Information about Asia and the Pacific Asia y el Pacífico
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Cambodia

Author(s):
International Monetary Fund
Published Date:
February 2009
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Information about Asia and the Pacific Asia y el Pacífico
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Cambodia: Basic Data, 2002–07
Nominal GDP (2007):$8.69 billionGDP per capita (2007):$649
Population (2007):13.4 millionPoverty rate (2005):35 percent
Main exports (2007):Garments (73.7 percent of total)Fund quota:SDR 87.5 million
Sources: Data provided by the Cambodian authorities; and IMF staff estimates and projections.

Contribution to broad money growth.

Ratio of nominal GDP to the average stock of broad money.

In 2006, includes transfer from the IMF of Multilateral Debt Relief Initiative (MDRI) proceeds as capital revenue.

In 2005, includes repayment of arrears.

Includes funds in transit and payment orders in excess of cash released.

Excludes unrestricted foreign currency deposits held as reserves at NBC and valuation changes.

From 2006, includes the impact of debt forgiveness from the IMF under the MDRI.

Debt owed to the Russian Federation is valued at 0.6 rubles per U.S. dollar with the standard 70 percent discount.

200220032004200520062007
Output and prices (annual percent change)
GDP in constant prices6.68.510.313.310.810.2
(Excluding agriculture)11.37.615.68.117.312.2
Real agricultural output-2.510.5-0.915.75.55.0
GDP deflator0.71.84.86.14.66.5
CPI Inflation (end-year) - Phnom Penh, old3.70.55.66.72.810.8
(Annual average)3.31.23.95.84.75.9
Saving and investment balance (in percent of GDP)
Gross national saving17.616.514.014.619.917.4
Government saving1.1-0.31.41.91.82.9
Private saving16.516.912.612.718.114.5
Gross fixed investment20.020.116.218.520.620.8
Government investment7.56.65.64.95.76.1
Non-budgetary grant-financed investment4.64.84.33.03.62.4
Private investment7.98.76.310.511.212.3
Money and credit (annual percent change, unless otherwise indicated)
Broad money33.015.030.416.138.262.9
Net credit to the government 1/-2.0-0.3-2.4-4.9-10.6-12.4
Private sector credit13.126.235.931.851.676.0
Velocity of money 2/6.46.15.45.44.93.9
Public finance (in percent of GDP)
Revenue 3/10.59.610.310.311.511.9
Of which: Tax revenue7.46.67.77.67.99.5
Expenditure16.916.214.412.814.214.7
Current expenditure9.49.78.87.98.58.7
Capital expenditure 4/7.56.65.64.95.76.1
Overall budget balance (excluding grants)-6.3-6.6-4.1-2.5-2.7-2.9
Foreign financing, net6.75.44.84.94.85.0
Domestic financing, net 5/-0.41.2-0.7-2.4-2.0-2.2
Balance of payments (in millions of dollars, unless otherwise indicated)
Exports, f.o.b.1,7702,0872,5892,9103,6944,089
(Annual percent change)12.617.924.112.426.910.7
Imports, f.o.b.-2,361-2,668-3,269-3,904-4,727-5,419
(Annual percent change)12.713.022.519.421.114.6
Current account (including official transfers)-104-166-116-240-47-296
(In percent of GDP)-2.4-3.6-2.2-3.8-0.6-3.4
Gross official reserves 6/6637378099151,0971,616
(In months of prospective imports)2.62.32.12.02.12.5
External debt (in millions of dollars, unless otherwise indicated)
Public external debt 7/8/1,5511,8012,0382,1202,2542,582
(In percent of GDP)36.238.738.235.031.029.7
Public debt service (cash basis)202527282836
(In percent of exports of goods and services)0.80.90.80.70.60.6
Exchange rates
Exchange rate (riels per dollar; period average)3,9183,9804,0214,0974,1094,032
Nominal effective exchange rate (2000 = 100)101.095.792.189.688.786.9
Real effective exchange rate (2000 = 100)101.295.393.093.394.295.1
Memorandum items:
Nominal GDP (in billions of riels)16,78118,53521,43825,75429,84935,039
(In millions of U.S. dollars)4,2834,6575,3326,2867,2648,690
Sources: Data provided by the Cambodian authorities; and IMF staff estimates and projections.

Contribution to broad money growth.

Ratio of nominal GDP to the average stock of broad money.

In 2006, includes transfer from the IMF of Multilateral Debt Relief Initiative (MDRI) proceeds as capital revenue.

In 2005, includes repayment of arrears.

Includes funds in transit and payment orders in excess of cash released.

Excludes unrestricted foreign currency deposits held as reserves at NBC and valuation changes.

From 2006, includes the impact of debt forgiveness from the IMF under the MDRI.

Debt owed to the Russian Federation is valued at 0.6 rubles per U.S. dollar with the standard 70 percent discount.

