Cambodia's economy is projected to grow by 7 percent this year, Deputy Prime Minister and Finance Minister Keat Chhon said Friday.

He said the growth still is contributed by garment exports, tourism, agriculture, real estate and construction.

The minister added that the country's political stability, macroeconomic and financial stability and transparent legal framework will encourage more foreign investors to come to Cambodia in years to come.

"With this expected growth, Cambodia will get out of the classification of a low-income to a lower-middle-income country at the end of this year," he said at the opening of the 3rd Cambodia Industry-Handicraft Fair at the Diamond Island Exhibition Center.

Lower-middle-income countries are those with GDP per capita between 1,006 U.S. dollars and 3,975 U.S. dollars, as defined by the World Bank.

Last year, Cambodia's GDP per capita was nearly 1,000 U.S. dollars, and it was expected to rise to 1,080 U.S. dollars this year, Keat Chhon said.