Cambodia grew rapidly in the second quarter, with construction projects attracting US$1.4 billion​


[INNEWS Comprehensive Report] Recently, the Cambodian Ministry of Economy and Finance released a report stating that in the second quarter of 2023, Cambodia attracted a total of 826 construction projects, with a total investment of US$1.4 billion, a staggering 130.2% year-on-year increase.

The report shows that the number of construction projects in this quarter decreased by 173 year-on-year, a decrease of 17.3%, but the total investment funds increased by 130.2% year-on-year, reaching approximately US$1.475 billion. Among them, investment in housing construction was US$607.5 million, industrial construction was US$568.5 million, commercial construction was US$249 million, public buildings was US$87.1 million, and tourism construction was US$79.6 million.

The report predicts that Cambodia’s economy will grow at a rate of 5.6% in 2023, which is higher than the economic growth rate in 2022. This growth was mainly driven by good growth in non-apparel manufacturing, growth in large-scale investment projects, and a significant recovery in the tourism industry driven by domestic and foreign tourists.

In addition, the Cambodian Ministry of Economy and Finance pointed out that although the overall economic situation has improved, some economic activities are still stagnant, and some economic indicators have even declined. Especially in terms of clothing exports, the situation is not optimistic. Despite this, the number of international tourists increased by more than 271% in the quarter, construction capital increased by 130.2%, investment capital increased by 63.3%, and exports excluding gold increased by approximately 0.1%. Although crude oil exports have decreased by more than 30%, the overall economy is still growing steadily.