GDP

Yet, much of the population have not benefitted from these revenues.

A report recently published by the PNG Conservation and Environment Protection Authority (CEPA) and UNDP, “Making Nature’s Value Visible: Valuing the Contribution of Nature to Papua New Guinea’s Economy and Livelihoods”, outlined this.

“It is the mostly subsistence-based agriculture, forestry and fishing sectors that account for a quarter of the GDP, and supports over 80 percent of the population,” said UNDP.

Chief Executive Officer, Paul Sayer, said graduates have commenced placements in member-facing teams and will undergo a 12-month career development.

He said: “Graduates are from a range of universities and have studied diverse disciplines, including Accounting, Banking and Finance, Business and Information Technology.

“Through the program, graduates gain experience in several business units through coordinated job rotations.

Deputy Prime Minister, Charles Abel, said this during the 3^rd Petroleum and Energy Summit.

He said there were further encouraging signs with a modest but steady decline in inflation, which is expected to be around 5.4 percent.

The Deputy Prime Minister said Treasury will soon release the final Budget outcome for 2018 and there are some positive signs.

“I’m very pleased to report that after some difficulties were now seeing a welcome rebound in the economy and for your part, I want to thank you as investors in our country,” Abel said.

The industry contributed over 26 percent of PNG’s Gross Domestic Product and around 80 percent of the nation’s export revenue valued at K23 billion (approximately US$7.3 billion) as of September 2017.

The industry also directly employs over 20,000 people, with significantly more working in other sectors dependent on the industry, including landowner businesses.

That’s according to Secretary for the Department of Treasury, Dairi Vele, during the 2017 National Budget Press Lock Up at Parliament House.

Vele referred to a ‘Cash In/Cash Out’ equation stating the projected revenue of K11, 088.9 million and an expenditure plan of K12,623.3  million resulted in a budget deficit of K1.876.5 million (K1.9 billion)

The budget deficit equates to 2.5 per cent GDP, while the total Government debt of K21, 623.3 million (K21.6 billion), equates to 28.8 per cent of GDP.

He said the domestic debt service burden in 2015 was K991 million and external debt service was K84 million.

This comprised 7.3% and 0.6% of total expenditure, respectively.

Bakani was speaking at the recent 32^nd Australia-PNG Business forum in Cairns pointing out some key economic areas which was raised by critics in the past years and months.