Table 1.Cambodia: Gross Domestic Product by Sector at Current Prices, 2002–07
200220032004200520062007
(In billions of riels)
Total16,78118,53521,43825,75429,84935,039
Agriculture5,2245,9266,3017,9098,97210,406
Crops2,1422,6892,9104,0344,5185,436
Of which: Paddy rice1,1191,3891,3892,2392,3033,000
Livestock and poultry8768919471,1981,3791,528
Fisheries1,7041,7211,7541,8922,1602,435
Forestry and logging5026256917849151,008
Industry4,0704,6315,4986,4367,8168,738
Mining48587497115133
Manufacturing2,9553,3744,0274,5855,5416,073
Food, beverages, and tobacco457488505608664757
Textile, wearing apparel, and footwear1,9732,2942,8473,1583,8694,234
Wood, paper, and publishing112105119148171203
Rubber manufacturing74111122126181148
Other manufacturing339377433545657731
Electricity, gas, and water8293110124164195
Construction9851,1061,2881,6311,9952,338
Services6,5987,0808,42310,06411,55713,493
Trade1,6581,7612,0092,3642,6623,126
Hotels and restaurants8577208931,1171,3061,519
Transport and communications1,1601,2461,5191,9042,1152,423
Finance170184232294378491
Public administration390406419464515668
Real estate and business1,0711,2891,5351,7011,9472,198
Other services1,2911,4751,8162,2212,6343,069
Plus: Taxes on products less subsidies1,0401,0651,4231,5981,7952,788
Less: Imputed bank charges151167206253290386
(In percent of GDP)
Agriculture31.132.029.430.730.129.7
Crops12.814.513.615.715.115.5
Of which: Paddy rice6.77.56.58.77.78.6
Livestock and poultry5.24.84.44.74.64.4
Fisheries10.29.38.27.37.26.9
Forestry and logging3.03.43.23.03.12.9
Industry24.325.025.625.026.224.9
Mining0.30.30.30.40.40.4
Manufacturing17.618.218.817.818.617.3
Of which: Textile, wearing apparel, and footwear11.812.413.312.313.012.1
Electricity, gas, and water0.50.50.50.50.60.6
Construction5.96.06.06.36.76.7
Services39.338.239.339.138.738.5
Trade9.99.59.49.28.98.9
Hotels and restaurants5.13.94.24.34.44.3
Transport and communications6.96.77.17.47.16.9
Finance1.01.01.11.11.31.4
Public administration2.32.22.01.81.71.9
Real estate and business6.47.07.26.66.56.3
Other services7.78.08.58.68.88.8
Plus: Taxes on products less subsidies6.25.76.66.26.08.0
Less: Imputed bank charges0.90.91.01.01.01.1
Source: Ministry of Planning, National Institute of Statistics (NIS).
Source: Ministry of Planning, National Institute of Statistics (NIS).
Table 2.Cambodia: Gross Domestic Product by Sector at Constant Prices, 2002–07
200220032004200520062007
(In billions of riels; at constant 2000 prices)
Total16,23217,61319,43422,00924,38026,868
Agriculture5,1085,6455,5966,4766,8307,174
Crops2,1682,6432,5823,2953,4703,753
Of which: Paddy rice1,1761,4371,2621,8131,8912,094
Livestock and poultry8619109459981,0801,120
Fisheries1,6151,6421,6141,7051,7701,784
Forestry and logging464450454477511516
Industry4,0074,4905,2355,9006,9777,562
Mining47556987101107
Manufacturing2,9723,3373,9274,3095,0605,509
Food, beverages, and tobacco449470445485502517
Textile, wearing apparel, and footwear2,0212,3602,9473,2173,8734,261
Wood, paper, and publishing94808492100105
Rubber manufacturing696257525459
Other manufacturing338364394462532567
Electricity, gas, and water758292103136151
Construction9131,0141,1481,4011,6811,795
Services6,2596,6277,5028,4849,34110,289
Trade1,6061,6651,7631,9132,0492,244
Hotels and restaurants7596327799531,0841,195
Transport and communications1,1521,1891,3031,4911,5231,633
Finance164175210251312381
Public administration357341318337333334
Real estate and business1,0461,2911,5531,6731,8562,055
Other services1,1751,3351,5751,8642,1852,448
Plus: Taxes on products less subsidies1,0041,0101,2881,3671,4702,143
Less: Imputed bank charges146158187216240300
(Annual percent change)
Total6.68.510.313.310.810.2
Agriculture-2.510.5-0.915.75.55.0
Crops-4.821.9-2.327.65.38.2
Of which: Paddy rice-7.822.2-12.243.74.410.7
Livestock and poultry-1.15.73.95.68.23.7
Fisheries0.61.7-1.75.63.80.8
Forestry and logging-4.3-3.00.85.17.01.1
Industry17.112.016.612.718.38.4
Mining25.618.124.226.315.96.4
Manufacturing14.412.317.79.717.48.9
Of which: Textile, wearing apparel, and footwear21.416.824.99.220.410.0
Electricity, gas, and water8.59.111.212.531.711.5
Construction27.111.113.222.120.06.7
Services7.75.913.213.110.110.1
Trade2.83.75.88.57.19.5
Hotels and restaurants18.8-16.823.422.313.710.2
Transport and communications6.13.29.614.52.17.2
Finance10.96.620.519.624.022.2
Public administration1.1-4.5-6.75.9-1.20.1
Real estate and business8.923.320.37.810.910.7
Other services10.513.718.018.317.212.1
Plus: Taxes on products less subsidies12.60.627.66.17.645.7
Less: Imputed bank charges8.28.717.715.910.925.0
Source: Ministry of Planning, NIS.
Source: Ministry of Planning, NIS.
Table 3.Cambodia: Gross Domestic Product on an Expenditure Basis, 2002–07
200220032004200520062007
Gross domestic product (GDP) in current prices(In billions of riels)
Domestic demand18,19820,84924,17029,91534,14440,327
Consumption14,83917,12320,69525,15928,00933,044
Private13,92616,14819,73424,11126,97631,865
Government9139759611,0481,0331,179
Gross investment3,3603,7253,4754,7566,1347,283
Gross fixed capital formation3,1933,4613,9324,8645,7756,784
Changes in inventories166265-457-109360500
Exports of goods and services 1/9,30010,47613,63616,50520,47522,892
Imports of goods and services 1/10,71812,79016,36820,66524,76928,179
Total GDP in current prices16,78118,53521,43825,75429,84935,039
Income from abroad (net) 1/-739-714-889-1,041-1,191-2.368
Gross national income 1/2/16,01717,79420,45424,65228,61832,672
Current transfers (net) 1/1,7501,9081,9962,1922,8536,570
Gross national disposable income 1/17,76719,70222,44926,84431,47139,242
(In percent of GDP)
Domestic demand108.4112.5112.7116.2114.4115.1
Consumption88.492.496.597.793.894.3
Private83.087.192.093.690.490.9
Government5.45.34.54.13.53.4
Gross investment20.020.116.218.520.620.8
Exports of goods and services55.456.563.664.168.665.3
Imports of goods and services63.969.076.380.283.080.4
GDP in constant prices(In billions of riels)
Domestic demand17,73819,56621,05224,13726,49528,712
Consumption14,42615,56517,68519,76221,03322,500
Private13,19414,23216,01917,98119,20120,378
Government881924862887844902
Gross investment3,3124,0013,3674,3755,4626,211
Gross fixed capital formation3,1483,3783,7494,4815,2285,757
Exports of goods and services 1/9,25910,28413,17415,33318,27520,129
Imports of goods and services 1/10,91612,40514,86417,43820,22022,659
Statistical discrepancy15116772-23-170685
Total GDP in constant prices16,23217,61319,43422,00924,38026,868
(Annual percentage change)
Domestic demand7.310.37.614.79.88.4
Consumption6.17.913.611.76.47.0
Private5.67.912.612.26.86.1
Government9.94.8-6.72.9-4.96.9
Gross investment12.820.8-15.929.924.813.7
Of which: Gross fixed capital formation27.57.311.019.516.710.1
Exports of goods and services13.011.128.116.419.210.1
Imports of goods and services14.613.619.817.316.012.1
Gross domestic product (GDP)6.68.510.313.310.810.2
Source: Ministry of Planning, NIS.

IMF staff estimates based on latest balance of payments estimates.

Gross national income under the 1997 System of National Accounts (SNA) corresponds to the former gross national product (GNP) aggregate.

Source: Ministry of Planning, NIS.

IMF staff estimates based on latest balance of payments estimates.

Gross national income under the 1997 System of National Accounts (SNA) corresponds to the former gross national product (GNP) aggregate.

Table 4.Cambodia: Agriculture, Forestry, Livestock, and Fishery Production, 2002–07
200220032004200520062007
(In billions of riels; at constant 2000 prices)
Total5,1085,6455,5966,4766,8307,184
Agricultural crops2,1682,6432,5823,2953,4703,753
Paddy1,1761,4371,2621,8131,8912,033
Maize72151123119181259
Cassava20355674187198
Soya beans386210817596104
Vegetables256253250255273277
Tobacco164817898975
Rubber197187183167176195
Other cash crops151211320336304337
Other crops243259263268272275
Livestock and poultry8619109459981,0801,120
Fisheries1,6151,6421,6141,7051,7701,784
Forestry and logging464450454477511527
(In percent of total production)
Total100.0100.0100.0100.0100.0100.0
Agricultural crops42.446.846.150.950.852.2
Paddy23.025.522.528.027.728.3
Other crops19.421.423.622.923.123.9
Livestock and poultry16.816.116.915.415.815.6
Fisheries31.629.128.826.325.924.8
Forestry and logging9.18.08.17.47.57.3
(Annual percent change)
Total-2.510.5-0.915.75.55.2
Agricultural crops-4.821.9-2.327.65.38.2
Paddy-7.822.2-12.243.74.47.5
Other crops-1.021.59.512.26.510.9
Livestock and poultry-1.15.73.95.68.23.7
Fisheries0.61.7-1.75.63.80.8
Forestry and logging-4.3-3.00.85.17.03.2
Agriculture 1/(In thousands of metric tons)
Rice3,8234,7114,1705,9866,2646713
Maize149315257248377539
Cassava1223313625362,2142308
Sweet potato323535394648
Vegetables163140179172223226
Mungbean243245456049
Peanut101822232450
Soybean396311017998107
Sesame102255572536
Sugar cane209173130118142192
Tobacco382141412
Jute111111
Rubber323431232417
Livestock(In thousands of heads)
Cows3,5503,5463,6913,8613,3453,410
Buffalos626660651677724798
Pigs2,1052,3042,4292,6892,7603,101
Poultry16,67816,01413,99115,08615,69415,982
Fisheries
Fresh fish and shrimp (in '000 metric tons)425394330428524562
Crocodiles (in '000 heads)517875120138110
Sources: Ministry of Planning, NIS; and Ministry of Agriculture, Fisheries, and Forestry.

Harvest year for crops.

Sources: Ministry of Planning, NIS; and Ministry of Agriculture, Fisheries, and Forestry.

Harvest year for crops.

