Gross Domestic Product (GDP)

“This is compared to K81 billion in 2020 and K93 billion in 2021, a K3.1 billion increase against the budget of K90 billion,” says Chair of the Plans and Estimates Parliamentary Committee and Governor for East Sepik, Allan Bird.

“The expected GDP growth is 5.4 per cent against the world average growth of 6.3 per cent projected for emerging economies around the world. Our economy is classified as emerging economy.”

Bird said the 5.4 per cent projected growth is conservative when compared to what the world is predicting.

According to the latest World Bank Economic Update, PNG’s growth outlook remains positive, but projected GDP growth rates are lower than their previous forecasts, mainly due to delays in finalising agreements and launching large new resource projects.

The report states that the PNG economy continues to face economic headwinds resulting from global and domestic economic uncertainties.

Koloma noted an average annual growth of 9.4 percent.

This means there were a lot of economic activities, increased jobs and a thriving economy.

GDP is the total value of everything produced by all the people and companies in the country.

Gross domestic product is the best way to measure a country's economy.

The level of GDP increased from K25.4 billion in 2006 to K47.5 billion in 2013, revealed Koloma.

The increase was mainly driven by agriculture, forestry and fishing while wholesale and retail trade industries reliably aided this growth as well.