Construction sector expects to grow 7.8% this year

PHNOM PENH: After addressing global and domestic economic issues, Cambodia’s construction sector is expected to grow by 7.8% in 2022 and 9.8% between 2023 and 2031.

According to the report, Cambodia’s construction sector is the fourth pillar sustaining the country’s economic growth, accounting for approximately 11.5% of GDP.

According to a Fitch Solution study, the Cambodian construction industry contracted by 1.8% in 2020 due to the spread of Covid-19 compared to a growth of 19% in 2019.

Construction activities took place in special economic zones (SEZs) in Sihanoukville, Phnom Penh, Kandal, Koh Kong, and Kampong Speu.

The Council for the Development of Cambodia, Phnom Penh attracted approximately 1,000 new investment projects, particularly high-rise buildings and cities, with a total investment of $2.26 billion in the first half of 2022.

Fitch Solutions predicts Cambodia’s construction industry will grow over the next three decades, reaching around $ 12 billion by 2030.

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