Table 5.Cambodia: Visitor Arrivals and Tourism, 2002–07
200220032004200520062007
Total visitor arrivals786,524701,0141,055,2021,421,6151,700,0412,015,128
Arrivals by mode of transportation
Arrivals by airplane522,978455,972626,121856,5211,027,0641,296,513
Phnom Penh airport320,187269,674316,748416,396427,389535,262
Siem Reap airport202,791186,298309,373440,125599,675761,251
Other types of arrivals 1/263,546245,042429,081565,094672,977718,615
Arrivals to Phnom Penh airport by country of residence 2/
Total visitors320,187269,674316,748416,396427,389535,262
Asia and Pacific174,345167,714185,631220,239263,662344,083
Europe79,24660,84673,065108,65890,747110,363
North, South, and Central America64,41539,76355,54673,70071,36578,657
Africa and Middle East2,1811,3512,50613,7991,6152,159
(In percent of total)
Arrivals by airplane66.565.059.360.260.464.3
Phnom Penh airport40.738.530.029.325.126.6
Siem Reap airport25.826.629.331.035.337.8
Other types of arrivals 1/33.535.040.739.839.635.7
Arrivals to Phnom Penh airport by country of residence 2/
Asia and Pacific54.562.258.652.961.764.3
Europe24.722.623.126.121.220.6
North, South, and Central America20.114.717.517.716.714.7
Africa and Middle East0.70.50.83.30.40.4
(Annual percent change)
Total visitor arrivals to Phnom Penh airport 2/
Asia and Pacific 2/6.9-3.810.718.619.730.5
Europe 2/19.9-23.220.148.7-16.521.6
Americas 2/46.7-38.339.732.7-3.210.2
Tourism receipts (in millions U.S. dollars) 4/4543896038409631,134
(In percent of GDP)10.68.511.513.413.313.1
(Annual percent change)19.4-14.255.139.114.717.8
(Average receipt per tourist, in U.S. dollars)577555572591566563
Source: Ministry of Tourism.

Arrivals by land and boat.

Arrivals at Pochentong (Phnom Penh) airport only.

Arrivals at Pochentong (Phnom Penh) and Siem Reap airports.

Including business and other purposes.

Source: Ministry of Tourism.

Arrivals by land and boat.

Arrivals at Pochentong (Phnom Penh) airport only.

Arrivals at Pochentong (Phnom Penh) and Siem Reap airports.

Including business and other purposes.

Table 6.Cambodia: Consumer Price Index (CPI), 2002–08 1/
Overall CPI

Index Change
Food, Beverages and TobaccoClothing and FootwearHousing and UtilitiesHouse Furnishings and Household OperationsMedical CareTransport and CommunicationRecreation and EducationPersonal Care and Effects
Weights (Percent)10042.72.233.30.74.08.76.22.2
(Year-on-year and annual average changes)
2002 December104.43.73.5-4.76.8-1.4-1.33.9-3.3-0.3
Average103.63.3-0.1-0.90.9-0.30.50.00.80.2
2003 December104.90.50.3-0.80.7-0.2-2.25.70.6-0.2
Average104.81.22.2-2.42.8-0.5-1.03.8-1.70.1
2004 December110.85.68.60.12.2-1.0-0.114.70.62.5
Average108.83.96.4-0.91.2-0.7-0.99.70.61.4
2005 December118.16.711.15.02.51.10.09.11.16.0
Average115.25.88.63.72.9-0.60.011.40.83.0
2006 December121.52.82.02.63.11.92.37.40.81.5
Average120.64.76.53.92.42.11.39.11.15.0
2007 December134.610.819.84.61.65.45.513.00.90.4
Average127.75.99.93.21.83.63.25.81.61.2
(12-month percentage changes)
2006 January118.36.310.83.61.61.70.010.21.26.2
February118.26.210.73.21.41.50.09.91.26.0
March118.15.910.23.61.61.80.18.91.26.0
April118.44.87.44.01.61.90.09.51.25.8
May119.34.97.24.21.82.20.010.51.25.8
June119.73.84.34.32.12.12.210.10.95.9
July121.65.16.34.53.02.32.511.20.85.7
August123.15.16.14.03.42.82.010.50.85.3
September123.84.45.03.93.42.61.58.61.54.8
October123.44.14.94.13.22.32.06.21.54.7
November122.33.22.94.23.12.02.36.71.51.8
December121.52.82.02.63.11.92.37.40.81.5
2007 January121.32.52.12.53.11.92.44.30.71.5
February121.62.92.84.22.72.22.45.40.71.7
March122.23.54.33.82.52.32.45.80.61.2
April123.24.05.53.42.72.62.55.10.61.5
May124.14.15.62.42.52.62.66.00.61.4
June126.65.810.32.62.62.7-0.63.8-0.21.5
July129.46.511.32.81.23.90.44.59.70.9
August129.55.29.93.20.53.95.32.91.41.7
September131.76.412.82.70.74.04.92.00.92.0
October134.18.716.83.10.85.15.65.62.10.1
November133.99.517.73.51.16.25.411.20.80.3
December134.610.819.84.61.65.45.513.00.90.4
2008 January137.913.722.22.35.324.614.416.30.6-0.4
February140.415.525.6-1.25.626.817.018.00.20.0
March147.020.334.9-1.46.527.717.222.0-0.30.8
April153.024.243.30.06.528.317.323.0-0.30.8
May156.025.745.80.87.229.116.523.4-0.71.4
June158.124.841.51.67.329.617.529.40.81.4
July158.322.336.81.38.127.316.227.1-8.12.5
August158.722.636.90.87.927.411.225.8-0.52.2
September158.420.332.1-0.17.727.511.623.3-0.62.8
October158.418.128.70.27.426.911.117.6-1.35.3
November155.015.726.30.07.025.010.86.00.25.2
Source: Ministry of Planning, NIS.

As measured by the consumer price index for Phnom Penh (July–December 2000=100).

Source: Ministry of Planning, NIS.

As measured by the consumer price index for Phnom Penh (July–December 2000=100).

Table 7.Cambodia: Employment by Sector of Activity, 2002–07
200220032004200520062007
(In thousands)
Total employment6,5716,9657,4967,8788,0538,354
Agriculture, forestry, and fisheries4,4264,4714,5204,6554,6194,670
Agriculture4,0804,0914,1034,1974,1834,224
Forestry565657586061
Forestry291323360400376385
Industry7418359471,0591,1691,286
Mining and quarrying151617192022
Manufacturing601656720789870944
Utilities61016171921
Construction120153195234260299
Services1,4041,6592,0282,1632,2652,399
Trade7568881,0421,1041,1401,196
Hotels and restaurants242730436186
Transport and communications178187196206217228
Financial intermediation91216233232
Real estate and business1615151618420
Public administration and defense15916918018518185
Education94100106113120128
Health and social work283337434957
Other social services59687889108123
Other81161327341336343
(In percent of total)
Agriculture, forestry, and fisheries70.267.464.260.359.155.9
Agriculture65.262.158.754.753.350.6
Forestry0.90.80.80.80.70.7
Fisheries4.24.44.64.85.14.6
Industry10.211.312.012.613.415.4
Mining and quarrying0.10.20.20.20.20.3
Manufacturing8.89.19.410.010.811.3
Utilities0.10.10.10.20.20.2
Construction1.31.82.22.63.03.6
Services19.521.423.827.127.528.7
Trade10.311.512.713.914.014.3
Hotels and restaurants0.20.40.40.40.51.0
Transport and communications2.72.72.72.62.62.7
Financial intermediation0.10.10.20.20.30.4
Real estate and business0.10.20.20.20.20.2
Public administration and defense2.42.42.42.42.42.2
Education1.41.41.41.41.41.5
Health and social work0.40.40.50.50.50.7
Other social services0.80.91.01.01.11.5
Other1.21.22.34.44.34.1
Source: Ministry of Planning, NIS.
Source: Ministry of Planning, NIS.
Table 8.Cambodia: General Government Operations, 2002–08(In billions of riels)
2002200320042005200620072008

