Cambodia had good economic performance with a growth in GDP (gross domestic product) of nearly 10 percent for 2005, higher than the predicted 7 percent growth, local media reported on Friday.
Preliminary estimates from the government indicate that Cambodia's GDP grew at a strong 9.8 percent in 2005, up from a recent 7 percent estimate and dire predications of 2 percent growth made in 2004.
While the final 2005 GDP growth rate will be released in about one month, World Bank representatives, government officials and the Economic Institute of Cambodia (EIC) said Thursday that the high figure is most likely correct, making 2005 the best year for the Cambodian economy since 1999, The Cambodia Daily reported.
The apparent growth was driven by the country's growing agricultural, garment and tourism sectors.
The country's tourism rose by 35 percent, and its garment sector by 10.6 percent to 2.2 billion U.S. dollars in 2005, which was forecast to be a "dangerous year" for the Cambodian garment industry due to the end of the global quotas.
The second surprise factor was a boom in agricultural production with a 17 percent growth last year up from the negative two percent growth in 2004, thanks to good rainfalls and improvements in plantation techniques, according to the newspaper.
But World Bank country economist Robert Taliercio said that the agricultural growth, mostly stemmed from fortunate weather rather than increased irrigation.
World Bank also praised the government's better tax collection, increased foreign investment and loans in the private sector.
The rate of tax collection stood at 11.7 percent of the GDP in 2005, compared to 11.3 percent in 2004. Foreign investment grew to 216 million U.S. dollars in 2005 from 121 million in 2004, while private loans were up by 21.3 percent last year.
Preliminary estimates from the government indicate that Cambodia's GDP grew at a strong 9.8 percent in 2005, up from a recent 7 percent estimate and dire predications of 2 percent growth made in 2004.
While the final 2005 GDP growth rate will be released in about one month, World Bank representatives, government officials and the Economic Institute of Cambodia (EIC) said Thursday that the high figure is most likely correct, making 2005 the best year for the Cambodian economy since 1999, The Cambodia Daily reported.
The apparent growth was driven by the country's growing agricultural, garment and tourism sectors.
The country's tourism rose by 35 percent, and its garment sector by 10.6 percent to 2.2 billion U.S. dollars in 2005, which was forecast to be a "dangerous year" for the Cambodian garment industry due to the end of the global quotas.
The second surprise factor was a boom in agricultural production with a 17 percent growth last year up from the negative two percent growth in 2004, thanks to good rainfalls and improvements in plantation techniques, according to the newspaper.
But World Bank country economist Robert Taliercio said that the agricultural growth, mostly stemmed from fortunate weather rather than increased irrigation.
World Bank also praised the government's better tax collection, increased foreign investment and loans in the private sector.
The rate of tax collection stood at 11.7 percent of the GDP in 2005, compared to 11.3 percent in 2004. Foreign investment grew to 216 million U.S. dollars in 2005 from 121 million in 2004, while private loans were up by 21.3 percent last year.
Source: Xinhua
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