PM claims GDP saw 5.5pc rise last year

20 January 2011
by May Kunmakara
Phnom Penh Post

Prime Minister Hun Sen has said that Cambodia’s GDP grew by 5.5 percent in 2010, an 0.5 percent rise compared to a projection he made earlier last year.

The International Monetary Fund, World Bank, Asian Development Bank, and Economic Institute of Cambodia, have projected the economy grew by 4.8 percent, 4.9 percent, 5 percent and 6.5 percent respectively last year.

“2010 was a good year for Cambodian economy, with a significant growth of approximately 5.5 percent, attributed to the growth in tourism, agriculture and garments,” said the premier, during the official opening of the ASEAN Tourism Forum, held in Phnom Penh on Tuesday night.

In March, the prime minister predicted 2010 GDP would rise by 5 percent.

At the ceremony on Tuesday, which saw fireworks light up Diamond Island, Hun Sen said that Cambodia achieved tourism growth of 16 percent year on year, with international tourist arrivals of around 2.5 million.

The Economic Institute of Cambodia, which released its projection this month, said that last year the garment sector grew 14.5 percent, the agro-industry grew 13.3 percent and tourism 9.3 percent.It hoped the sectors would continue to grow this year.

The Ministry of Economy and Finance, ADB, and World Bank have projected GDP growth at 6 percent, with IMF predicting 6.8 percent and EIC at 7 percent, for 2011.