Budget
Total revenue1,7621,7762,2092,6533,4314,1654,109
Tax revenue1,2451,2191,6451,9482,3723,3433,241
Direct taxes132150158222331480486
Indirect taxes1,0781,0301,4081,6471,9202,6762,624
Of which:
Excise taxes (including on imports)210198304380418617587
Domestic29334960868294
Import181164255320332535492
VAT (including on imports)4294105796778361,0931,120
Domestic103134186257329445460
Import347316404462527698690
Refund (-)20401142195030
Trade taxes424395513573644903858
Nontax revenue501525544578681705710
Of which: Timber royalties157232010
Tourism income192029445978118
Casino royalties32303744777569
Post and telecommunications12312094123837861
Passports and visa4041628595122132
Quota auction/garment licenses, etc.106146123758811890
Capital revenue 1/163119127377117157
Total expenditure and net lending2,8333,0043,0823,3034,2445,1645,680
Current expenditure1,5791,8041,8902,0322,5273,0433,569
Wages 2/6987497558359751,0581,242
Civil administration405451446516635774939
Defense and security293299309319341284302
Nonwage8589691,0251,0661,3721,7662,120
Operating expenditure6907367177839741,129945
Civil administration405626606654798829735
Defense and security285110111129176301210
Economic transfers516060851376573
Social transfers 2/2530262834501441
Civil administration2227232531472427
Defense and security233332914
Interest28344955507075
Other nonwage641091741151761586
Provincial expenditure (net subsidy)2385110130220220207
Capital expenditure1,2531,2291,1931,2721,7162,1212,111
Locally financed338333296315381436711
Externally financed 3/9158968969561,3361,6821,400
Net lending0-2800000
Current balance181-593004945261,004383
Overall balance-1,056-1,229-873-650-813-1,000-1,571
Overall balance (including grants)-604-817-512-99-51-235-688
Total financing1,0561,2298736508131,0001,571
Foreign financing (net)1,1221,0021,0301,2571,4181,7681,501
Of which:Project aid9519221,0101,1751,3361,6821,400
Budget support17813945120138188133
Domestic financing-66227-157-606-606-76870
Bank-44-9-81-212-532-863120
Nonbank-22236-76-394-7494-50
Memorandum items:
Defense and security outlays407411423451520616546
Customs department revenue9528751,1731,3541,5032,1362,400
GDP (in current prices) 4/16,78118,53521,43825,75429,84935,03937,694
Sources: Ministry of Economy and Finance; and IMF staff estimates.

The full amount of Multilateral Debt Relief Initiative (MDRI) proceeds (CR 341 billion) was recorded as capital revenue in 2006. In subsequent years, spending under MDRI has been recorded as capital expenditure. Capital revenue also includes privatization proceeds.

Since 2007, reflects expenditure classification according to the new chart of accounts.

Capital expenditure (externally financed) includes a statistical discrepancy, reflecting the difference between actual and recorded disbursements.

For 2008, GDP is an official projection.

Sources: Ministry of Economy and Finance; and IMF staff estimates.

The full amount of Multilateral Debt Relief Initiative (MDRI) proceeds (CR 341 billion) was recorded as capital revenue in 2006. In subsequent years, spending under MDRI has been recorded as capital expenditure. Capital revenue also includes privatization proceeds.

Since 2007, reflects expenditure classification according to the new chart of accounts.

Capital expenditure (externally financed) includes a statistical discrepancy, reflecting the difference between actual and recorded disbursements.

For 2008, GDP is an official projection.

Table 9.Cambodia: General Government Operations, 2002–08(In percent of GDP)
2002200320042005200620072008

Budget
Total revenue10.59.610.310.311.511.910.9
Tax revenue7.46.67.77.67.99.58.6
Direct taxes0.80.80.70.91.11.41.3
Indirect taxes6.45.66.66.46.47.67.0
Of which:
Excise taxes (including on imports)1.31.11.41.51.41.81.6
Domestic0.20.20.20.20.30.20.2
Import1.10.91.21.21.11.51.3
VAT (including on imports)2.62.22.72.62.83.13.0
Domestic0.60.70.91.01.11.31.2
Import2.11.71.91.81.82.01.8
Refund (-)0.10.20.10.20.10.10.1
Trade taxes2.52.12.42.22.22.62.3
Nontax revenue3.02.82.52.22.32.01.9
Of which: Timber royalties0.10.00.00.00.00.00.0
Tourism income0.10.10.10.20.20.20.3
Casino royalties0.20.20.20.20.30.20.2
Post and telecommunications0.70.60.40.50.30.20.2
Passports and visa0.20.20.30.30.30.30.4
Quota auction/garment licenses, etc.0.60.80.60.30.30.30.2
Capital revenue 1/0.10.20.10.51.30.30.4
Total expenditure and net lending16.916.214.412.814.214.715.1
Current expenditure9.49.78.87.98.58.79.5
Wages 2/4.24.03.53.23.33.03.3
Civil administration2.42.42.12.02.12.22.5
Defense and security1.71.61.41.21.10.80.8
Nonwage5.15.24.84.14.65.05.6
Operating expenditure4.14.03.33.03.33.22.5
Civil administration2.43.42.82.52.72.41.9
Defense and security1.70.60.50.50.60.90.6
Economic transfers0.30.30.30.30.50.20.2
Social transfers 2/0.10.20.10.10.11.41.2
Civil administration0.10.10.10.10.11.31.1
Defense and security0.00.00.00.00.00.10.0
Interest0.20.20.20.20.20.20.2
Other nonwage0.40.60.80.40.60.01.6
Provincial expenditure (net subsidy)0.10.50.50.50.70.60.5
Capital expenditure7.56.65.64.95.76.15.6
Locally financed2.01.81.41.21.31.21.9
Externally financed 3/5.54.84.23.74.54.83.7
Net lending0.0-0.20.00.00.00.00.0
Current balance1.1-0.31.41.91.82.91.0
Overall balance-6.3-6.6-4.1-2.5-2.7-2.9-4.2
Overall balance (including grants)-3.6-4.4-2.4-0.4-0.2-0.7-1.8
Total financing6.36.64.12.52.72.94.2
Foreign financing (net)6.75.44.84.94.85.04.0
Of which: Project aid5.75.04.74.64.54.83.7
Budget support1.10.70.20.50.50.50.4
Domestic financing-0.41.2-0.7-2.4-2.0-2.20.2
Bank-0.30.0-0.4-0.8-1.8-2.50.3
Nonbank-0.11.3-0.4-1.5-0.20.3-0.1
Memorandum items:
Defense and security outlays2.42.22.01.81.71.81.4
Customs department revenue5.74.75.55.35.06.16.4
Sources: Ministry of Economy and Finance; and IMF staff estimates.

The full amount of Multilateral Debt Relief Initiative (MDRI) proceeds (CR 341 billion) was recorded as capital revenue in 2006. In subsequent years, spending under MDRI has been recorded as capital expenditure. Capital revenue also includes privatization proceeds.

Since 2007, reflects expenditure classification according to the new chart of accounts.

Capital expenditure (externally financed) includes a statistical discrepancy, reflecting the difference between actual and recorded disbursements.

Sources: Ministry of Economy and Finance; and IMF staff estimates.

The full amount of Multilateral Debt Relief Initiative (MDRI) proceeds (CR 341 billion) was recorded as capital revenue in 2006. In subsequent years, spending under MDRI has been recorded as capital expenditure. Capital revenue also includes privatization proceeds.

Since 2007, reflects expenditure classification according to the new chart of accounts.

Capital expenditure (externally financed) includes a statistical discrepancy, reflecting the difference between actual and recorded disbursements.

Table 10.Cambodia: Official External Financing, 2002–08 1/(In billions of riels)
2002200320042005200620072008

Budget
Total official external financing (net)1,1221,0021,0301,2571,4191,7691,501
Budget support17813945120138188221
Grants91521829114133
Loans8787431111097488
World Bank9649100
Asian Development Bank78222411010974
Project aid9519221,0101,1751,3361,6831,400
Grants360360360543732651750
Loans5915626506326031,032650
World Bank18418419212191137
Asian Development Bank231267214252163274
Bilateral assistance206111244258349621
Amortization (- payment)-8-59-25-38-55-102-120
Sources: Ministry of Economy and Finance; and IMF staff estimates.

Budget assistance. Estimates may differ from official data due to differences in timing and coverage.

Sources: Ministry of Economy and Finance; and IMF staff estimates.

Budget assistance. Estimates may differ from official data due to differences in timing and coverage.

