HOU SAYS AGRICULTURE & FISHERY SECTORS DOING WELL

Finance Minister Rick Hou. Photo credit: Courtesy of Pacific Policy.

Despite having a zero percent growth in the country’s Gross Domestic Product, GDP, the agriculture and fisheries sectors are doing well, says Finance and Treasury Minister Rick Hou.

Minister Hou told Parliament before the Supplementary Appropriation Bill No. 2 of 2014 was passed yesterday, despite the GDP growth being substantially revised downwards, the output of key agriculture export commodities and fisheries have increased substantially in the first half of this year.

“The output of key agriculture export commodities such as copra, palm oil and virgin coconut oil as well as in the fishing sector increased substantially over the first half of 2014. This was in response to higher international prices and as well as better fishing conditions. Continued growth in agricultural exports along with a stronger than expected construction activity reflecting flood-related construction and increased donor inflows will provide some support for growth in the second half of this year.”

The Finance Minister adds, while the economy had ran into significant headwinds in the first half of this year, there are signs that the non-mining sectors of the economy have largely returned to normal.