Despite a turbulent global environment marked by trade protectionism, armed conflicts, and geopolitical tensions, Cambodia’s economy demonstrated remarkable resilience in the first half of 2025, recording a growth rate of nearly 6%, according to the National Bank of Cambodia’s (NBC) First Half 2025 Report and Outlook for the Second Half.
The NBC reported that the Kingdom’s economy expanded by approximately 5.9% in the first six months, driven primarily by manufacturing, tourism, and agriculture. Manufacturing posted a robust 9.5% growth, buoyed by strong exports to the United States ahead of expected tariff changes. Within the sector, garment production rose by 10.4%, while non-garment manufacturing increased by 8.5%.
Tourism also continued its upward trajectory, supported by improved air connectivity, infrastructure upgrades, and major international events. International tourism revenue reached an estimated $1.9 billion in the first half, a 9.1% year-on-year increase. Agriculture grew modestly at 1.2%, supported by gains in crop production and fisheries.
However, the construction and real estate sectors remained subdued, growing just 0.7% and 0.8% respectively, due to declining property prices, reduced housing loans, and lower foreign direct investment.
Trade performance was strong, with the General Department of Customs and Excise (GDCE) reporting total trade of $30.57 billion in the first half — a 17.2% increase from the same period in 2024. Exports totaled $14.29 billion, while imports stood at $16.28 billion, resulting in a $1.98 billion trade deficit.
Looking ahead, the NBC warned of potential slowdowns in the second half of the year, citing rising protectionist measures and heightened geopolitical risks that could weigh on exports, FDI, and tourism. Nonetheless, stable inflation and exchange rates continue to provide a solid macroeconomic foundation for Cambodia’s growth prospects.
Also read, Cambodia’s Rice Exports Top $1.2 Billion in First Seven Months of 2025
