SOLOMON’s REAL GDP GROWTH WEAKENED IN 2015

The Ministry of Finance and Treasury. Photo credit: GCU.

The Ministry of Finance and Treasury. Photo credit: GCU.

The country’s real Gross Domestic Product (GDP) for this year has slightly dropped by a quarter percent during the delivery of the 2015 budget.

Permanent Secretary of the Ministry of Finance and Treasury, Harry Kuma informed the Public Accounts Committee (PAC) hearing today.

He says the real GDP growth in 2015 has been revised down slightly to a three-quarter percentage point from three and a half percentage, a drop of quarter percentage during the 2015 budget delivery.

Mr. Kuma says the revision reflects a weaker than expected output of the fishing, agricultural, retail and wholesale trade sectors and commodity prices in the global economy.

“The revision is primarily growth reflects weaker than expected output of the fishing sector, agricultural sector, also a weaker retail and wholesale trade sector. Commodity prices in particular cocoa and copra has been weak in the global market and as ¬†well the global economy has also been badly weakened and in particular the Chinese economy.”

The Permanent Secretary adds, the country has also experienced a negative inflation in the past months adding, revenue projection has improved to achieve targeted collection under the 2015 budget.

The PAC hearings continues tomorrow.

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