Table 11.Cambodia: Monetary Survey, 2004–08(In billions of riels; unless otherwise indicated)
20042005200620072008
Dec.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep.Dec.Mar.Jun.Sep
Net foreign assets4,7975,4756,4106,6826,9587,2248,0569,0489,76810,73510,91111,35310,809
National Bank of Cambodia (NBC)4,1144,4345,0925,1935,4765,7296,1366,7517,4978,5799,70610,78311,187
Assets4,5064,7685,0925,1935,4765,7296,1366,7517,4978,5799,70610,78311,187
Liabilities39233400000000000
Deposit money banks (DMBs)6821,0411,3191,4891,4831,4961,9202,2972,2712,1561,205570-378
Assets9751,3741,6851,8171,8741,9212,4342,8783,0583,3112,5972,3142,415
Liabilities2933333673283914265145817871,1561,3911,7442,792
Net domestic assets-467-450-699-637-497-282-263-1721405761,1361,3451,748
Net domestic credit1,6081,9722,0222,1662,3992,6762,8923,1363,8294,5705,6506,5277,128
Government (net)-209-421-756-831-892-953-1,176-1,403-1,547-1,816-2,400-2,678-2,653
NBC-256-407-689-749-758-807-1,018-1,228-1,378-1,632-2,187-2,435-2,405
DMBs47-14-68-82-134-146-157-174-169-184-213-244-248
Public enterprises0000222211110
Private sector 1/1,8172,3942,7782,9973,2883,6284,0664,5375,3756,3858,0499,2059,780
Other items (net)-2,075-2,423-2,721-2,803-2,896-2,959-3,155-3,308-3,689-3,994-4,514-5,182-5,380
Broad money4,3295,0255,7116,0446,4616,9427,7938,8769,90811,31112,04712,69812,557
Narrow money1,1531,3231,4491,5121,5631,6581,7941,7481,7502,0522,3892,4672,335
Currency in circulation1,1151,2821,4031,4591,5121,6001,7341,6821,6801,9902,3242,3492,259
Demand deposits 2/384145525158606670626511876
Quasi-money3,1763,7024,2624,5334,8985,2855,9997,1288,1599,2599,65810,23110,223
Time deposits9711311611393899499106121126150181
Foreign currency deposits3,0793,5894,1464,4204,8055,1965,9057,0298,0539,1389,53210,08110,042
Memorandum items:
Net foreign assets (in millions of dollars)1,1901,3301,5641,6241,6731,7791,9852,2142,3952,6822,7282,7722,626
NBC1,0211,0771,2421,2621,3171,4111,5121,6521,8382,1432,4272,6322,718
Gross assets1,1181,1581,2421,2621,3171,4111,5121,6521,8382,1432,4272,6322,718
Gross liabilities978100000000000
DMBs169253322362357368473562557538301139-92
Foreign currency deposits (in millions of U.S. dollars) 3/7748721,0121,0741,1561,2791,4551,7201,9742,2832,3842,4612,440
(In percent of broad money)71.171.472.673.174.474.875.879.281.380.879.179.480.0
Riel component of broad money1,2501,4351,5651,6251,6561,7461,8881,8471,8562,1732,5152,6172,515
(In percent of broad money)28.928.627.426.925.625.224.220.818.719.220.920.620.0
Credit to private sector (in millions of U.S. dollars)4515826787297918931,0021,1101,3181,5952,0132,2472,376
(In percent of GDP)8.59.39.310.010.912.211.512.815.218.219.221.422.7
Loan to deposit ratio (in percent)55.463.664.065.065.767.166.262.364.367.482.088.794.6
Money multiplier1.61.92.02.12.02.12.22.22.32.22.22.11.9
Velocity 4/5.45.45.45.35.14.94.64.44.13.93.63.53.5
Sources: National Bank of Cambodia; and IMF staff estimates.

Includes claims on the private sector by the NBC.

Includes deposits held at the NBC.

Excludes nonresident deposits.

Ratio of nominal GDP to the year-to-date average stock of broad money.

Sources: National Bank of Cambodia; and IMF staff estimates.

Includes claims on the private sector by the NBC.

Includes deposits held at the NBC.

Excludes nonresident deposits.

Ratio of nominal GDP to the year-to-date average stock of broad money.

Table 12.Cambodia: Balance Sheet of the National Bank of Cambodia, 2004–08(In billions of riels; unless otherwise indicated)
20042005200620072008
Dec.Dec.MarchJuneSep.Dec.MarchJuneSep.Dec.MarchJuneSep.
Reserve money2,6652,6372,8922,9193,1653,3833,5503,9674,3605,0285,4026,0766,664
Currency outside banks1,1151,2821,4031,4591,5121,6001,7341,6821,6801,9902,3242,3492,259
Vault cash26272934323030354047456773
Bank deposits1,5191,3221,4471,4091,6071,7361,7712,2332,6202,9683,0073,6294,300
Required reserves2443023273743914284895586527788591,1091,930
Other1,2751,0201,1201,0351,2161,3081,2821,6761,9682,1912,1482,5212,370
Net foreign assets4,1144,4345,0925,1935,4765,7296,1366,7517,4978,5799,70610,78311,187
Foreign assets4,5064,7685,0925,1935,4765,7296,1366,7517,4978,5799,70610,78311,187
Gold7068469639899761,0291,0741,0571,1991,3461,4891,5161,447
Bank accounts1,8672,3312,3622,4082,7303,0103,4534,2884,8205,7885,4516,4086,757
Foreign exchange10611311111515289102121144127199218313
SDR holdings0100010111000
IMF reserve position0000000000000
Other 1/1,8271,4761,6561,6811,6171,6001,5061,2841,3341,3182,5672,6402,769
Foreign liabilities39233400000000000
IMF39233400000000000
Net domestic assets-1,450-1,797-2,200-2,274-2,311-2,346-2,579-2,779-3,133-3,561-4,309-4,707-4,522
Net credit to government-256-407-689-749-758-807-1,018-1,228-1,378-1,632-2,187-2,435-2,405
Claims270270270270270286298297297297296270270
Deposits5266779591,0201,0281,0931,3161,5261,6751,9292,4842,7052,675
Claims on private sector3222222222222
Net claims on banks-84-101-113-77-111-92-75-76-92-149-181-172-195
Claims on banks17112131294450606472768688
Restricted deposits101112133108140136125135156221258258284
Loans from deposit money banks0000000000000
Other items (net)-1,110-1,289-1,401-1,450-1,444-1,449-1,487-1,477-1,665-1,781-1,942-2,102-1,924
Assets217284290327369422443489488501524536582
Liabilities1,3271,5731,6911,7771,8131,8711,9301,9672,1532,2832,4662,6382,506
Memorandum items:
Reserve money (12-month percentage change)23.9-1.06.513.122.228.322.735.937.748.652.253.152.9
Gross official reserves (in millions of U.S. dollars)8859159761,0151,0371,0971,2041,2641,3721,6161,8972,0442,164
Sources: National Bank of Cambodia; and IMF staff estimates.

Comprises mainly of holdings of short-term securities issued by foreign governments.

Sources: National Bank of Cambodia; and IMF staff estimates.

Comprises mainly of holdings of short-term securities issued by foreign governments.

Table 13Cambodia: Consolidated Balance Sheet of Deposit Money Banks, 2004–08
20042005200620072008
Dec.Dec.MarchJuneSep.Dec.MarchJuneSep.Dec.MarchJuneSep.
(In billions of riels)
Net foreign assets6821,0411,3191,4891,4831,4961,9202,2972,2712,1561,205570-378
Foreign assets9751,3741,6851,8171,8741,9212,4342,8783,0583,3112,5972,3142,415
Foreign liabilities2933333673283914265145817871,1561,3911,7442,792
Net domestic assets9831,3461,5011,6371,8132,0642,3162,6073,2744,1375,4456,0526,294
Net claims on National Bank of Cambodia (NBC)888898-22-30-38-40-44-48-48
Claims8888988800000
Liabilities00000030383840444848
Net claims on government47-14-68-82-134-146-157-174-169-184-213-244-248
Claims905673000000000
Deposits43717585134147157175169184213244248
Claims on public enterprises0000222211110
Claims on private sector 1/1,8142,3912,7762,9953,2863,6264,0644,5355,3736,3838,0479,2039,778
Other assets (net)-887-1,039-1,216-1,285-1,349-1,426-1,571-1,725-1,894-2,023-2,345-2,860-3,189
Assets2744005415365966406156466758009521,0101,315
Fixed assets137200289316344354359390416446482527601
Interbank claims534862444545625682114203295509
Other assets84153191177207241194200178240267188204
Liabilities1,1611,4391,7571,8211,9452,0652,1862,3712,5692,8233,2973,8704,503
Capital9231,1321,2161,2731,3691,4491,5331,7181,9062,1282,4442,9283,224
Capital and reserves8479589941,0141,0791,1291,1491,2651,3571,4731,6972,0662,222
Provisions62150206242273304369441537643734849989
Valuation adjustment13241616161616131312121313
Restricted deposits1111011181922000000
Interbank liabilities35304244406341667798164142437
Other liabilities202265488493518534589586586598689800842
Reserves1,5451,3491,4761,4441,6401,7661,8012,2682,6603,0163,0523,6974,373
Cash26272934323030354047456773
Deposits at NBC1,5191,3221,4471,4091,6071,7361,7712,2332,6202,9683,0073,6294,300
Deposits3,2103,7374,2954,5704,9365,3256,0377,1738,2059,3089,70310,31810,289
Demand deposits33343337384138454649458767
Time and savings deposits9711311611393899499106121126150181
Foreign currency deposits3,0793,5894,1464,4204,8055,1965,9057,0298,0539,1389,53210,08110,042
Memorandum items:(Percent per annum)
Deposit rates 2/
Riel savings deposits1.92.01.81.81.91.81.91.92.01.92.02.12.0
Foreign currency savings deposits0.90.90.90.91.01.01.01.01.01.01.01.01.0
Foreign currency term deposits2.52.42.62.83.33.33.03.03.33.43.42.82.5
Lending rates 2/3/
Foreign currency loans17.317.317.217.217.217.217.217.216.516.416.316.316.2
Sources: National Bank of Cambodia; and IMF staff estimates.

