Timor-Leste non-oil sector grows 7 pct per year – World Bank

15 January 2015

The non-oil economy of Timor-Leste (East Timor) in the coming years is expected to grow by an average of 7 percent per year, according to projections from the World Bank, which estimates oil GDP to be four times that of the non-oil sector.

In its Global Economic Prospects report, published Tuesday, the World Bank analysts said “economic activity has been based on public spending and the fact that the draft budget for 2015 forecasts growth of the non-oil sector around 7 percent. ”

The world Bank also expects non-oil GDP to expand this year by 7.1 percent and 7 percent per year until 2017, but notes that the figures are only related to the part of the economy that has no relationship to oil.

“The total GDP of Timor-Leste, including the oil sector, is roughly four times the non-oil economy, and is highly volatile, sensitive to changes in world oil prices and local production levels,” the document says.

Timor-Leste is only referenced once more in the document noting, “new discoveries of raw materials such as in Ghana, Indonesia, Laos, Mauritania, Sao Tome and }Principe and Timor-Leste, and large investments in resources have helped rises to middle-income country status. ” (macauhub/ST)