Cambodia: Recent Economic Developments

World Bank Cambodia country office Seventh edition, February, 2011

Overview
Recovery firmed up. Risks have lowered but remain important in the banking and fiscal sector. Inflation is low but deserves monitoring.
growth at 10% during 2000-08, -2.0% in 2009; and 6.7% projected in 2010 led by exports. Main drivers of growth remains: agriculture, garment exports, and tourism, construction and banking. economic downside risks are: (i) narrow base and high concentration of garment exports to the US market; (ii) weak fiscal position and aid dependent; (iii) stress on banking sector; and (iv) continued uncertainty on global environment especially food prices. jobs markets recovered especially in exports oriented industries (footwear and garments) countercyclical response has been broadly appropriate; recent fiscal adjustment appears on track, growing capital expenditures in recent years. monetary policy tightened with new policy of tripling bank capital requirement became effective January 1, 2011. Inflation and asset prices should be monitored closely. Dollarization remains high hampering effective monetary policy.
recent developments: fiscal adjustments (unwinding fiscal stimulus) rebound in credit and trade stable inflation

watch list: inflation (asset price; domestic inflation; external shocks, including oil prices; exchange rate)

fiscal developments

Table of contents

1. 2. 3. 4. 5. 6. 7. 8. 9.

Global environment Overall growth and projections Real economy by sector and corporate sector Labor, income and poverty impact Price and monetary developments Fiscal developments Balance of payments Policy response and challenges Background data

Note: this set of slides is prepared by the Cambodia country team and regularly updated. The first slides highlights recent changes / developments (e.g. newly available data) and key risks, while the rest of the slides reviews the main dimensions of the economy.
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1. global environment
global economic recovery advances but remains uneven (IMF-WEO Update Jan. 2011). The update estimates a 5% world output growth in 2010 (after contracting 0.6% in 2009) owing to stronger-than expected consumption in the United States and Japan. Stimulus measures were partly responsible for the strengthened outturn and global financial conditions also broadly improved, amid lingering vulnerabilities. 2011 prospect good with estimated global activity expanding by 4.4% (of which 8.4% in developing Asia), reflecting strong exports and private domestic demand (as well as a new fiscal package passed late 2010 in the US and a similar package passed in Japan)
IMF world economic growth projections

Projections World Output Advanced Economies United States Euro Area Germany France Italy Spain Japan United Kingdom Canada Other Advanced Economies Newly Industrialized Asian Economies Emerging and Developing Economies
Source: IMF-WEO January 2011

2009 -0.6 -3.4 -2.6 -4.1 -4.7 -2.5 -5.0 -3.7 -6.3 -4.9 -2.5 -1.2 -0.9 2.6

2010 5.0 3.0 2.8 1.8 3.6 1.6 1.0 -0.2 4.3 1.7 2.9 5.6 8.2 7.1

2011 4.4 2.5 3.0 1.5 2.2 1.6 1.0 0.6 1.6 2.0 2.3 3.8 4.7 6.5

2012 4.5 2.5 2.7 1.7 2.0 1.8 1.3 1.5 1.8 2.3 2.7 3.7 4.3 6.5

1. global environment, cont.

average crude oil prices rose by 20% (y-o-y) to US$93/b in January 2011 (from US$77/b in January 2010) corresponding to increases of all other commodity prices as oil prices may have contributed to increase the costs of various types of foods. global food prices continue to rise, hitting a worrying level, with World Banks measured food price index witnessed a jump of 15% between October 2010 and January 2011 only 3% below its 2008 peak. the last six months have seen sharp increases in the global prices of wheat, maize, sugar and edible oils, with a relatively smaller increase in rice prices. these food price rises would create macro vulnerabilities, particularly for countries with a high share of food imports and limited fiscal space, as well as increases in poverty (estimated rising extreme poverty by 44 million people in low- and middle-income countries).
key global commodity prices commodity prices (2000-05 = 100)

2. GDP growth
GDP growth (yoy %)

recovery firmed up for 2010, led by exports, although growth remains below its historical average. key drivers of 2010 macroeconomic indicators showed sign of recovery and a more rosy prospect for 2011. growth is estimated to reach 6.0% in 2010, triggered by exports, tourism, agriculture and banking and construction (both public and private).

