Economy - overview:
From 2004 to 2007, the economy grew about 10% per year, driven largely by an expansion in the garment sector, construction, agriculture, and tourism. Growth dropped to below 7% in 2008 as a result of the global economic slowdown. With the January 2005 expiration of a WTO Agreement on Textiles and Clothing, Cambodian textile producers were forced to compete directly with lower-priced countries such as China, India, Vietnam, and Bangladesh. The garment industry currently employs more than 320,000 people and contributes more than 85% of Cambodia's exports. In 2005, exploitable oil deposits were found beneath Cambodia's territorial waters, representing a new revenue stream for the government if commercial extraction begins. Mining also is attracting significant investor interest, particularly in the northern parts of the country. The government has said opportunities exist for mining bauxite, gold, iron and gems. In 2006, a US-Cambodia bilateral Trade and Investment Framework Agreement (TIFA) was signed, and several rounds of discussions have been held since 2007. Rubber exports declined more than 15% in 2008 due to falling world market prices. The tourism industry has continued to grow rapidly, with foreign arrivals exceeding 2 million per year in 2007-08, however, economic troubles abroad have dampened growth in 2009. The global financial crisis is weakening demand for Cambodian exports, and construction is declining due to a shortage of credit. The long-term development of the economy remains a daunting challenge. The Cambodian government is working with bilateral and multilateral donors, including the World Bank and IMF, to address the country's many pressing needs. The major economic challenge for Cambodia over the next decade will be fashioning an economic environment in which the private sector can create enough jobs to handle Cambodia's demographic imbalance. More than 50% of the population is less than 21 years old. The population lacks education and productive skills, particularly in the poverty-ridden countryside, which suffers from an almost total lack of basic infrastructure.
GDP (purchasing power parity):
$27.92 billion (2009 est.)
note: data are in 2009 US dollars
GDP (official exchange rate):
$10.9 billion (2009 est.)
GDP - real growth rate:
-1.5% (2009 est.)
GDP - per capita (PPP):
$1,900 (2009 est.)
note: data are in 2009 US dollars
GDP - composition by sector:
agriculture: 29%
industry:
30%
services:
41% (2007 est.)
Labor force:
8.6 million (2008 est.)
Labor force - by occupation:
agriculture: 75%
industry:
NA%
services:
NA% (2004 est.)
Unemployment rate:
3.5% (2007 est.)
Population below poverty line:
35% (2004)
Household income or consumption by percentage share:
lowest 10%: 3%
highest 10%:
34.2% (2007)
Distribution of family income - Gini index:
43 (2007)
Investment (gross fixed):
21.2% of GDP (2009 est.)
Budget:
revenues: $1.186 billion
expenditures:
$1.748 billion (2009 est.)
Inflation rate (consumer prices):
-1% (2009 est.)
Central bank discount rate:
NA% (31 December 2008)
Commercial bank prime lending rate:
16.01% (31 December 2008)
Stock of money:
$591.7 million (31 December 2008)
Stock of quasi money:
$2.328 billion (31 December 2008)
Stock of domestic credit:
$1.67 billion (31 December 2008)
Market value of publicly traded shares:
$NA
Agriculture - products:
rice, rubber, corn, vegetables, cashews, tapioca, silk
Industries:
tourism, garments, construction, rice milling, fishing, wood and wood products, rubber, cement, gem mining, textiles
Industrial production growth rate:
-6.5% (2009 est.)
Electricity - production:
1.273 billion kWh (2007 est.)
Electricity - consumption:
1.272 billion kWh (2007 est.)
Electricity - exports:
0 kWh (2008 est.)
Electricity - imports:
167 million kWh (2007 est.)
Oil - production:
0 bbl/day (2008 est.)
Oil - consumption:
4,000 bbl/day (2008 est.)
Oil - exports:
0 bbl/day (2007 est.)
Oil - imports:
30,970 bbl/day (2007 est.)
Oil - proved reserves:
0 bbl (1 January 2009 est.)
Natural gas - production:
0 cu m (2008 est.)
Natural gas - consumption:
0 cu m (2008 est.)
Natural gas - exports:
0 cu m (2008 est.)
Natural gas - imports:
0 cu m (2008 est.)
Natural gas - proved reserves:
0 cu m (1 January 2009 est.)
Current account balance:
$-1.024 billion (2009 est.)
Exports:
$3.582 billion (2009 est.)
Exports - commodities:
clothing, timber, rubber, rice, fish, tobacco, footwear
Exports - partners:
US 54.4%, Germany 7.7%, Canada 5.9%, UK 5.5%, Vietnam 4.5% (2008)
Imports:
$5.374 billion (2009 est.)
Imports - commodities:
petroleum products, cigarettes, gold, construction materials, machinery, motor vehicles, pharmaceutical products
Imports - partners:
Thailand 26.8%, Vietnam 19%, China 14.5%, Hong Kong 8.1%, Singapore 6.9% (2008)
Reserves of foreign exchange and gold:
$2.951 billion (31 December 2009 est.)
Debt - external:
$4.157 billion (31 December 2009 est.)
Exchange rates:
riels (KHR) per US dollar - 4,135.39 (2009), 4,070.94 (2008), 4,006 (2007), 4,103 (2006), 4,092.5 (2005)
NOTE: The information regarding Cambodia on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cambodia Economy 2010 information contained here. All suggestions for corrections of any errors about Cambodia Economy 2010 should be addressed to the CIA.
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This page was last modified 09-Feb-10