3 Aug 2004

PNG central bank says growth beating expectations

7:23 am on 3 August 2004

The Bank of Papua New Guinea says the country's economy will grow faster than recent government estimates.

The National newspaper reports the central bank as forecasting growth of two point eight per cent this year.

Rough fiscal estimates in the five months to May this year showed an overall surplus of about 82 million US dollars, compared to a surplus of about five million US dollars for the same period last year.

The Bank Governor Wilson Kamit is reported as saying more foreign currency is coming into PNG.

Mr Kamit says export of major mineral commodities continues to increase - and the upgrading of the Highlands highways, will boost business.