3. garments
garment exports: 24% growth in 2010 (after a 19% decline in 2009). 60% of Cambodias garment exports is shipped the US markets and the US markets expanded by 19% in 2010 over that of 2009. The industry employs 5% of the employed population and it created 38,000 new jobs since December 2009 recovered most jobs lost during the 2009 economic downturn. similarly, footwear exports (represents1% of the employed population) picked up by 57% in 2010 and mostly shipped to the EU markets (62% of total). Footwear industry created 18,000 new jobs since December 2009. Cambodia has 2.8% market share of US imports of garments (first 11-month of 2010), slightly increased from 2.7% share over the same period of 2009. upbeat export prospect is projected partly because of benefit of the relaxed rule of origin of the European Union on preferential tariffs for LDCs to the EU markets which became effective on January 1, 2011.
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Garments exports (annual growth %)

Garment imports in US market (3month, yoy growth %)

3. tourism
tourist arrivals show sign of solid recovery with an y-o-y increase of 16% in 2010 over that of 2009. A corresponding increase of tourism receipt of 14.4% to US$1.8 billion of over the same period. tourist arrivals by air, picked up by 17% in 2010 after a decline of 10% during the 2009 economic crisis. micro evidence shows strong signs of recovery in low income workers mainly motor-taxi drivers and small traders (CDRI Nov. 2010 surveys). improvement of the tourism industry is highly dependent on regional economies as 72% of Cambodias tourist market come from the East Asia and Pacific. The European and American regions represent 19% and 8% respectively. Other region accounted for about 1%.
Tourist arrivals (annual growth %)

Tourist arrivals by air (annual growth %)

3. construction and real estate

2005-08 construction boom led to overheating in late 2007/early 2008; partly fueled by a real estate bubble. Things started to turnaround after tumbling year in 2009. New construction project approval rose by 10% in 2010 corresponding to a 5.5% increased of imports of construction materials. bank lending to construction sector rose by 9% and to real estate sector expanded by 7% in the third quarter of 2010 compared to that of 2009. Further recovery is expected in 2011.
Phnom Penh real estate prices (Bonna Realty Group) Average land market prices (per Sq. meter) Recorded imports of consumer goods and construction materials \ (cum 3 month; million riels) Growth of construction projects approved in Phnom Penh

3. agriculture
a 5.3% agricultural production growth recorded in 2010 (8 mill tons), contributing about 1.7 percentage point to GDP growth. The expansion is primarily led by paddy production. Cambodia initiated some diversification of its production and export base, with volume of milled rice exported almost tripling in 2010, a positive reflection of the policy strategy on promotion of paddy rice production and export of milled rice, launched by government in August 2010. in February 2010, government and the World Bank launched a risk sharing facility scheme to help agribusinesses access to credit by guaranteeing 50% of the participating banks and MFIs lending to the sector. This would further promote the sector prospect in the coming years. well distributed rainfall and with increasing investment in irrigation by the government brought about high rice yield in 2010. an associated downside risk is its dependency on weather conditions for agricultural productions.
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Agriculture contributions to GDP, %)

Selected Agricultural Commodity Prices (at Intl market)

3. corporate sector
some 20 new garment factories opened in 2010 after 41 garment factories closed down in 2009 due to the crisis. In the meantime 10 new footwear firms established in 2010 (increased 38% over 2009). But most laid-off workers recovered in 2010 translating that the smaller closed factories, replaced with bigger ones opened.
Number of new firms registered at Ministry of Commerce (monthly registration)

new investment approvals in 2010 increased by very slightly (1% over 20009) with a better expectation for this year.
but monthly registration of new firms in 2010 recorded solid recovery with 30% expansion over 2009 corresponding an increase of bank credits to private sector by nearly 30%.
Value of investment approvals (million USD) Credit to private sector (million riels)

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4. employment and wages

a large share of jobs lost in garment sector during 2009 crisis were regained in 2010 with current total industrys workers of 320, 000. US$328 million worth of garment worker wage bill paid in 2010 (rose by 13%) compared with US$290 paid in 2009 but still below pre crisis level. garment sector real wage rose by 15% in 2010, primarily resulted from the increase of industry minimum wage and lower inflation in 2010. The industry average nominal wage is US$91 per month in 2010. real wage of garment workers actually hasnt improved much relative to the last decade strong economic growth with per capita income expanded by 6.7% per annum. This translates a very uneven distributional impacts of the growth. job markets are recovering despite it remains lower the pre-crisis level. Real daily income of vulnerable workers have also been improving, mainly unskilled workers, tricycle and motor-taxi drivers. Signaling prospect of poverty reduction gains (CDRI Nov. 2010 Survey)
Real daily income of vulnerable workers (Nov 2000 riels) Garments employment and wages

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4. employment and wages, cont.

