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Cambodia:
Economy

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Economy - overview
Definition
From 2001 to 2004, the economy grew at an average rate of 6.4%, driven largely by an expansion in the garment sector and tourism. The US and Cambodia signed a Bilateral Textile Agreement, which gave Cambodia a guaranteed quota of US textile imports and established a bonus for improving working conditions and enforcing Cambodian labor laws and international labor standards in the industry. With the January 2005 expiration of a WTO Agreement on Textiles and Clothing, Cambodia-based textile producers were forced to compete directly with lower-priced producing countries such as China and India. Better-than-expected garment sector performance led to more than 9% growth in 2007. Its vibrant garment industry employs more than 350,000 people and contributes more than 70% of Cambodia's exports. The Cambodian government has committed itself to a policy supporting high labor standards in an attempt to maintain buyer interest. In 2005, exploitable oil and natural gas deposits were found beneath Cambodia's territorial waters, representing a new revenue stream for the government if commercial extraction begins. Mining also is attracting significant investor interest, particularly in the northeastern parts of the country, and the government has said opportunities exist for mining bauxite, gold, iron and gems. In 2006, a US-Cambodia bilateral Trade and Investment Framework Agreement (TIFA) was signed and the first round of discussions took place in early 2007. The tourism industry continues to grow rapidly, with foreign arrivals reaching 2 million in 2007. In 2007 the government signed a joint venture agreement with two companies to form a new national airline. The long-term development of the economy remains a daunting challenge. The Cambodian government is working with bilateral and multilateral donors, including the World Bank and IMF, to address the country's many pressing needs. The major economic challenge for Cambodia over the next decade will be fashioning an economic environment in which the private sector can create enough jobs to handle Cambodia's demographic imbalance. More than 50% of the population is less than 21 years old. The population lacks education and productive skills, particularly in the poverty-ridden countryside, which suffers from an almost total lack of basic infrastructure.
GDP (purchasing power parity)
Definition - World rank and map
$25.9 billion (2007 est.)
GDP (official exchange rate)
Definition
$8.604 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
9.6% (2007 est.)
GDP - per capita
Definition - World rank and map
$1,800 (2007 est.)
GDP - composition by sector
Definition
agriculture: 31%
industry: 26%
services: 43% (2007 est.)
Labor force
Definition
7 million (2003 est.)
Labor force - by occupation
Definition
agriculture: 75%
industry: NA%
services: NA%
Unemployment rate
Definition - World rank and map
2.5% (2000 est.)
Population below poverty line
Definition
35% (2004)
Household income or consumption by percentage share
Definition
lowest 10%: 2.9%
highest 10%: 34.8% (2004)
Distribution of family income - Gini index
Definition - World rank and map
41.7 (2004 est.)
Inflation rate (consumer prices)
Definition - World rank and map
5.9% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
21.7% of GDP (2007 est.)
Budget
Definition
revenues: $972.8 million
expenditures: $1.04 billion (2007 est.)
Agriculture - products
Definition
rice, rubber, corn, vegetables, cashews, tapioca
Industries
Definition
tourism, garments, rice milling, fishing, wood and wood products, rubber, cement, gem mining, textiles
Industrial production growth rate
Definition - World rank and map
9% (2007 est.)
Electricity - production
Definition - World rank and map
134 million kWh (2005)
Electricity - consumption
Definition - World rank and map
206.6 million kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
14.6 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
82 million kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005)
Oil - consumption
Definition - World rank and map
3,700 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
0.3 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
0 bbl/day (2004)
Oil - imports
Definition - World rank and map
3,585 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
NA
Current account balance
Definition - World rank and map
-$77 million (2007 est.)
Exports
Definition - World rank and map
$4.071 billion f.o.b. (2007 est.)
Exports - commodities
Definition
clothing, timber, rubber, rice, fish, tobacco, footwear
Exports - partners
Definition
US 59.1%, Germany 7.5%, UK 4.7%, Canada 4.6% (2006)
Imports
Definition - World rank and map
$5.413 billion f.o.b. (2007 est.)
Imports - commodities
Definition
petroleum products, cigarettes, gold, construction materials, machinery, motor vehicles, pharmaceutical products
Imports - partners
Definition
Thailand 27.3%, China 16.8%, Hong Kong 12%, Taiwan 8.9%, Singapore 8.8%, Vietnam 6.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.143 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$3.891 billion (31 December 2007 est.)
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$698.2 million pledged in grants and concession loans for 2007 by international donors (2007)
Currency (code)
Definition
riel (KHR)
Exchange rates
Definition
riels per US dollar - 4,006 (2007), 4,103 (2006), 4,092.5 (2005), 4,016.25 (2004), 3,973.33 (2003)
Fiscal year
Definition
calendar year


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