WEEKLY ECONOMIC UPDATED
Updated:08-15 March, 2019

TRADE & COMMERCE | VN To Build Plan For CLV Trade Promotion

Representatives of Cambodia, Laos and Vietnam have agreed to assign Vietnam to devise an action plan for effectively implementing the Agreement on Trade Promotion and Facilitation in the Cambodia-Laos-Vietnam (CLV) Development Triangle Area, signed in 2016 in Siem Reap town. This is one of the important contents stated in the minutes of the 12th meeting of the Joint Coordination Committee on the Cambodia-Laos-Vietnam Development Triangle Area (JCC CLV DTA 12), just inked by the ministers of the three countries. (March 12, 2019 | Phnom Penh Post)

 

TRADE & COMMERCE | Exports To US Up Sharply In 2018

Exports to the United States, the world’s largest economy, increased by 25 percent last year, a significant increase in trade that comes despite a deteriorating diplomatic relation after Cambodia dissolved the main opposition party ahead of last year’s general elections. Data from the US trade office showed that total exports to the United States reached $3.82 billion, up from $3.06 billion in 2017. (March 12, 2019 | Khmer Times)

TOURISM | Kampot: Plans For A Retiree Resorts Unfold

KAMPOT, Cambodia, 11 March 2019: Japanese investors are interested in building a villa resort for Japanese retirees on an estuary island just south of Kampot town. The site is close to Wat Traeuy Kaoh where the River Kampong splits to form an estuary just a few km south of the town centre. A report in Khmer Times, last week, suggested the province’s governor supports the project. He told the newspaper he wanted to “see more projects in the hospitality sector to meet rising demand from tourists.” (March 11  , 2019 | TTR Weekly)

TOURISM | Government To Label Attractions ‘Supreme Tourism Sites’

The government is pushing for the development and investment into special tourism sites as it will contribute to the Kingdom’s economic development, a Sub-decree designating “Supreme Tourism Sites” said. Industry insiders welcomed the sub-decree, saying it would help the Kingdom diversify its tourist attractions with effective management and control to attract more visitors. (March 11 , 2019 | Phnom Penh Post)

TOURISM | Government Creates ‘Great Tourism Zones’

A sub-decree issued Thursday coined ‘great tourism zones’, a term for areas where a wide range of tourism-related services is available. In last week’s sub-decree, the government describes the zones as areas that have accommodation, food and beverage services, entertainment complexes, sports facilities, gardens, parks, health care centres, and other tourism-related facilities. (March 11, 2019 | Khmer Times)

 

FINANCE AND BANKING | Pi Pay And RHB Bank Team Up

Pi Pay yesterday inked yet another partnership with a financial institution to expand the reach of its digital payment services in the Kingdom. The local cashless payment gateway and RHB Indochina Bank have teamed up, allowing RHB account holders to pay for goods and services wherever Pi Pay is accepted. (March 08, 2019 | Khmer Times)

FINANCE AND BANKING | ADB Funds Kampot Port

KAMPOT, Cambodia, 15 March 2019: Asian Development Bank is funding a massive port project in Kampot, an estuary town on Cambodia’s coast close to Phu Quoc island in Vietnam. Due to be completed by the end of this year ADB funded the project to the tune of USD10 million. Construction got underway in mid-2017 at a site 6 km southeast of Kampot town in Teck Chhou district’s Chum Kreal commune.(March 15 , 2019 | TTR Weekly)

FINANCE AND BANKING | Central Bank Launches Anti-Laundering Blueprint

Three weeks after Cambodia was included in a major list of nations vulnerable to money laundering, the National Bank of Cambodia (NBC) yesterday launched its strategy to combat financial crimes. The National Strategy for Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) for 2019-2023 aims to serve as a comprehensive, long-term roadmap for the government, helping ministries, institutions and agencies better understand their respective roles and responsibilities in combating AML/CFT, Chea Chanto, NBC governor, said. (March 15 , 2019 | Khmer Times)