Indochina Research conducted a job sentiment survey (the pulse of employees) in January 2011 of more than 30 types of positions in Cambodia, Laos and Vietnam revealed that Cambodian employees are more likely to change their current employer compared to those in Laos and Vietnam. Salary, as a job offering, is most important in Vietnam and Laos while promotion opportunities are important in Cambodia. However, levels of satisfaction with salary are much lower than stated importance and most satisfaction is generally with their work and current work environment. However, the majority of the workforce in this region still stated that they intend to stay with their employers in 2011. This sentiment is highest in Vietnam where employment stability plays an important role.
Staff intention to stay with their current employers (Survey of Indochina Research, January 2011)

Importance vs. Satisfaction (Survey of Indochina Research, January 2011)

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Source: Indochina Researchs I-TRAK, January 2011

5. inflation
Despite price hikes in other countries in the region, Cambodia y-o-y consumer price inflation dwindled to 3.1 percent in 2010 (from 5.3 percent in 2009). Core inflation fell from 4.5 percent to 1.0 percent over this period. The exchange rate remained relatively stable, appreciating about 3 percent against the US dollar, in the year ending 2010. m-o-m inflation rate remains low with headline inflation fell to -0.2% in Dec. 2010 while food and core inflation fell to -1.4% and 0.2% respectively over the indicated period. this stability contrasts with the very numerous inflationary pressures (and limited policy instruments): (i) global price increases of food and oil; (ii) regional inflation; (iii) depreciation of the currency in real effective terms against other garment exporters (although some recent appreciation); and (iv) robust recovery with increasingly rapid credit growth. One offsetting factor is the good harvest leading to stable rice prices
Monthly consumer price index (yoy growth %)

Monthly consumer price index (mom growth %)

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5. monetary framework
Bank liquidity surged, as deposits including financed from remittances rose to a high of $4.3 billion by the year ending 2010. broad money pick-up (20%) was driven by credit to private sector which expanded by 27% in 2010 with a slight increase of loan-deposit-ratio (74% in 2010 from 73% in 2009). Reserves gained momentum but interest rates remain high, averaged 16% of all banks. the tripling of bank capital requirements came effective in January 1, 2011 number of banks rose to 35 by the end of 2010 with total assets of US$6.4 billion and 8 largest banks accounting for 75 percent these assets.
International reserves Interest rates (%)
Monetary framework (yoy growth %)

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5. exchange rate
exchange rate appreciated 3% against the dollar trading at 4,053 riels (eop) per one USD. Cambodias real effective exchange rate depreciated against a basket of other garment exporters for 14 straight months ending Dec 2010 stability maintained through sterilization by the National Bank of Cambodia (central bank): net purchase of foreign exchange in 2010 was US$75 million
Exchange rate (index 100 = 2000 increase = appreciation)

Cambodia exchange rate and differential with 12 garment exporters

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5. financial sector
banks liquidity has improved quickly in recent months reaching 41% of GDP by the end of 2010 and total deposits at commercial banks mounted , accounted for 37% of GDP in 2010 (from 33% of GDP in 2009). Of the total deposits, 97% is in US Dollar currency reflecting a very high dollarized financial system the economy is effectively dollarized but limiting monetary policy options with the role of the local currency has decline with time, with rieldenominated deposits accounting for only 3 percent. The growth rate of foreign currency deposits in 2010 was doubled (24%) than that of growth of reserves (12%). high levels of collateral and conservative lending practiced in most banks. Credit to private in share of GDP remains low at 28%. reported NPLs ratio improved in 2010, down to around 2% from 4.8% in 2009.
Loans and deposits

Liquidities and reserves

with quickly rising number of banks in a limited technical resource environment of the NBC could constrain its oversight supervision capacity of the financial system.

