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Reports


NAGAWORLD REVENUES 2018/2019 SECTOR


Mass market Tables EGMs


VIP market Non Gaming TOTAL


$235.7m $129.2m


$1.07bn $39.9m $1.47bn


Prior to the Covid-19 outbreak the Cambodia Development Council approved 268 investment projects worth $6.8bn during the first 10 months of 2019, an increase of 33 per cent compared to the same period in 2018. Investment from China amounted to $1.32bn during the first half of 2019 with more factories, restaurants, property development projects with a construction boom in the city and overall tourism.


After two decades of strong performance Cambodia’s economic growth is expected to shrink by 1.9 per cent this year due to the pandemic. Previously the IMF predicted that Cambodia’s real GDP would see a growth of 6.8 per cent in 2020. Tis will be the country’s first negative year since 1994. It is predicted, however, to rebound to 5.7 per cent by 2021 assuming economic activity normalises.


Te garment export and tourism sectors have been hit the hardest with around 1.76 million jobs in construction, tourism and manufacturing


REVENUES 2018 $365m


REVENUES 2019 $476.4


$318.3m $158m


$1.24bn $36m


$1.75bn


$286.3m $32.1m


$673.5m


with account for more than 70 per cent of the growth and 40 per cent employment.


Around 100 factories have since closed down their businesses with 100,000 workers laid off, about 16 per cent of total garment workers. On the other hand small and medium enterprises are re-starting their operations and the country is now heavily reliant on local consumption with little or no foreign money entering the country. By July, the Ministry of Labour announced it paid out of work monthly allowances to workers providing a total of $3.9m to 169,000 suspended workers.


To make matters worse, Cambodia also looks set to lose its EU duty-free benefits on some garment and footwear products and travel goods from August 12 via the Everything But Arms (EBA) initiative. Tis could be the last chance for Cambodia’s dying garment industry.


Te sector, already hit hard by the Coronavirus


$346.5m $29.7m


$846.3m


pandemic, faces further set backs after the EU said it would not change its decision to curb trade privileges because of human rights violations. Te new tariffs will hit about 20 per cent of the country’s exports or some $1.19bn. Te EBA grants developing countries duty free access to products (except weapons and ammunition). Te Cambodian garment industry is worth around $9.5bn and employs 900,000 workers. More than 250 factories have closed down as demand has dropped.


As for tourism, Cambodia became a popular destination in the 1960s, but due to unrest in the area this eventually decreased. Growth began again in the 1990s and today tourism is the country’s second biggest source of income after the textile industry. Tere were around 6.6 million visitors in 2019 and the majority of visitors (2.3 million) were Chinese. Tourism receipts amounted to more than $4.92bn in 2018 which was 10 per cent of the country’s GDP and accounts directly for 13.6 per cent of jobs.


NEWSWIRE / INTERACTIVE / MARKET DATA P95


GROSS PROFIT 2018 $355.1m


GROSS PROFIT 2019 $470.1m


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