The Timor-Leste government estimates non-oil GDP to grow 7 pct this year, almost identical growth as seen last year but still below the average recorded between 2007 and 2011 (12.56 percent).
The forecast is included in the amending budget for 2015 that will start to be discussed in the National Parliament in April.
The ever increasing role of private investment, lower inflation than in the period between 2007 and 2011 and an expected increase in consumption “will help improve living standards,” the government said in a document to which Portuguese news agency Lusa had access in Dili .
In its analysis of the domestic economy, the text stated that in 2012 GDP increased by 5.6 percent to US$4.8896 billion (at constant 2010 prices), with the oil sector – which accounts for 76.4 percent of total GDP – increasing 4.9 percent and the non-oil sector to grow 7.8 percent.
With regard to inflation the government expects prices to grow between 4 percent and 6 percent. (macauhub/TL)