AGRICULTURE | EU Funding For Fisheries Programme Confirmed

On Monday, European Union ambassador George Edgar confirmed funding for a $98 million project to support the local fisheries sector from 2019 to 2023. During a meeting with Cambodian Agriculture Minister Veng Sakhon, Mr Edgar confirmed that the EU will provide the funds for the Capfish-Capture programme. An agreement signing ceremony will be held in the near future, the Ministry of Agriculture announced in a press release.. (March 13, 2019 | Khmer Times)

AGRICULTURE | Premier To Ask South Korea To Buy More Cambodian Goods

Prime Minister Hun Sen yesterday said he will request South Korea to increase imports of Cambodian agricultural products, an effort to diversify export markets and avoid reliance on just a few economic partners. The appeal will be made today during the Cambodia-Korea Business Forum, an event Mr Hun Sen will preside over together with Korean President Moon Jae-in, who is currently visiting the Kingdom. (March 15 , 2019 | Khmer Times)

REAL ESTATE AND CONSTRUCTION| Sorn Seap: Cambodia’s Real Estate In 2019

The last ten years have been exciting and productive for Cambodia. Indeed, the economy has climbed higher and higher, growing by around 7 percent each year. Land prices have increased dramatically in that time as international investors have flooded in. Insiders are optimistic that the Kingdom’s real estate industry will climb to new highs in 2019. Realestate.com.kh has turned to many industry experts to get an informed outlook for the coming year. But we also sat down with Sorn Seap, founder and director of Key Real Estate, to discuss what he thinks will change in the coming months, both in Phnom Penh and Cambodia’s other major areas. (March 13 , 2019 | Khmer Times)

 

REAL ESTATE AND CONSTRUCTION| Government Pushes For Land Registration By 2021

The government is pushing for all land registration to be completed by 2021, a move which the Ministry of Land Management, Urban Planning and Construction says will curtail land disputes and boost real estate tax revenue for the government. During the closing ceremony of the 2018 Results and 2019 Goals Meeting of the Tbong Khmum provincial administration on Tuesday, Minister of Land Management, Urban Planning and Construction Chea Sophara said registration is currently around 73 per cent, equal to 5.1 million plots among the nation’s seven million registered plots.  (March 14 , 2019 | Khmer Times)

CAMBODIA  Selected  Indicators

2013

2014

2015

2016f

2017f

2018f

 

Real GDP growth, at constant market prices

7.4

7.1

7.0

7.0

6.9

6.9

 

Private  Consumption

5.8

4.5

5.9

2.4

2.3

2.2

 

Government   Consumption

5.2

2.4

4.4

3.8

10.3

14.5

 

Gross Fixed Capital Investment

15.3

9.1

10.6

8.1

9.7

16.8

 

Exports, Goods and Services

14.0

11.3

7.2

9.5

8.1

8.3

 

Imports, Goods and Services

15.1

10.1

6.5

5.9

5.8

7.9

 

Real GDP growth, at constant factor prices

7.4

6.9

6.9

6.9

6.9

6.9

 

Agriculture

1.6

0.3

0.2

0.4

0.3

0.7

 

Industry

11.0

9.8

11.7

11.4

9.0

7.7

 

Services

8.7

8.7

7.1

6.8

8.5

9.1

 

Inflation (Consumer Price Index)

2.2

1.7

1.3

3.2

3.4

3.5

 

Current Account Balance (% of GDP)

-9.5

-9.0

-8.5

-8.4

-8.5

-8.7

 

Financial and Capital Account (% of GDP)

15.2

14.6

14.1

13.4

12.0

10.8

 

Net Foreign Direct Investment (% of GDP)

11.8

10.0

9.1

8.5

8.2

7.0

 

Fiscal Balance (% of GDP)

-6.5

-3.8

-2.0

-2.9

-4.9

-4.9

 

Debt (% of GDP)

31.6

31.8

32.1

32.6

33.3

34.0

 

Primary Balance (% of GDP)

-5.8

-3.1

-1.7

-2.5

-4.6

-4.6

 

Sources: World Bank, Macroeconomics and Fiscal Management Global Practice, and Poverty Global Practice.

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The report is produced based on material compiled from data considered to be reliable at the time of writing. Information and opinions expressed, however, will be subjected to adjusted at short notice. We do not accept any liability directly or indirectly that may arise from investment decision-making based on this report while we tend share as your information only.

 

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