Cambodia Growing At 7% On The Back Of Strong Garments, MEF

The Ministry of Economy and Finance (MEF) announced earlier this week that Cambodia will grow at a rate of 7 percent for the rest of the year, driven largely by a strong garment and service sectors. 

The announcement was made during the launch of a mid-year assessment of Cambodia’s macroeconomic outlook, according to which the Kingdom’s industrial and services sectors are projected to grow by 11.4 percent and 6.7 percent respectively. The agricultural sector, on the other hand, is expected to grow by just 0.5 percent. “Our plane is still flying smoothly in 2016 and 2017, but sometimes we will meet turbulence, se we need to wear our seatbelts properly to avoid any injuries,” said Vongsey Vissoth, Secretary of State of the MEF, presumably referring to external risk factors, such as China’s slowdown and Brexit. According to the report, garment and footwear exports for the first half of this year were valued at $3.49 billion, a 10.7 percent increase from the $3.15 billion recorded during the same period last year. 

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