturing
credit and real estate cycles.
BSS/XINHUA/HR/1448