Predominantly in foreign currency.

Weighted average rates from banks.

Nearly all loans to the private sector in Cambodia are denominated in foreign currencies.

Sources: National Bank of Cambodia; and IMF staff estimates.

Predominantly in foreign currency.

Weighted average rates from banks.

Nearly all loans to the private sector in Cambodia are denominated in foreign currencies.

Table 14Cambodia: Balance of Payments, 2002–07(In millions of U.S. dollars, unless otherwise indicated)
200220032004200520062007
Current account (including official transfers)-104-166-116-240-47-296
(Excluding official transfers)-405-492-436-606-522-694
Trade balance-591-581-681-993-1,034-1,330
Exports, f.o.b.1,7702,0872,5892,9103,6944,089
Of which: Domestic exports 1/1,6591,9702,4542,7733,5383,874
Imports, f.o.b.-2,361-2,668-3,269-3,904-4,727-5,419
Of which: Retained imports-2,275-2,579-3,166-3,798-4,593-5,237
Services and income (net)40-6469179197259
Receipts6555938531,1861,3861,658
Of which: Tourism receipts4543896038409631,149
Payments-614-657-784-1,007-1,189-1,399
Of which: Interest payments-15-17-19-21-26-25
Private transfers145153176209315377
Official transfers302326321365475398
Capital and financial account156193165305240724
Medium− and long−term loans167160177170118251
Disbursements167162182177132269
Amortization0-2-5-7-14-19
Capital transfers 2/0000760
Foreign direct investment13974121375483866
Net foreign assets of deposit money banks (change, + decrease)-645-103-16-181-384
Errors and omissions 4/-86-45-31-224-257-9
Overall balance52274965193427
Financing-52-27-49-65-193-427
Change in gross official reserves 5/-86-47-60-77-138-447
Use of Fund credit9-2-10-9-820
Purchases/disbursements22120000
Repurchases/repayments1213109820
Debt restructuring 6/000060
Change in arrears (− reduction)252121222120
Memorandum items:
Current account balance (in percent of GDP)
Excluding official transfers-9.5-10.6-8.2-9.6-7.2-8.0
Including official transfers-2.4-3.6-2.2-3.8-0.6-3.4
Gross official reserves6637378099151,0971,616
(In months of prospective imports of goods and services)2.62.32.12.02.12.5
Net official international reserves5686347138341,0971,616
Public external debt (in millions of U.S. dollars) 7/1,5511,8012,0382,1202,2542,582
(in percent of GDP)36.238.738.235.031.029.7
Sources: Data provided by the Cambodian authorities; and IMF staff estimates and projections.

Includes estimates for unrecorded exports.

Debt forgiveness from the IMF for debt incurred before 2005 under the Multilateral Debt Relief Initiative (MDRI).

Includes unrestricted foreign currency deposits held as reserves at the National Bank of Cambodia (NBC).

Includes unidentified short-term flows.

Excludes unrestricted foreign currency deposits held as reserves at the NBC and valuation changes.

Reflects the impact of MDRI debt forgiveness.

Debt owed to the Russian Federation is valued at 0.6 rubles per U.S. dollar with the standard 70 percent discount.

Sources: Data provided by the Cambodian authorities; and IMF staff estimates and projections.

Includes estimates for unrecorded exports.

Debt forgiveness from the IMF for debt incurred before 2005 under the Multilateral Debt Relief Initiative (MDRI).

Includes unrestricted foreign currency deposits held as reserves at the National Bank of Cambodia (NBC).

Includes unidentified short-term flows.

Excludes unrestricted foreign currency deposits held as reserves at the NBC and valuation changes.

Reflects the impact of MDRI debt forgiveness.

Debt owed to the Russian Federation is valued at 0.6 rubles per U.S. dollar with the standard 70 percent discount.

Table 15Cambodia: Merchandise Trade, 2002–07 1/(In millions of U.S. dollars)
200220032004200520062007
Total exports1,7702,0872,5892,9103,6944,089
Domestic exports1,6591,9702,4542,7733,5383,874
Generalized System of Preferences (GSP) 2/1,3921,6282,0792,2612,7272,943
Logs and sawn timber382016161821
Fish7376697690105
Rubber6398115119175157
Rice2894114177332411
Others665462124196237
Re-exports111117134137156215
Total imports, f.o.b. 3/4/2,3612,6683,2693,9044,7275,423
Total imports, c.i.f.2,5542,8883,5384,2305,1235,874
Dutiable imports7297518569941,1791,568
Cigarettes68698180103108
Motorcycles283045559386
Beer2116412
VCRs111111
TV sets544434
Audio cassettes211000
Gold101325521
Vehicles38366590105172
Construction materials131212282837
Clothing393738454755
Cloth566976
Petroleum products150180172164212273
Sugar26468147
Cement373740445354
Steel231619213345
Other282304341433474705
Memorandum items:
Garment exports (in millions of U.S. dollars)1,3421,6011,9862,2062,6632,840
GSP (in percent of total domestic exports)848385827776
Sources: Data provided by the Cambodian authorities; and IMF staff estimates.

Includes estimates for unrecorded exports.

Includes garment exports.

Includes imports for re-exports.

Includes goods procured by resident carriers.

Sources: Data provided by the Cambodian authorities; and IMF staff estimates.

Includes estimates for unrecorded exports.

Includes garment exports.

Includes imports for re-exports.

Includes goods procured by resident carriers.

Table 16Cambodia: Foreign Debt and Debt Service, 2002–07(In millions of U.S. dollars)
200220032004200520062007
Total external debt outstanding 1/1,5511,8012,0382,1202,2542,582
Multilateral7409551,1241,1491,2001,359
World Bank303396464461500536
Asian Development Bank (AsDB)328434530568656771
IMF95102978100
Other152333384452
Bilateral8118469149711,0551,223
New debt4668126181258415
Rescheduled debt283335302730
Nonrescheduled debt737745753761769778
Total disbursements189174182177146269
Multilateral15715313112183106
World Bank476248331842
AsDB797374806058
IMF22120000
Other979956
Bilateral3221515571162
Total amortization262929292731
Multilateral12151315811
World Bank001245
AsDB011245
IMF121310900
Other000111
Bilateral141415151820
New debt000000
Rescheduled debt001151
Nonrescheduled debt 2/141414131319
Total interest payments151719212625
Multilateral689101112
World Bank233344
AsDB345667
IMF111111
Other000011
Bilateral91010111513
New debt001123
Rescheduled debt111111
Nonrescheduled debt 2/8888129
Sources: Cambodian authorities; and IMF staff estimates.

Includes debts owed to the Russian Federation and the United States. The Russian debt is valued at 0.6 USSR rublesper U.S. dollar with the standard 70 percent discount.

Includes debt service owed to the Russian Federation and United States.

Sources: Cambodian authorities; and IMF staff estimates.

Includes debts owed to the Russian Federation and the United States. The Russian debt is valued at 0.6 USSR rublesper U.S. dollar with the standard 70 percent discount.

Includes debt service owed to the Russian Federation and United States.

