Links

GDP forecast 2009

In Economy on February 20, 2009 by viCheth

*GDP(1): Cambodia has many different numbers of GDP growth for 2009. Here is GDP growth predictions for this year from different sources:

  • 6pc
    Cambodian Government
  • 4.9pc
    World Bank
  • 4.8pc
    International Monetary Fund (IMF says it will revise its forecast downwards)        
  • 4.7pc
    Asian Development Bank
  • 4pc
    Sam Rsinsy Party
  • 1pc
    Economist Intelligence Unit

Reasons of low growth:

– Prime Minister Hun Sen: “the current financial crisis and global economic downturn”

– EIU: “Demand for Cambodia’s exports, especially garments, will be hit by the downturn. Tourism, a major source of growth in recent years, will suffer too as consumers elsewhere in the world cut back on travel and holidays”

History of GDP growth in the last 5 years:

– 2005: 13.4 percent

– 2006: 10.8 percent

– 2007: 10.2 percent 

– 2008: 7 percent

Cambodia had also accumulated up to US$2 billion in international currency reserves by 2008. 

**Major growth:

Garment sector(2):  It is the largest export for nation. The total garment exports in 2008 stood at 3.15 billion U.S. dollars, a 7 percent rise over that of 2007, 2.937 billion U.S. dollars.

 U.S., EU and Canada were the top three importers of Cambodian garments in 2008.

  • U.S.: worth 1.95 billion U.S. dollars in 2008, rising 1.999 billion U.S. dollars in 2007
  • EU:  worth 631 million U.S. dollars in 2008 over 599 million U.S. dollars in 2007.
  • Canada: worth 202 million U.S. dollars in 2008 over 154.5 million U.S. dollars in 2007.

Tourism(3): Tourism Minister Thong Khon says there were 2.15 million visitors we received in 2008.

     –Tourist fee(4):

  • Travel visa US$20
  • International flight tax :$25 ($18 for Cambodians)
  • Domestic flight tax: $6 ($5 for Cambodians)

-(5)Sdeung Sokhon, the under-secretary of state of the ministry of Tourist, used to say that revenue from the tourist sector is continually growing because in 2007, the number of tourists rose to 2 million. Studies indicated that, in the average, tourists visiting Cambodia spend $700, excluding the price of their airfare, therefore the average spending for the 2 million visitors to Cambodia would amount to more than $1.4 billion. Tourist revenues are distributed to visa revenue, hotel taxes, food, souvenir items and other miscellaneous items, as well as cost of purchase of tickets for visiting Angkor temples.

  Cambodia’s Tourist Statistic (6)

  • 2008, January and August. Visitor arrivals to Cambodia was 1,398,557; an 10.1%
  • 2007, 2.02 million visitors, representing an 18.5% increase from 2006.
  • In the first half of 2007,  in SiemReap Numbers grew by a further 40.3%
  • Between 1999-2005 the number of tourists in Cambodia grew by 375%
  • During the same period, tourism numbers in Siem Reap grew by 1600%
    By 2010, tourism numbers are predicted to reach 3.5million, generating close to $US2,000,000,000 in revenue

Agriculture: Data N/A

Real Estate: Data N/A

———

Source:

(1) http://www.phnompenhpost.com/index.php/2009021924294/Business/EIU-forecasts-1pc-growth.html

(2) http://news.xinhuanet.com/english/2009-02/18/content_10839025.htm

(3) http://www.phnompenhpost.com/index.php/Business/Navigating-the-tourism-downturn.html

(4) http://www.phnompenhpost.com/index.php/2009021224158/Business/Industry-calls-for-reduction-in-travel-fees.html

(5) http://ki-media.blogspot.com/2009/01/tourist-number-increases-but-revenue.html

(6) http://www.cambodia-tourism.org/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: