East Timor economy to post growth of 10 pct this year

20 July 2011

Manila, Philippines, 20 July – The East Timor economy is expected to maintain growth of 10 percent this year, driven by a rise in oil prices and by public investment, the Asian Development Bank (ADB) said in a report published Monday in Manila.

According to the ADB report on Pacific economies, East Timor is the Pacific economy that is expected to post greatest growth this year followed by Papua New Guinea (8.5 percent), driven by the rise in oil prices and public investments and mining revenues.

The Solomon Islands are expected to see the third highest rate of economic growth, of around 7.5 percent, driven by an upturn in gold mining and a rise in logging. (macauhub)