Gross Domestic Product

Furthermore, this quarter, commodity prices based on the Bank’s Energy Price Index increased by 11 percent.

According to Bank South Pacific’s (BSP) Economic & Market Insight 2018, the increase in oil and national gas prices toward the end of September 2018 were above expectation.

Asian Development bank (ADB) projects GDP growth of 1.8 percent in 2018 and around 2.7 percent in 2019 in its update. 

This is equivalent to some 64.1% of the Gross Domestic Product (GDP), a Post Disaster Needs Assessment (PDNA) report has revealed. Pam is one of the strongest cyclones ever recorded in the southwest Pacific and left a trail of destruction, displacing some 65,000 people, and damaging or destroying approximately 17,000 buildings and ruining agricultural crops across half the country.