More people are buying furniture thanks to a growing construction sector and solid economic growth.
Cambodia’s economy grew by 6.9 percent in 2011 and is expected to grow by 6.5 percent for the next two years, according to the Ministry of Economy and Finance. Meanwhile, the construction sector is recovering with US$1.7 billion in total investment, and has increased by 102 percent year-on-year in 2011, according to the Ministry of Land Management, Urban Planning and Construction. And last year, the ministry granted licenses to 2,129 construction projects nationwide, only a slight decrease from 2,149 projects in 2010.
While Cambodia’s economy is growing, people’s living standards are improving and along with the growth in the construction sector, a wide range of fine furniture from foreign companies becoming popular with Cambodians.
“The rapidly growing construction sector in Cambodia, including hotels, department, house, restaurant, and other buildings have led to a high demand in the furniture market,” said Chumteav Tang Gech Lieng, Director of furniture store, D’Furniture.
To be continued...
Source: Economics Today, Issue 105-106, Jan 30-Feb 12, 2012
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