The current account deficit grew to 17.5% of GDP in 2012 (Figure 3.33.2).
This reflected moderation in agriculture and mining exports and higher
imports tied to the construction of the LNG project. Wi...
th rising imports
financed largely by foreign direct investment, the large current account
deficit poses little risk to macroeconomic stability. The central bank’s
foreign exchange reserves remained at near record highs throughout
the year. At over $4 billion, reserves were sufficient to cover 11 months
PNG Department of Treasury. 2012.
2013 National Budget.
December ( http://www.treasury.gov.pg/html/national_budget/national_budget%202013.html ); ADB estimates
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