Cambodia’s Manufacturing Sector Predicted To See Significant Growth In 2024
By B2B Cambodia
on
Cambodia's manufacturing sector, which is lumped together in the industrial sector by the government, is predicted to experience an 8.5 per cent growth in 2024, bolstered by the country's continued recovery in garment and non-garment manufacturing.
Cambodia’s Manufacturing Sector Predicted To See Significant Growth In 2024. Source Photo: Switch Asia
According to the Ministry of Economy and Finance (MEF) budget brief report for the fiscal year 2024, manufacturing growth is outpacing other key sectors such as services and agriculture, which have expected growth rates of 6.9 and 1.1 per cent respectively.
"The industrial sector is projected to continue growing at around 8.5 per cent in 2024, up from about 5.0 per cent in 2023, due to an expected recovery in the garment sub-sector, while the non-garment manufacturing sub-sector continues to maintain strong growth,” the report said.
In addition, the (MEF) budget brief report also stated that Cambodia's economy is on track to recover and is forecasted to grow by 6.6 per cent in 2024. This aligns with expectations in their draft ‘Law on Financial Management 2024’, which was released in October 2023.
Cambodia's gross domestic product (GDP) is expected to reach approximately USD $35.17 billion in 2024, while GDP per capita is expected to rise to USD $2,071 – up from USD $1,917 in 2023.
The exchange rate is also predicted to remain stable at approximately 4,065 riel per US dollar, with an inflation rate of 2.5 per cent in 2024.