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6. fiscal developments
appropriate countercyclical fiscal policy and sustainable debt fiscal deficit reduced to -5.7% of GDP in 2010 after -8.1% in 2009. Improvement resulted from unwinding expansionary policy especially in limiting unnecessary current spending and promotion. adjustment in 2010 was on track, with increased revenues and lower domestic financing. Revenue prospect is anticipated to improve further for 2011. Significant part of adjustment falling on capital expenditures. Priority sector funding also increased to about 3.4% of GDP in 2010 (recurrent spending only), compared to 3.2% in 2009 and 2.8% in 2004-07, and are budgeted at 3.6% for 2011.
Recorded trade flows (customs, annual, yoy growth) Fiscal framework (billion riels, annualized 3 months flows)

General Fiscal Operation 2005-2010

2005 2006 2007 2008 2009 2010 pr. (In percent of GDP) 11.9 12.0 14.7 14.8 8.7 9.0 3.0 3.2 5.0 5.1 0.6 0.8 6.1 5.8 1.2 1.5 4.8 4.3 -2.9 -0.7 0.7 3.2 -2.2 -0.3 -2.8 0.3 -0.3 2.5 -2.5 -0.2

Domestic Revenues Expenditures and net lending Current expenditure Wages Nonwages Provincial expenditures Capital expenditure Domestically-Financed Externally-Financed Overall balance (excl. grant) Overall balance (incl. grant)

10.3 12.8 7.9 3.2 4.1 0.5 4.9 1.2 3.7 -2.5 -0.4

11.5 14.2 8.5 3.3 4.6 0.6 5.8 1.3 4.5 -2.7 -0.2

11.5 19.6 11.2 4.6 5.9 0.7 8.4 2.3 6.1 -8.1 -4.0 4.0 2.5 1.8 -0.3

12.9 18.6 11.3 4.3 6.3 0.7 7.3 2.2 5.0 -5.7 -3.1 3.1 2.9 0.5 -0.3

Financing 0.4 0.2 External 3.0 2.4 Domestic -2.4 -2.0 Debt Amortizations -0.1 -0.2 Sources: IMF, MEF-TOFE and Bank staff estimates

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7. balance of payments
the widening of the current account deficit in 2010 (-13.4 percent of GDP) resulted from a base effect, despite the rapid growth of exports. As export growth continues to firm up, the current account gap is projected to reduce to 12.4 percent of GDP in 2011.
Quarterly current account US$)

net capital inflows increased in 2010 (after significant outflows witnessed in 2009), financing the external shortfall and resulting in a further increase in foreign exchange reserves.
Net capital inflow gained ground in 2010, estimated to be some US$300 million after a nearly US$700 million outflows in 2009. foreign exchange reserves continued to increase, to US$2.7 billion at the end of 2010, equivalent to approximately 4 months of imports. Reserves amounted to 56 percent relative to the stock of broad money and 74 percent relative to gross external debt.

Financing of current account deficit (% GDP)

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8. policy response and challenges

policy responses essentially through fiscal policy: 2009 deficit was largest (8.1% of GDP) since record available from 1990 with improvement in 2010 (to 5.7% of GDP) and projected to remain the same scale for 2011. drawdown of domestic deposits for financing: 1.7% of GDP in 2009 and 0.9% of GDP in 2010 overall fiscal deficit and drawdown of domestic deposits expected to dwindle in 2010 loosening of monetary policy in early 2009 through decrease in reserve requirements from 16% to 12%; tripling bank minimum capital requirement from US$12.3 million to US$37 million, effective January 1, 2011. strengthening regulatory framework and intensified banking supervision to mitigate financial risks Government and the WBG launched risk sharing facility scheme to help agribusinesses access to credit by guaranteeing 50% (default) of commercial banks lending to the sector. A good policy to address credit shortage in agribusiness sector and help diversify its narrow-based economy. challenges keeping fiscal policy on a sustainable path while avoiding a premature withdrawal of fiscal stimulus. The countercyclical fiscal response was broadly appropriate but raises issues of targeting and sustainable fiscal space. developing domestic government bond markets

of monetary policy is hampered by lack of market-

a highly dollarized economic system. Any active use based instruments, weak interbank activity, and high level of dollarization (97% of total bank deposits) rebound in credit growth to be monitored Oversight supervision capacity of the central bank is overstretched and faced monitoring efficiency in the environment of rapidly rising number of banks. good policy but the interest rate remains high relative to its neighboring countries and sector other than agribusiness may still face credit access difficulties.

