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Cambodia's economy forecast to grow 6.9 pct this year

Xinhua, September 29, 2015 Adjust font size:

Cambodia's economy is expected to expand 6.9 percent in 2015, 0.2 percentage point lower than the 7.1 percent growth last year, Chea Serey, director general of the National Bank of Cambodia, said Tuesday.

However, the Southeast Asian nation's gross domestic product ( GDP) growth was still among the world's highest growth countries, the central bank chief said.

"Our economic growth averaged 8.5 percent over the last 15 years, making Cambodia the world's sixth highest growth country," she said at the Second Annual NBC Macroeconomic Conference here.

She added that the country's inflation rate is projected to stay below 2 percent this year.

The country's economy currently depends on four major sectors: garments, tourism, construction and agriculture.

Last week, the Asian Development Bank slightly lowered Cambodia 's economic growth prospect to 7 percent this year, taking into account low growth in garment exports and tourism as well as agriculture.

According to the Cambodian government's reports, the garment sector, the kingdom's largest foreign exchange earner, made 3 billion U.S. dollars in the first six months of this year, an increase of 9 percent over the same period last year.

The country received about 2.3 million foreign tourists in the same six months with a modest growth of 5.6 percent from a year earlier. Endi