Report Predicts 7 Percent Growth

[geovalin]

The Kingdom’s outlook remains optimistic with gross domestic product (GDP) forecast to grow around seven percent this year and next driven by robust performance in the garment industry, according to a report released by the Ministry of Economy and Finance yesterday. The ministry’s “Cambodia Macroeconomic Monitor Mid-Year Assessment 2016” stated that value-added garment exports remained strong in the first six months of the year and export growth for the full year would likely be slightly higher than last year.
 

“Buoyant garment exports should lead to a faster growth in the country’s manufacturing sector. The value of garment products for export was 10.8 percent higher in the first half of the year, compared to the same period last year,” said the report. The garment sector is also expected to grow further with the import of raw materials for the industry growing by 14.7 in the first six months, compared to the same period last year.
 

All these factors, the report points out, contributed to the country’s GDP growth. “GDP growth for the full year 2016 is thus likely to come in at around seven percent. A similar growth rate is expected in 2017.”

 

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