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9. background data
2008 2009 2010 2010Q2 2010Q3 2010Q4 Aug-10 Sep-10 Oct-10 year-on-year growth (except when otherwise indicated) NATIONAL ACCOUNTS AND REAL SECTOR .. .. .. .. 24.2 -1.9 9.6 .. 6.3 334.7 287.6 .. 15.8 17.9 13.8 .. .. .. .. .. .. .. .. .. .. 26.5 8.6 7.6 .. 17.5 -39.7 -43.6 .. 19.4 16.6 22.3 .. .. .. .. .. .. .. .. .. .. 35.9 13.2 15.6 .. 35.6 367.9 333.7 .. 20.0 24.5 15.0 .. .. .. .. .. .. .. .. .. .. 20.3 11.2 8.6 .. 65.5 82.8 40.1 .. 20.3 14.7 26.8 .. .. .. .. .. .. 25.3 -18.6 23.1 22.8 29.5 12.8 33.5 8.7 68.9 66.1 97.4 1.8 2.0 -0.4 5.9 20.8 61.1 .. .. .. .. 32.6 11.7 5.4 .. -7.3 -54.3 -47.8 .. 13.9 18.2 10.0 .. .. .. .. .. .. 21.9 -13.9 23.2 24.2 26.7 10.4 30.4 9.7 68.9 66.1 97.3 1.9 2.3 0.0 11.4 35.9 62.7 .. .. .. .. 46.7 12.2 18.1 .. -11.1 112.8 102.7 .. 30.8 25.8 36.8 .. .. .. .. .. .. 22.2 -8.3 24.8 22.9 25.7 6.5 30.0 10.5 68.4 65.8 97.5 3.7 4.6 0.9 10.3 43.5 66.9 Nov-10 Dec-10 Jan-11
Note: 2010 value

GDP in US dollars GDP growth Agriculture VA Industry VA Textiles VA Exports of garments Workers Average pay Construction VA Project applications Area under construction value Services VA Tourist arrivals by air by land / sea HH consumption Gvnt consumption Investment Net trade Exports Imports Net foreign assets Net claim on gvnt Credit to private sector Capital and reserves Liquidity Money Quasi-Money Gross foreign reserve (inc. gold) Ratio Reserves / foreign currency deposit Credit to priv sector / broad money Foreign cur deposits / total deposits CPI All prices Food prices Core inflation International prices Crude oil, avg, spot Rice, Thai, A1.Special Rubber, Singapore

11,197 6.7 5.7 4.0 2.2 4.0 1.5 4.9 5.8 -27.0 4.5 82.6 9.0 5.5 .. .. 12.2 5.0 15.9 19.3 15.7 22.6 -3.6 64.5 55.0 34.0 4.8 16.9 2.2 33.9 84.1 73.1 98.5 25.0 34.4 15.9 36.4 77.1 14.3

9,966 -2.0 4.7 -10.2 -16.0 -18.9 -15.8 3.6 -8.0 -22.0 -71.2 -67.8 -1.2 1.7 -10.3 18.5 1.4 45.9 18.8 -5.5 -6.3 -4.9 41.7 -24.6 6.5 25.7 36.8 30.0 38.6 9.4 85.2 72.8 97.6 -0.7 -0.3 5.0 -36.3 -32.3 -25.7

11,552 6.7 4.6 9.3 14.0 24.4 2.8 9.7 1.0 10.0 32.1 26.6 6.1 16.0 17.3 14.7 .. .. .. .. .. .. 13.9 -5.6 26.6 19.5 20.0 3.2 24.0 12.1 71.3 65.6 97.5 4.0 4.3 1.7 28.0 17.6 90.2

.. .. .. .. 43.0 14.0 10.7 .. 84.2 678.7 616.1 .. 27.8 32.5 22.3 .. .. .. .. .. .. 14.1 -12.2 24.5 16.8 23.2 7.6 26.7 7.1 67.3 66.3 97.5 3.2 4.0 1.0 9.0 26.9 69.6

.. .. .. .. 20.8 13.3 18.2 .. 48.1 314.8 263.7 .. 6.3 16.5 -4.0 .. .. .. .. .. .. 13.9 -5.6 26.6 19.5 20.0 3.2 24.0 12.1 68.0 68.4 97.5 3.1 3.6 1.0 20.2 2.6 69.4

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 20.2 -3.6 78.5

Billion riel

27% % GDP 28% % GDP 15% % GDP 3,009 USD million 297,909 number 91 $ / month 7% % GDP 406 projects approved 1,556,881 sq meter 473 USD million 39% % GDP 2,508 visitors mill 1,304 visitors mill 1,204 visitors mill #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! % GDP % GDP % GDP % GDP % GDP % GDP

MONETARY AND PRICES 30.7 21.9 13.9 -18.2 -13.9 -5.6 17.1 23.2 26.6 23.4 24.2 19.5 31.8 26.7 20.0 15.6 10.4 3.2 35.7 30.4 24.0 14.6 9.7 12.1 72.7 64.3 97.6 4.1 3.6 2.1 32.1 2.3 124.0 69.1 66.0 97.4 1.8 1.9 -0.3 10.7 21.7 69.3 67.9 66.9 97.5 3.4 4.1 1.0 13.1 22.2 68.7

16,698 billion riels -2,127 billion riels 13,331 billion riels -8,674 billion riels 19,477 billion riels 3,221 billion riels 16,256 billion riels 2,653 million USD

92 % 54 98

138 154 115

948 $/b 4,604 $/mt 4,385 c/kg

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9. background data, cont.

