Cambodian President Hun Manet announcing the cut in 2025 budget spoending in Phnom Penh. - Khmer Times
PHNOM PENH (Xinhua): The Cambodian government has approved a draft budget of 37,950 billion riels (US$9.32 billion) for the government spending in 2025, down from 38,829 billion riels (US$9.54 billion) in 2024.
The approval was made during a weekly cabinet meeting, which was chaired by Prime Minister Hun Manet, said a news release after the meeting.
The budget next year is equal to 18.14 per cent of the country's gross domestic product (GDP), the news release said.
"The 2025 budget will serve as an effective policy tool for the royal government to maintain, protect and further strengthen major achievements that Cambodia has made so far, as well as to further develop the country," the statement said.
"Cambodia's economy is projected to grow by 6.3 per cent in 2025, pushing up the nation's GDP to 209,163 billion riels, or about 51.39 billion dollars," it added.
Industrial sector, mainly garment and construction, is predicted to grow by 8.6 per cent in 2025, service sector, mainly tourism, transport, telecom, trade and real estate, is expected to increase by 5.6 per cent, and agriculture are projected to rise by 1.1 per cent, the statement said, adding that inflation is expected at around 2.5 per cent.
The GDP per capita was forecast to reach US$2,924 in 2025, it added.
The draft budget bill for 2025 will need to be adopted by the National Assembly and finally reviewed by the Senate before being submitted to King Norodom Sihamoni for endorsement. - Xinhua
