IMF updates Cambodia's GDP figures

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Stock Market

CSX index rises 0.04% with mixed main board activities On May 03, 2024, the CSX index concluded trading at 411.3 points, marking a 0.04% increase from the previous day. Main board activity showed mixed results, with advances in GTI (+2.65%), PEPC (+1.40%), PWSA (+1.14%), PPAP (+1.23%), and PAS (+0.16%), while PPSP (-0.49%), MJQE (-0.45%), and ABC (-0.26%) declined. CGSM remained unchanged. On the growth board, DBDE were up 2.38% and JSL were down 2.51%. The total trading volume reached 336,259 shares, with a cumulative trading value of KHR 1,734 million. (Source: YSC Research)

Economy and Industry

IMF updates Cambodia's GDP figures The International Monetary Fund (IMF) recently updated Cambodia's GDP figures for 2023, now standing at $41.9 billion, a 35% increase from previous calculations using 2014 as the base year, a shift from the outdated 2000 base. Mekong Strategic Capital (MSC) reported this adjustment, highlighting the discrepancy with the Asian Development Bank's (ADB) previous estimate of $31.9 billion, due to the IMF's reevaluation. The IMF forecasts Cambodia's real GDP to grow by 6% in 2024 and 6.1% in 2025. This revision stems from the National Institute of Statistics' (NIS) rigorous reassessment, rectifying past overestimations of agriculture's contribution and underestimations of industry and services growth. Stephen Higgins of MSC emphasized the necessity of periodic GDP rebasing, noting the substantial impact on perceptions, debt ratios, and economic attractiveness to investors. However, it may also affect tax policies, potentially prompting adjustments in taxation levels. (Source: Khmer Times)

E-Grocery thrives amidst government's digital push E-grocery in Cambodia thrives amid the government's digital push, with the sector projected to reach $140.9 million this year and grow at 18.66% annually to hit $331.5 million by 2029. Furthermore, the average revenue per user 9ARPU) is $81.4 in 202 and is expected to reach 2.6 million total users in the next five years. Leading players like Cambodia Standard Development & Supply (CSDS) and Grocerdel anticipates substantial market expansion. Despite challenges such as infrastructure limitations and regulatory complexities, the industry emphasizes sustainability and local product promotion. Streamlined regulations and agricultural guidance are crucial in order to support growth. E-grocery envisions expansion into underserved regions and tailored services to meet consumer needs, driving innovation and economic development. (Source: Khmer Times)

Skills development fund empowers thousands of Cambodians The Skills Development Fund (SDF), established by the Ministry of Economy and Finance (MEF) from 2018 to 2024, has benefited over 28,000 Cambodians - 33% being females. Senior SDF officials disclosed that out of 297 proposals, 134 projects received approval, securing approximately $22.05 million for training initiatives. The SDF primarily focuses on skill enhancement in sectors like construction, manufacturing, tourism, and digital technology. Notably, 88% of trainees completing courses witnessed a 20.5% increase in average monthly earnings, exceeding the government’s minimum wage. The fund aims to foster sustainable skills development and strategic partnerships to align with Cambodia’s long-term economic goals. (Source: Khmer Times)

Corporate News

AirAsia launches airline in Cambodia Over the weekend, AirAsia inaugurated 'AirAsia Cambodia,' the 7th airline in the Kingdom, with an initial fleet of two Airbus A320s. The airline aims to target around 1.3 million passengers in its first year, and will serve Phnom Penh, Siem Reap, and Preah Sihanouk. The joint venture with local enterprise 'Sivilai Asia' was officiated at Phnom Penh International Airport, attended by notable figures including Tony Fernandes, CEO of Capital A. Fernandes outlined AirAsia's expansion plans across Laos and Vietnam in the next five years, expressing optimism despite economic uncertainties. With extensive routes in China and India, AirAsia aims to boost air traffic to Cambodia, contributing to ASEAN tourism growth. The launch signifies a milestone in AirAsia's 'ONE Airline' strategy, set to redefine low-cost air travel in the region. Craig Dodge of Phare Circus welcomes the addition to the Kingdom’s airports as the airline is renowned for its accessibility and reputation. (Source: Khmer Times)

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