Papua New Guinea PM revises GDP growth to 8.4pc this year as gas revenues flow

SYDNEY: Papua New Guinea is on track to show revised economic growth in excess of 8.4 percent this year, beating its own forecast of 5 percent, Prime Minister Peter O'Neill said.

O'Neill also forecast a further rise in gross domestic product (GDP) growth to at least 15 percent in 2015, citing an improving business climate helped by the start up a $19 billion liquefied natural gas project by ExxonMobil Corp.

"We are conservatively predicting 15 percent next year, but industry experts are telling us it will be closer to 20 percent," O'Neill told Reuters.