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PNG’s 2017 GDP Recorded At K72.5 Billion, Increase By 11.5%

Papua New Guinea’s Gross Domestic Product (GDP) in 2017 reached K72.5 billion, reflecting an 11.5 per cent increase since 2015.

This was revealed in the latest 2017 GDP report release by the National Statistical Office (NSO) during the official launching at the Laguna Hotel in Port Moresby last Friday. Acting National Statistician John Igitoi said the 2017 GDP showed a positive outlook on PNG’s economy with the 2017 Real GDP standing at K63.9 billion, an increase of 3.5 per cent.

“Today, I have the greatest honour and privilege to release the PNG National Accounts Publication on GDP at Current and Constant prices for the year 2017,” he said. “This is clearly another milestone achievement for NSO in its endeavors to provide timely and quality statistics to the many users of the statistical information both in-country and abroad.”

Mr Igitoi said from 2015 to 2016, PNG’s GDP has been relatively well compared to other economies in the region. “The economy has grown from K28.3 billion in 2007 to K72.5 billion in 2017, signifying an increase in growth of 156 per cent in economic activities within the past 10-year period,” he said.

Mr Igitoi said the five largest industries in PNG economy in 2017 were mining and quarrying, agriculture, forestry and fisheries, wholesale and retail trade, admini-strative and support services and construction, representing 71 per cent of PNG’s total economy.

“Mining and quarrying had 28 per cent, agriculture, forestry and fisheries 18.5 per cent, wholesale and retail trade 9.9 per cent, administrative support services 7.3 per cent and construction 7 per cent,” he said.

He said the GDP report shows that over the 10-year period, the two industries that represent 40 per cent of the total economy were mining and quarrying, agriculture, forestry and fisheries.

Mr Igitoi noted that agriculture, forestry and fisheries showed a steady trend throughout the time series while mining and quarrying had a downturn from 2009 to 2013, later picking up in 2014 due to the first liquefied natural gas (LNG) production.

He said that other three industries that represented the remaining 30 per cent of the GDP include construction, wholesale, retail and administrative and support services throughout the time.

Mr Igitoi said that GDP was compiled using range of data sources including business and household survey data, balance of payment data, trade data, taxation data and other administrative data.

Continue reading at https://postcourier.com.pg/pngs-2017-gdp-recorded-at-k72-5-billion-increase-by-11-5/ | Post Courier

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