Phnom Penh (FN), Oct. 25 – Cambodia’s Gross Domestic Product (GDP) is expected to grow to USD 29.3 billion, according to executive summary of Ministry of Economy and Finance's draft budget law 2020, which Fresh News received on Friday.
“It is estimated that Cambodia’s economic growth rate will be in circle of 6.5 percent in 2020, in which GDP will be approximately USD 29,362 million and that GDP per capita will increase from 1,679 in 2019 to 1,816 in 2020,” the draft budget law 2020 stated.
The same source continued that the GDP growth is supported by three main areas. First, the industrial growth, including garment sector, food and beverage, auto assembly, electronics, spare parts, furniture and cement; second, growth in service sector, including real estate, hotels and restaurants, as well as tourism; and third, agricultural sectors, including crop plantations, commercial animal rearing, and aquaculture.
The executive summary continued that the current account deficit (including diversion) is projected to remain at 9.3 percent of GDP by 2020, while the total international reserves are expected to be at approximately USD 13 billion, securing 6.1 months of imports.