The economy of Cambodia currently follows an open market system and has seen rapid economic progress in the last decade. Cambodia had a GDP of $24.57 billion in 2018. Per capita income, although rapidly increasing, is low compared with most neighbouring countries

Recent Macro

Recent Macro

  • Over the past two decades, Cambodia has undergone a significant transition, reaching lower middle-income status in 2015 and aspiring to attain upper middle-income status by 2030

  • Driven by garment exports and tourism, Cambodia’s economy is one of the fastest-growing economies in the world

  • GDP Annual Growth Rate in Cambodia averaged 7.59% from 1994 until 2018, reaching an all time high of 13.30% in 2005 and a record low of 0.10% in 2009

  • Growth forecasts are expected to reach 6.6% by the end of 2020 and trend around 6.6% in 2021

  • Cambodia ranked 144th in the World Bank’s Ease of Doing Business Index

  • The Gross Domestic Product per capita in Cambodia was last recorded at US$ 1205 in 2018

  • GDP per capita in Cambodia averaged US$ 669 from 1993 until 2018 (source: World Bank)
Key Info

Key Info

Currency

  • Currency of Cambodia is the Cambodian Riel (KHR). The most popular exchange rate is US to KHR

Climate

  • Tropical climate with hot even temperatures all year round

  • Annual temperature range from around 28 to 35℃ (82 to 95℉)

  • Main wet season is May - November and the dry season is December - April 

Tax

  • Non-residents are subject to withholding tax of 14% on gross income

  • Transfer tax is levied on the sale of property at a flat rate of 4%

  • 10% VAT is applied on sales of buildings
Hospitality

Hospitality

  • Tourist arrivals reached 6.2m in 2018, up 10.7% from 2017 and were at 3.3m for H1 2019

  • Tourist arrivals are expected to reach 7m in 2020 with a government target for tourist arrivals of 10m by 2025

  • Tourism Ministry projects Cambodia will need an extra 100,000 more hotel rooms in the next decade to meet growing demand

  • Cambodia had a total of 781 hotels in 2017 an increase of 134 from 2016

  • The tourism sector generated $4.3 billion for the industry in 2019
Property

Property

  • Property prices in Cambodia are generally still very attractive when compared to other countries in Asia 

  • Legislation passed in 2010 allows foreigners to buy freehold ownership on 1st floor or above on any building that has obtained a ‘strata title’ - this generally applies to new condominium buildings

  • Foreigners cannot own land in Cambodia

  • Legal fees to the buyer are around 0.2%-0.5%
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