The largest developing economy in the Pacific maintained its position
as one of the fastest-growing economies in Asia and the Pacific in 2012,
with economic growth of 9.2%. Constr...
uction was the strongest performer,
contributing 4.5% to growth, or nearly half of the outcome. Transport,
finance, and retail trade added a further 2.8% on the strength of domestic
demand created by the peak construction period of a new liquefied
natural gas (LNG) project and government expenditure that was higher
than expected. Mining output recovered from weather and technical
disruptions experienced in 2011, adding a modest 0.3% to overall growth
in 2012. Dragging on growth was falling oil output as reserves declined.
Growth in agriculture, forestry, and fisheries output also slowed as the
sector expanded by only 0.2% in 2012, down from 8.1% in 2011. Adding
to this outcome were poorer growing conditions and moderating export
prices, which depressed coffee, copra, and cocoa output. New investment
in processing mills helped to support palm oil production (Figure 3.33.1).
PNG Department of Treasury. 2012.
December; ADB estimates.
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