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PNG Valued at K72.5 Billion In 2017

The PNG economy prospered and was valued at K72.5billion in 2017.

This was revealed in the latest Gross Domestic Product in 2017 Report released by the National Statistic Office on Friday.

The 2017 GDP shows that the size of the economy had reached K72.5billion in 2017 in nominal terms reflecting an increase of 11.5 percent from 2015 to 2016.

The 2017 Real GDP stands at K63.9 billion or an increase of 3.5 percent from 2015 to 2016.

Acting National Statistician John Igitoi says the economy has grown from K28.3 billion in 2007 to K72.5 billion in 2017 signifying an increase in growth of 15 percent in economic activities over  the 10 year period.

He says NSO partners with Treasury and BPNG to make quality assessment and validate data.

The 2015 to 2016 GDP released in April this year showed a positive outlook of PNGs economy. This was the third GDP report released within the same year, GDP 2015, GDP 2016 and GDP 2017 in 2019.

 Mr Igitoi further says the GDP report provides insights on the structure of the economy.                                           

The five largest industries in PNG economy in 2016 were Mining and Quarrying, Agriculture, Forestry and Fisheries, Wholesale and Retail Trade, Administrative and Support Services and construction.

The five industries represented 71% of PNG’s total economy, Mining and Quarrying had 28 %, Agriculture, Forestry and Fisheries 18.5%, Wholesale and Retail Trade 9.9%, Administrative and Support Services 7.3% and Construction 7.0%.

The GDP report shows that in over the 10 year period, the two industries that represents about 40 % of the total economy are  Mining and Quarrying and Agriculture, Forestry and Fisheries.

In 2017, Mining and Quarrying represented 26.4% of the total economy, followed by Agriculture Forestry and Fisheries of 20.3%.

The report indicates that while agriculture, forestry and fisheries showed a steady trend throughout the time series, Mining and Quarrying showed a downward trend from 2009-2013.

It further shows in 2014, due to the first Liquefied Natural Gas Production, Mining and Quarrying picked up again representing 22 % of total economy.

The other three industries; Construction, Wholesale and Retail Trade and Administrative and Support Services have together represented about 30% of the total economy throughout the time series.

The GDP is compiled using range of data sources including Business and Household Survey Data, Balance of Payment Data, Trade Data, Tax Data and other Administrative Data.

Mr Igitoi, on behalf of the National Statistical Office, thanked government agencies and private sectors for providing important source data.

HE also thanked the Australian Bureau of Statistics and International Monetary Fund for providing technical assistance in compiling the GDP reports.

The GDP 2017 Report was launched on Friday at the Laguna Hotel in Port Moresby.

Source:FM100 news

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