Gross Domestic Product

Furthermore, this quarter, commodity prices based on the Bank’s Energy Price Index increased by 11 percent.

According to Bank South Pacific’s (BSP) Economic & Market Insight 2018, the increase in oil and national gas prices toward the end of September 2018 were above expectation.

Asian Development bank (ADB) projects GDP growth of 1.8 percent in 2018 and around 2.7 percent in 2019 in its update. 

According to the 2015 and 2016 Gross Domestic Product reports, PNG has a real GDP of 5.3 percent, simply indicating positive activities in the country’s economy.

Gross domestic product is the summary of the total production that took place in an economy in a given period.

Tony Waisa, head of Economics Statistics Division of NSO, revealed that PNG’s economy has performed well with a 5.3 percent growth rate.

“It represents that the country has grown,” explained Waisa.

“That 5.3 percent is good. It’s showing that the country is developing.”