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. GDP contracted 1.5% in 2009 as a result of the global economic slowdown, but climbed more than 4% in 1010, driven by renewed exports. 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 280,000 people - about 5% of the work force - and contributes more than 70% 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 increased about 25% in 2009 due to rising global demand. The tourism industry has continued to grow rapidly, with foreign arrivals exceeding 2 million per year in 2007-08, however, economic troubles abroad 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 25 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.
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
4.5% (2010 est.)country comparison to the world: 72
Labor Force
8 million (2009 est.)country comparison to the world: 56
Electricity production
1.273 billion kWh (2007 est.)country comparison to the world: 142
Electricity Consumption
1.272 billion kWh (2007 est.)country comparison to the world: 143
Electricity Exports
0 kWh (2008 est.)
Electricity Imports
167 million kWh (2007 est.)
Unemployment Rate
3.5% (2007 est.)country comparison to the world: 27 2.5% (2000 est.)
Population Below Poverty Line
31% (2007 est.)
Household Income or Consumption by Percentage Share
Lowest 10%: 3%
Highest 10%: 34.2% (2007)
Distribution of Family Income Gini Index
43 (2007 est.)country comparison to the world: 49 40 (2004 est.)
Central Bank Discount Rate
NA% (31 December 2008)country comparison to the world: 83 5.25% (31 December 2007)
Commercial Bank Prime Lending Rate
Stock of Narrow Money
$850.7 million (31 December 2010 est)country comparison to the world: 142 $747.2 million (31 December 2009 est)
Stock of Broad Money
$4.982 billion (31 December 2010 est.)country comparison to the world: 119 $3.899 billion (31 December 2009 est.)
Stock of Domestic Credit
$2.195 billion (31 December 2010 est.)country comparison to the world: 123 $1.991 billion (31 December 2009 est.)
Market Value of Publicly Traded Shares
$NA
Reserves of Foreign Exchange and Gold
$3.84 billion (31 December 2010 est.)country comparison to the world: 76 $3.289 billion (31 December 2009 est.)
Debt External
$4.338 billion (31 December 2010 est.)country comparison to the world: 110 $4.284 billion (31 December 2009 est.)
Stock of Direct Foreign Investment at Home
Stock of Direct Foreign Investment Abroad
Exchange Rates
riels (KHR) per US dollar - 4,217.96 (2010), 4,139.33 (2009), 4,070.94 (2008), 4,006 (2007), 4,103 (2006)
