The Government of East-Timor forecasts the country’s non-oil gross domestic product (GDP) will grow by 7 percent in 2015, Portuguese news agency Lusa reported.
The estimate is similar to the Government forecast for last year.
The figure is included in a revised 2015 budget proposal submitted to the country’s Parliament. Legislators are expected to start analysing the document in early April.
The Government stated it expects the quality of non-oil GDP growth to improve in 2015, becoming more sustainable and based on private sector investment, Lusa reported.
The Government of East Timor said in the revised budget document that non-oil GDP is a better gauge to measure the country’s development than total GDP because short-term changes in oil prices and production volumes can easily skew the latter. The direct economic exposure of most of the East-Timorese population to the oil industry is also low, it added.