Table 17Cambodia: Investment Approvals by Origin and Sector, 2002–07 1/(In millions of U.S. dollars)
200220032004200520062007
Total by economy of origin 2/2553413741,1912,6311,833
Cambodia942221413841,145704
Foreign1621182338071,4851,095
North and South America84715622
Argentina000100
Canada503900
United States3445622
Asia and Pacific1511062117691,107991
Australia5106059
China2445107458763137
Hong Kong Special Administrative Region272231715
Indonesia000200
Japan2020356
Kazakhstan0000062
Korea8238617786
Malaysia18413734226
Nepal0000021
Singapore261259142
Taiwan Province of China102318484519
Thailand012195102168
Vietnam2400053138
Europe291523316102
Belgium0000330
France0808069
Netherlands110200
New Zealand000001
Russia00202780
Sweden000001
United Kingdom111313530
Others (including unclassified)0000034
Total by sector of activity2553413741,1912,6311,833
Agriculture160122853695
Industry49125175681808324
Tourism47135120119130698
Other services14381673621,156717
Sources: Council for the Development of Cambodia; and IMF staff estimates.

Total fixed assets approval.

Economy of origin of principal investors.

Sources: Council for the Development of Cambodia; and IMF staff estimates.

Total fixed assets approval.

Economy of origin of principal investors.

Cambodia: Summary of the Tax System October 2008
TaxNature of TaxExemptions and DeductionsRates
1. Tax on income, profits, and capital gains
Tax on salaryA monthly tax on salary is imposed on salary received for fulfilling employment activities. All residents of Cambodia are subject to the tax on Cambodian and foreign sourced salary. Non-residents are subject to the tax on Cambodian sourced salary.Exemptions:

(i) officers and employees of diplomatic and consular missions;and foreign representatives, officials, and employees of international organizations and technical cooperation agencies of other governments;

(ii) members of the National Assembly of Cambodia and the Senate;

(iii) refund of professional expenses;

(iv) indemnity for layoff;

(v) additional remuneration with social characteristics providedunder the Labor Law;

(vi) supply gains or below acquisition cost of special uniforms orprofessional equipment;

(vii) flat allowances for mission and travel expenses.

Deductions: CR 75,000 from the tax base per month for each minor dependent child and spouse without an occupation.

Rates are applied on monthly salary as follows:

(i) CR 0–500,000—0 percent;

(ii) CR 500,001–1,250,000—5 percent;

(iii) CR 1,250,001–8,500,000–10 percent;

(iv) CR 8,500,001–12,500,000—15 percent;

(v) More than CR 12,000,000–20 percent.

For non-resident taxpayers, 20 percent of the total value of salary is withheld by the employer.
A monthly tax on fringe benefits is withheld at the source. Fringe benefits are valued at fair market value.Exemptions:

(i) officers and employees of diplomatic and consular missions; andforeign representatives, officials, and employees of international organizations and technical cooperation agencies of othergovernments;

(ii) members of the National Assembly of Cambodia and the Senate.
20 percent of the total value of fringe benefits is withheld by the employer.
Tax on rental incomeA monthly tax on income received as rent on land, buildings, and certain equipment is paid by the owner.Property owners whose monthly income from rent is less than CR 500,000 under the estimated regime.10 percent
Tax on profitsAn annual tax on the profits of businesses, including capital gains from the sale of assets during the operation or at the close of a business, as well as income from financial investments, interest receipts, and rental and royalty income. The tax is assessed according to the real regime (accounts-based profits), simplified regime, or estimated regime of taxation (a proxy profit tax based on estimated turnover).Exemptions:

(i) income of the Royal Government of Cambodia and institutionsof the Royal Government;

(ii) income of any religious, charitable, scientific, literary, oreducation organization;

(iii) income of labor organizations and chambers of commerce, industry, or agriculture;

(iv) profits from the sale of agricultural produce. In addition, under the Law on Investment, exemptions can begranted by the Council for the Development of Cambodia (CDC).

Deductions:

(i) interest expenses for business purposes that the taxpayer has paid or incurred during the tax year;

(ii) depreciation of tangible and intangible property and naturalresources;

(iii) charitable contributions. Carry forward of losses is also allowed.
For corporate entities, rates apply as follows:

(i) 0 percent for enterprises engaged in a Qualified Investment Project (QIP) during the period of tax exemptionand 9 percent for 5 years of transitional period;

(ii) 30 percent for enterprises engaged in the production orexploitation of oil, gas and natural resources, including timber, ore, gold, and precious stones;

(iii) 20 percent for profits realized by legal persons;

(iv) 5 percent of gross premiums for insurance companies. For non-corporate entities, rates apply on profits as follows:

(i) 0–CR 6,000,000—0 percent;

(ii) CR 600,0001–15,000,000—5 percent;

(iii) CR 15,000,001–102,000,000—10 percent;

(iv) CR 102,000,001–150,000,000—15 percent;

(v) More than CR 150,000,000—20 percent.
Tax on dividendsAn additional tax on dividend distribution of retained earnings or annual profits.Exemptions:

Distribution of retained earnings or annual profits after tax, if an enterprise has already paid the tax on profits at the normal rate of 20 percent for a legal person, or at the rate of 30 percent for an oil or natural gas production-sharing contract or for the exploitation of natural resources, including timber, ore, gold, and precious stones.
Rates apply as follows:

(i) 20 percent of retained earnings, if an enterprise is distributing profits that were subject to the 0 percent profit rate;

(ii) 11/91 of retained earnings, if an enterprise is distributing profits that were subject to the 9 percent profit rate;

(iii) 0 percent of retained earnings, if an enterprise is distributing profits that were subject to the 20 percent profit rate.
Withholding taxAny resident taxpayer carrying out a business who makes payments in cash or in kind to a resident or non-resident taxpayer is subject to the withholding tax.Exemptions:

(i) interest paid to a domestic bank or savings institution;

(ii) the payment of tax exempt income to government institutions;any religious, charitable, science, literary, or educationalorganization; labor organization or any chamber of commerce, industry, or agriculture;

(iii) profits from sales by small agricultural producers.
The following amounts are to be withheld by the residenttaxpayer making a payment to a resident taxpayer:

(i) 15 percent on income received by a non-real regime taxpayer from performance of services, including management, consulting, and similar services, as well asroyalties for intangibles;

(ii) 10 percent on income from the rental of movable and immovable property;

(iii) 6 percent on interest paid by domestic banks to resident taxpayers having a fixed- term deposit account;

(iv) 4 percent on interest paid by a domestic bank to aresident taxpayer having a non-fixed savings account.

The following amounts are to be withheld by resident taxpayers making a payment to a non-resident taxpayer:

(i) 14 percent on interest, royalties, rent, and other income paid to connected with the use of property, for management or technical service, and dividends.
Capital gains tax on physical personsImplementation regulations are being prepared as part of the Financial Act (2007).
2. Patent taxAn annual registration or license fee is levied on all businesses, industries, and services. The base is the previous year’s turnover or estimated turnover. New businesses are taxed on the basis of a provisional estimate of turnover.None.For business and industries, levies apply on annual turnoveras follows:

(i) CR 0–7,500,000—CR 15,000;

(ii) CR 7,500,001–12,500,000—CR 21,000;

(iii) CR 12,500,001–25,000,000—CR 27,000;

(iv) CR 25,000,001–30,000,000—CR 40,000;

(v) CR 30,000,001–37,500,000—CR 60,000;

(vi) CR 37,500,001–50,000,000—CR 90,000;

(vii) CR 50,000,001–62,000,000—CR 140,000;

(viii) CR 62,000,001–75,000,000—CR 180,000;

(ix) CR 75,000,001–100,000,000—CR 240,000;

(x) CR 100,000,001–1 billion (maximum)—0.1 percent of turnover.

