Bank of PNG reveals 0.2 per cent increase in employment

LEVEL of employment in the formal private sectorhas increased by 0.2 per cent in the June quarter compared to an increase of 0.3 per cent in the March quarter of this year.
The figures were revealed in Bank of Papua New Guinea’s economic bulletin for the June quarter released yesterday.
Excluding the mineral sector, the level of employment fell by 0.1 per cent.
By sector, the level of employment increased in the manufacturing, mineral and financial/business and other services sectors, which more than offset declines in the wholesale, construction, retail, agriculture/forestry/fishing and transportation sectors.
By region, the level of employment increased in the Highlands, Islands and NCD, while it declined in the Southern, Momase and Morobe regions.
Over the year to June 2018, the total level of employment fell by 3.2 per cent, compared to a decline of 3.2 per cent over the corresponding period of 2017.
Excluding the mineral sector, it declined by 4.1 per cent, compared to a decline of 4.1 per cent over the corresponding period of 2017. Economic indicators available to the bank point to a pickup in economic activity in the period after a decline in the pace of growth in the March quarter.
A higher surplus in the current account – reflecting improved export commodity prices, higher private sector lending and increased Government development expenditure in the quarter – are supportive of the growth.