Office notes ‘remarkable growth’ in economy

In the face of economic adversity, the National Statistical Office notes remarkable economic growth in the last period.

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.”

The high GDP rate means that the country is increasing the amount of production that is taking place in the economy and the citizens have a higher income and hence, are spending more.

Furthermore, businesses are producing and selling more products.

Waisa attributes this growth to increased construction activities in the country.

The GDP reports for 2016 and 2017 will be released soon.

The information will be used to determine decisions for the national accounts going forward from 2018.

(Tony Waisa - Head of Economic Statistics)

Carolyn Ure