For services, levies apply on annual turnover as follows:

(i) CR 0–3,000,000—CR 15,000;

(ii) CR 3,000,001–5,000,000—CR 21,000;

(iii) CR 5,000,001–10,000,000—CR 27,000;

(iv) CR 10,000,001–12,000,000—CR 40,000;

(v) CR 12,000,001–15,000,000—CR 60,000;

(vi) CR 15,000,001–20,000,000—CR 90,000;

(vii) CR 20,000,001–24,800,000—CR 140,000;

(viii) CR 24,800,001–30,000,000—CR 180,000;

(ix) CR 30,000,001–40,000,000—CR 240,000;

(x) CR 40,000,001–400,000,000 (maximum)—0.25 percent of turnover.
3. Taxes on domestic goods or services
Value added tax (VAT)The VAT is applied to any person subject to the real regime system. It covers both goods and services, extending through all stages of importation, production, and distribution.Exempted from the VAT are:

(i) public postal service;

(ii) hospitals, clinics, medical and dental services, and the sale of medical and dental goods;

(iii) public transportation services;

(iv) primary financial services;

(v) insurance services;

(vi) nonprofit activities in the public interest

(vii) the import of goods for personal use exempted from customs duties,

(viii) the import of goods for or by foreign diplomatic and consular missions, international organizations, and technical cooperation agencies of other governments for use in the exercise of their official function,

(ix) the imports of agricultural seeds and breeding animals;

(x) agricultural equipment: planting/ fertilizing/harvesting/post-harvesting machineries, including combines, and agricultural tractors.

An ad hoc exemption is provided to supporting industries or contractors (which are not QIPs) that supply products or services to export-oriented garment manufacturers.

An input tax credit is allowed to the taxable person for the taxpayable for:

(i) all taxable supplies purchased by that person during the taxperiod;

(ii) all imported goods purchased by that person during the tax period. The tax credit for supplies or imports is only allowed if they are used by the taxable person to produce taxable supplies. The tax credit for supplies or imports is not allowed for any tax paidon the:

(i) purchases of automobiles (including imports), unless the taxable person is in the business of dealing in or hiring such automobiles;

(ii) entertainment, amusement, and recreation expenses, unless thetaxable person is in the business of providing entertainment, amusement, and recreation;

(iii) purchases of petroleum products for use as road fuel, unless thetaxable person is in the business of supplying petroleum products.
Uniform rate of 10 percent.
Turnover taxThe turnover tax is applied to persons subject to the estimated regime system. It is imposed on supply of both goods and services in the Kingdom of Cambodia. This tax is payable monthly.Income from the sale of agricultural products that are the habitual agricultural work of farmers (and not that of products sold by traders).Uniform rate of 2 percent.
Minimum taxThe minimum tax is imposed on annual turnover inclusive of all taxes, except the VAT, and is payable at the time of the annual tax on profit. The minimum tax may be reduced by the annual tax on profit.A taxpayer granted the status of a QIP under the Law on Investment.1 percent of annual turnover.
Excise taxThe excise tax is levied on select products, both locally produced and imported.The importation of 200 cigarettes; 2 liters of wine; and petroleum products in vehicle’s own tank up to 30 liters per car and motor oil up to 5 liters per car.Rates apply as follows:(i) telecommunication services—3 percent;

(ii) airline tickets—10 percent;

(iii) motor vehicles—15 percent for cylinder capacity of lessthan 1000 cc, and 45 percent for other cylinder capacity;

(iv) new spare parts for motor vehicles—25 percent, and forused spare part vehicle—10 percent;

(v) motorcycles and spare parts—5 percent for motorcyclesof less than 125cc and for 125cc and above—10 percent;—

(vi) cigarettes—10 percent;—

(vii) cigars—25 percent;

(viii) beer—30 percent;

(ix) other alcoholic products (spirits and wine)—10 percent,

(x) soft drinks—10 percent;

(xi) gasoline—33.33 percent;

(xii) diesel—4.35 percent;

(xiii) kerosene—10 percent;

(xiv) lubricating oil—25 percent;

(xv) white spirit and solvents—5 percent;

(xvi) base oil, carbon, black feedstock oil, hydraulics oil andlubricating grease—10 percent;

(xvii) air conditioners, cosmetics, telephones, and video andcamera equipment—10 percent;

(xviii) cosmetics—10 percent.

For certain goods produced locally, the tax base is 65 percent of supply value (excluding VAT) recorded on the invoice.
Stamp taxThe stamp tax is affixed on documents such as a proposal letter, status of companies, registration card of motor vehicles (motorcycles, cars, boats, ships, and others), driver’s license, billboards, and trademarks.None.Rates apply as follows:

(i) physical person’s document requiring an affixed stamp tax—CR 100–3,000;

(ii) legal person’s document requiring an affixed stamp tax—100–3,000;

(iii) stamp tax on billboards is based on their size.
4. Slaughter taxThe slaughter tax is based on the value of the livestock that is slaughtered such as cows, pigs, and buffalos.Animals (i) slaughtered for celebrating national tradition, (ii) for research uses, and (iii) killed in an accident.Uniform rate of 3 percent is applied to the set price for each animal.
5. Property transfer taxThe property transfer tax is levied on the transfer of rights of immovable properties in the form of a sale, exchange, donation, or shareholding land and buildings. The tax is also levied on the transfer of rights of movable properties such as motorcycles, cars, trucks, and ships. Documents acknowledging the transfer of rights related to company creation, merger/ closure, and supply contract for goods and services to public organizations are taxed.Transfers of property ordered by the state are exempted, as are transfer by government entities, public utilities, and charitable organizations.(i) 4 percent of selling value of immovable and immovable properties;

(ii) CR 100,000 on documents acknowledging transfer ofrights.
6. Tax on unused landTax levied on land that is not currently in use or has no physical structures (implementing regulations under preparation).The Financial Act (2007) abolishes the exemption on land area less than or equal to 1,200 square meters.2 percent of the land value determined by the Land Committee.
7. Taxes on international trade
Import dutiesSince January 2004, general tariffs (based on the Harmonized System classification) have been levied on all imports. All rates are ad valorem and levied on c.i.f. basis, except automobiles, petroleum products, steel, cigarettes, and chemical fertilizers. For these products, values are fixed on imports by the Minister of Economy and Finance.(i) imports for projects and investments approved by the CDC;

(ii) import of unprocessed agricultural products, seedlings, insecticides, pesticides, and agricultural machinery (excludingtractors);

(iii) imports of embassies, international organizations providing humanitarian aid, and projects financed through bilateral assistance.
Rates apply as follows:

(i) 0 percent for essential goods, seeds, and basic raw materials;

(ii) 7 percent for intermediate goods and other items notlisted below;

(iii) 15 percent for machinery and equipment;

(iv) 35 percent for luxury goods, including automobiles;

(v) diesel—15 percent of the prescribed value of $267 per ton;

(vi) gasoline—35 percent of the prescribed value of $309 per ton.
Additional taxAdditional tax levied on selected imported products.None.(i) gasoline—2 cents per liter;

(ii) diesel—4 cents per liter.
Export taxes
•Tax on timberAd valorem tax levied on the value of processed woods at export. Exports of woods are limited to those cut on government-agreed concessions. An export ban on all logs was introduced on December 31, 1996.None.10 percent.
•Tax on rubberAd valorem tax levied on rubber.None.2, 5, or 10 percent.
•Other productsAd valorem tax levied on livestock and fishery products.None.10 percent.
Ad valorem tax levied on sand, gravel, and granite.None.10 percent.
8. Other tax
Means of transportation taxAnnual levy on automobiles and boats.Ambulances and fire trucks; vehicles of the Royal Cambodia Force and of the military and national police; vehicles owned by diplomatic missions and international organizations.(i) trucks:

0–3 tons—CR 150,000

3–10 tons—CR 250,000;

10–20 tons—CR 450,000;

More than 20 tons—CR 750,000.

(ii) buses—from CR 150,000 to CR 250,000;

(iii) passenger cars:

12–17 horsepower—CR 250,000 (less than 5 years old) or CR 180,000 (more than 5 years old);

17–24 horsepower—CR 800,000 (less than 5 years old), or CR 600,000 CR (more than 5 years old);More than 24 horsepower—CR 1,000,000;

(iv) motorcars over 12 horsepower—CR 87,500–125,000;

(v) tractors 35–83 horsepower—CR 30,000–50,000;

(vi) motorcycles of more than 50 cc—CR 3,000–7,500;

(vii) ships—CR 10,000–500,000;

(viii) fishing boats—CR 20,000–1,200,000.
Public lighting taxTax levied on purchase of wine and cigarettes.None.3 percent of the selling value.
Tax on accommodationsTax levied on regular, apartment, suite, and resort hotels, hotel apartments, suite hotels; on motels, lodges, bungalows, guesthouses, tourist campgrounds, and on other lodging.Rental apartments for short and long term use2 percent of the rental price per room (excluding VAT).

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