23 Jan 2009

PNG's economic growth slowed last year

11:03 am on 23 January 2009

New statistics released by Bank of PNG show Papua New Guinea's economic growth slowed in the third quarter last year amidst ongoing global economic crisis.

The Bank's Governor Wilson Kamit noted in the bank's economic bulletin for the September quarter that although the country's growth somehow slowed, economic expansion had continually been posted in employment, surplus in the trade account, continued credit flow into the private sector and increased sales in the trading business.

Mr Kamit told the newspaper, The National, that the financial sector in the country is insulated from the direct effects of the global financial market turmoil as banks are funded primarily by domestic deposits and financial institutions don't have a large exposure to external investments.