Cambodia & Economy: New forecasts with a 40% increase in gross domestic product per capita

According to the Office of the Council of Ministers, Cambodia's gross domestic product (GDP) per capita in 2025 should reach almost USD 3,000, an increase of more than 40% on the figures projected for 2024, while economic growth should reach 6.3%.

Phnom Penh. Photo CG

A press release from the Cabinet states that, based on the government's assessment of the medium-term public financial framework, the Kingdom's economic growth rate for 2025 is forecast at 6.3%. This would take current GDP to around 209,163 billion riel, equivalent to around $51.398 billion, while GDP per capita is expected to reach $2,924.

The press release states that the 6.3% growth rate will be supported by the main economic sectors, with the industrial sector expected to grow by 8.6%, the services sector by 5.6% and the agricultural sector by 1.1%.

At the same time, inflation is expected to remain at around 2.5%, with the social sector continuing to be a priority.

The FY2024 Budget in Brief, published at the end of 2023, stated:

‘Cambodia's economy in 2024 is projected to recover and achieve growth of about 6.6%, bringing current GDP to about 142,957 billion riel, equivalent to about 35.168 billion %, with GDP per capita expected to reach $2,071, up from $1,917 in 2023.’

The draft budget in brief for fiscal year 2025, approved by a full session of the Council of Ministers on October 25, will go through several additional procedures before being formally accepted and published.

GDP per capita growth for 2025 is hailed as a positive step for Cambodia as it prepares to lose its Least Developed Country status by 2029.

Data from the General Department of Customs and Excise (GDCE) shows that in 2023, Cambodia's international trade reached a total of $46.83 billion, down 1.9% on 2022. Of this total, exports were valued at $22.64 billion, up 1.8%, while imports fell 5% to $24.18.

In the first nine months of 2024, the volume of international trade reached $40.94 billion, marking an increase of 16.4% compared with the same period in 2023. During this period, exports totalled USD 19.83 billion, up 17%, while imports amounted to USD 21.11 billion, up 15.9%.