Cambodia sees 8% drop in construction investment in H1
Cambodia sees 8% drop in construction investment in H1
Cambodia’s construction sector attracted $2.53 billion of investment in the first half of this year, down 8% over the same period last year, a government report said on Saturday.
The government granted licenses to 1,642 construction projects during the January-June period, down 11% from a year earlier, said the report from the Ministry of Land Management, Urban Planning and Construction.
The approved projects included new towns, housing development, condominiums, industrial and commercial facilities, resorts, and hotels, the report said.
The construction and real estate sector is one of four pillars supporting the country’s economy, in addition to exports of garment, footwear, and travel goods, agriculture and tourism.
The Ministry of Economy and Finance’s forecast indicates that the construction and real estate sector will see sluggish growth in 2024.
Hoe Ee Khor, chief economist of ASEAN+3 Macroeconomic Research Office, said that Cambodia’s construction sector may experience a slower recovery pace, with growth potentially falling short of pre-pandemic levels due to prolonged real estate downturn.
“The boost in infrastructure investment will partially offset the weakness in the real estate sector,” he told Xinhua in an e-mail.
