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Cambodia Economy 1996

Overview:

The Cambodian economy - virtually destroyed by decades of war - is slowly recovering. Government leaders are moving toward restoring fiscal and monetary discipline and have established good working relations with international financial institutions. Growth, starting from a low base, has been strong in 1991-94. Despite such positive developments, the reconstruction effort faces many tough challenges because of the persistence of internal political divisions and the related lack of confidence of foreign investors. Rural Cambodia, where 90% of about 9.5 million Khmer live, remains mired in poverty. The almost total lack of basic infrastructure in the countryside will hinder development and will contribute to a growing imbalance in growth between urban and rural areas over the near term. Moreover, the government's lack of experience in administering economic and technical assistance programs and rampant corruption among officials will slow the growth of critical public sector investment. Inflation for 1994 as a whole was less than a quarter of the 1992 rate and was declining during the year.

National product:

GDP - purchasing power parity - $6.4 billion (1994 est.)

National product real growth rate:

5% (1994 est.)

National product per capita:

$630 (1994 est.)

Inflation rate (consumer prices):

26%-30% (1994 est.)

Unemployment rate:

NA%

Budget:

revenues:

$190 million

expenditures:

$365 million, including capital expenditures of $120 million (1994 est.)

Exports:

$283.6 million (f.o.b., 1993)

commodities:

timber, rubber, soybeans, sesame

partners:

Singapore, Japan, Thailand, Hong Kong, Indonesia, Malaysia

Imports:

$479.3 million (c.i.f., 1993)

commodities:

cigarettes, construction materials, petroleum products, machinery

partners:

Singapore, Vietnam, Japan, Australia, Hong Kong, Indonesia

External debt:

$383 million to OECD members (1993)

Industrial production:

growth rate 7.9% (1993 est.); accounts for 8% of GDP

Electricity:

capacity:

40,000 kW

production:

160 million kWh

consumption per capita:

14 kWh (1993)

Industries:

rice milling, fishing, wood and wood products, rubber, cement, gem mining

Agriculture:

mainly subsistence farming except for rubber plantations; main crops - rice, rubber, corn; food shortages - rice, meat, vegetables, dairy products, sugar, flour

Illicit drugs:

increasingly used as a transshipment country for heroin produced in the Golden Triangle; growing money-laundering center; high-level narcotics-related corruption in government; possible small-scale heroin production; large producer of cannibis

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $725 million; Western (non-US countries) (1970-89), $300 million; Communist countries (1970-89), $1.8 billion; donor countries and multilateral institutions pledged $880 million in assistance in 1992; IMF pledged $120 million in aid for 1995-98

Currency:

1 new riel (CR) = 100 sen

Exchange rates:

riels (CR) per US$1 - 2,470 (December 1993), 2,800 (September 1992), 500 (December 1991), 560 (1990), 159.00 (1988), 100.00 (1987)

Fiscal year:

calendar year

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