Business News

PNG Economy up by 6.1%

The 2013 Mid-Year Economic and Fiscal Outlook Report was released and presented tothe Port Moresby Chamber of Commerce in Port Moresby.

 

The report showsthe growth oPNG economy by 6.1 per centoan improverment fromthe 4 per cent projected atthe time ofthe 2013 budget.

The report was released by Minister for Treasury Don Polye atthe Royal Papuan Yacht Club on Wednesday.

 

Minister Polye firstly thankedthe business community for supportingthe Government to buildthe economy despite slow world trends.

 

Minister Polye’said global conditions have slide downhill but domesticallythere’s been growth.

 

Minister Polye’stated that employment growth is strong, inflation subdued andthe balance of payments deficit is reduced.

 

The Government’s expenditure on service delivery areas are broadly on track.

 

Minister Polye outlined thatthe focus is now on implementation, but with constrains,the government will partner in developing agriculture and grow SME.

 

The Government remains optimistic thatthe economic future oPNG can be secured and development priorities met.

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