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PNG Economic Activity improved in March Quarter of 2019

Economic indicators available to the Bank of Papua New Guinea show that economic activity improved in the March quarter of 2019.

Port Moresby Skyline Photo by: PNGFacts.com
The improvement was mainly driven by higher production and export of LNG and condensate, and other mineral export commodities as well as some of the non-mineral exports.

The statement said Increase in private sector employment and credit, and higher Government expenditure are all indicative of increased economic activity.

During the quarter, the average daily kina exchange rate depreciated against most major currencies, including the United States (US) dollar.

The movements of these currencies resulted in a fall of the Trade Weighted Index (TWI) by 0.3 percent to 29.39.

Annual headline inflation to March 2018 was 4.5 percent, compared to 4.3 percent in the previous quarter.

The Bank maintained the monthly Kina Facility Rate (KFR) at 6.25 percent in the March quarter of 2019.

Statement by Bank of PNG

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