Cambodia Anticipates Total GDP Of $35.1 Billion In 2024
By
B2B Cambodia
on
Cambodia is predicted to see a 6.6 per cent Gross Domestic Product (GDP) growth in 2024, with the total anticipated GDP to rise to USD $35.1 billion, underpinned by industrial and agricultural growth and positive momentum in the service sector.
This prediction was stated in the draft ‘Law on Financial Management 2024’, which was shared during a Cabinet meeting chaired by Prime Minister Hun Manet on October 27, 2023.
With this predicted growth, Cambodia’s GDP per capita is also expected to rise from USD $1,917 in 2023 to USD $2,071 in 2024. According to the draft law, the projected growth of 6.6 per cent is supported by the following key sectors:
- Industrial Sector: The industrial sector is projected to sustain its upward trajectory with an anticipated growth rate of around 8.5 per cent in 2024, compared to the approximately 5 per cent growth observed in 2023. This growth rate is also attributed to an expected recovery of the garment and manufacturing sub-sectors.
- Service Sector: The service sector is expected to maintain its positive momentum, with a projected growth rate of 6.9 per cent in 2024, building upon a solid 8.1 per cent growth rate observed in 2023. The continued recovery of domestic economic activity is expected to particularly underpin this sector's performance.
- Agricultural Sector: Cambodia's agricultural sector is set to achieve a steady growth of 1.1 per cent in 2024, surpassing the 0.9 per cent growth recorded in 2023. The positive trend in the crop sub-sector and the ongoing recovery of the fisheries sub-sector are key drivers behind this growth.