Cambodia:
Economy

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Other pages in this profile of Cambodia:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


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

Cambodia: Economy

Cambodia:
Economy