Monday, October 8, 2012

World Bank Maintains Cambodian GDP Growth Of 6.6 Percent In 2012

PHNOM PENH, Oct 8 (Bernama) -- The World Bank has maintained Cambodia's economic growth at 6.6 percent this year, the same as its May forecast, according to its East Asia and Pacific Economic Data Monitor released Monday.

In its May's report, the bank said Cambodia has been one of the fastest growing countries in the world over the past 10 years, experiencing average annual growth of over 8 percent since 2000.

The country's economy is relying on four main pillars -- garment export, tourism, agriculture and construction, Xinhua news agency reported.

The WB's projection is 0.1 percentage point higher than that of the Asian Development Bank and International Monetary Fund, which forecast the country's gross domestic product (GDP) at 6.5 percent this year.

However, all the forecasts are lower than the 6.9 percent growth projection by the government based on increases in garment export, tourism and construction.

According to official figures, during the first seven months of this year the country exported garment products in equivalent to US$2.51 billion, a 8 percent rise compared with the same period last year.

From January to August this year, Cambodia attracted some 2.33 million foreign tourists (up 24 percent) and US$1.53 billion investment in construction projects (74 percent increase) over the same corresponding period in 2011.


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