Cambodian Economy in H1 Remains Healthy
Phnom Penh, July 31, 2023 --
Cambodia continued to achieve a positive economic growth in the first six months of this year, said the National Bank of Cambodia (NBC)’s report released at a recapitulative meeting being held on July 30-31 in Preah Sihanouk province.
Cambodia’s economic growth was supported by high growth of tourism sector, continued growth in agriculture, and signs of recovery of construction sector despite the decrease in manufacturing sector due to the decline of external demands, explained the central bank.
In the first half of 2023, the inflation rate dropped to 1.2 percent from 4.1 percent in the second half of 2022, it pointed out.
During the same period, the exchange rate continued to remain stable, at 4,094 Riel for a U.S. dollar, while foreign reserves reached US$18.4 billion, equal to seven months of imports and services.
The NBC has forecast the country’s economic growth at 5.5 percent in 2023, with an expected yearly inflation rate at 2 percent.
The economic growth of Cambodia in 2022 was estimated at 5.2 percent, supported by export growth, resumption of domestic economic activities, and rapid recovery of tourism.