2008 2009 2010 Domestic revenues Tax revenues Non tax revenues Total expenditures Current expenditures Wages Non wages Capital expenditures Capex - dom. Fin. Capex - ext. Fin Current deficit Overall deficit Financing Foreign financing Domestic financing Outstanding operations % GDP Domestic revenues Total expenditures Current expenditures Capital expenditures Current deficit Overall deficit Foreign financing Domestic financing Six Priority ministries ditto - recurrent budget Six priority ministries as % spending in recurrent Exchange rate Riel per USD Real effective exchange rate Ditto for 12 competitors Balance of payments (% of GDP) Balance of trade of goods Balance of trade of services Current account (w/o official transfers) Current account (w official transfers) ODA FDI Other private Overall balance 31.6 30.4 27.6 28.6 31.3 35.9 28.7 25.0 61.2 15.5 25.5 17.9 17.9 33.9 45.3 1.1 15.1 18.3 10.8 7.6 3.9 (3.5) 6.9 (3.9) .. .. .. .. -6.9 -6.0 -6.0 32.8 25.9 43.1 15.4 42.7 45.8 41.5 -20.9 196.3 196.3 17.2 -158.6 -119.4 10.8 18.7 10.4 8.3 2.4 (7.9) 6.2 1.8 4.4 3.1 23.7 30.1 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 2010Q2 2010Q3 2010Q4 Aug-10 Sep-10 Oct-10 year-on-year growth (except when otherwise indicated) FISCAL 7.1 20.5 .. 12.0 20.8 -3.0 4.3 22.5 .. 20.0 21.0 -7.2 25.4 13.1 .. -21.0 30.0 20.5 0.5 9.5 .. 2.3 54.1 -27.8 11.5 16.5 .. 7.1 59.7 -34.4 9.1 6.9 .. 19.3 22.5 -47.8 13.8 23.2 .. -2.7 97.2 -16.8 -11.0 0.3 .. -3.7 48.3 -16.8 -8.3 31.3 .. 40.9 58.4 13.2 -11.8 -14.0 .. -29.7 45.0 -31.5 -61.2 -97.8 .. -1,054.2 304.4 411.2 -6.8 -12.9 .. -20.6 57.9 -84.4 -6.8 -12.9 .. -20.6 57.9 -84.4 -9.9 -13.2 .. -43.9 61.6 -30.9 10.1 -33.1 .. -19.7 6.8 -193.9 26.1 -144.5 .. -85.9 -305.5 -30.9 11.9 18.6 10.5 8.1 0.3 (7.7) 5.9 2.4 4.5 3.8 23.9 36.0 12.7 22.0 13.4 8.7 (0.0) (8.6) 5.3 3.0 7.7 5.0 34.8 37.2 .. .. .. .. .. .. .. .. .. .. .. .. Nov-10 Dec-10 Jan-11
Note: 2010 value

33.9 8.7 104.7 2.3 46.9 52.5 43.3 -44.8 -98.4 -36.0 5.8 -148.3 -148.3 -40.0 48.1 -2,377.1

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..

Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion Riels billion

EXTERNAL 4,071 17.1 2.6 4,160 0.2 0.6 4,202 -0.3 4.7 4,230 -0.6 5.8 4,257 -1.2 5.1 4,131 1.9 3.8 4,259 -1.6 5.2 4,251 -1.1 4.5 4,240 -0.5 2.5 4,094 2.7 4.4 4,060 3.4 4.5 .. .. ..
4,061 Riel per USD 127.2 Index 100=2000 113.4 Index 100=2000

-12.3 5.3 -7.1 -3.1 5.7 4.8 -2.5 3.4

-18.3 5.9 -12.8 -7.9 7.2 9.5 1.6 3.5

-14.1 5.3 -10.4 -5.3 6.5 3.9 -0.6 0.0

-17.8 4.4 -15.7 -9.2 11.7 5.7 -0.3 -0.1

-19.4 5.5 -17.3 -10.3 8.0 6.3 -1.8 -1.2

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