PNG Economic growth reviewed to 11.3%

Papua New Guinea Economy is expected to grow by 11.3 per cent – lower than the projected 15.5 per cent,says PNG Treasury  Minister Patrick Pruaitch .

He provided Parliament on last Thursday an update on the 2015 budget and the state of the economy.

“In 2015, the economy is expected to grow by 11.3 per cent, slightly lower than the 15.5 per cent projected in the 2015 budget,” Pruaitch said.

“This is due to the increased rate of gas production achieved in 2014, which has lowered the growth in gas production expected in the 2015 budget.

“After the drop in non-mining GDP, revised down from 1.4 per cent to 1.2 per cent in 2014, a turnaround in non-mining GDP is expected in 2015 with improvements in agriculture, forestry, and fisheries.

“Weakening Government revenues is anticipated to reduce total revenue and grants by K1.3 billion this year, the second consecutive fall experienced by this Government.

“To date, total expenditure and net lending has been maintained in line with the 2015 budget.

“I have tasked Treasury to plan a mini-budget in the next couple of months to ensure the Government continues to implement prudent and sustainable macroeconomic policies.”