Timor-Leste National Accounts, Annual Trade Statistics, Business Activity Survey, and Crime Statistics are being launched by the Vice Ministry of Finance at INETL’s Office.

Dili, September 26, 2024 Timor-Leste’s Vice-Minister of Finance, H.E. Felicia Claudinanda da Cruz Carvalho, together with the President of INETL, I.P., Mr. Elias dos Santos Ferreira, and also accompanied by the Australian Bureau of Statistics (ABS) technical expert together for the official launch of four publications, such as Timor-Leste National Accounts, Annual Trade Statistics, Business Activity Survey, and also Crime Statistics, at INETL’s conference room, Caicoli, Dili.

In the initial intervention during the launching of the fourth important report, as mentioned, the Vice Minister, Ms. Carvalho, welcomed all guests in attending today’s release of the National Accounts Report 2023 for Timor-Leste. This occasion is also made even more significant as we are also unveiling three other crucial reports: the Business Survey 2023, Annual Trade 2023, and Criminal Statistics Data 2023.

The Vice Minister of Finance extends her heartfelt congratulations to the INETL, IP, team for their collaborative efforts in bringing these reports to fruition. The data and insights contained within are invaluable for understanding our nation’s economic trajectory.

On the occasion, Ms. Carvalho shared some key highlights from our economic performance in 2023:

1. Our non-oil economy experienced moderate growth of 2.4%, a slight decrease from the 4.0% growth in 2022.
2. However, our oil GDP saw a significant reduction of 74.8%, with oil production declining by 60.8%.
3. The private sector showed resilience, with private expenditure rising by 4.4%.
4. Public expenditure increased by 2.8%, supported by a 14.1% growth in public investment.
5. We saw a significant 31.9% increase in exports, driven largely by a 56.8% rise in service exports, particularly in travel and tourism.
6. Key industries contributing to our economic growth include public administration, construction, retail and wholesale, agriculture, forestry, and livestock.

These figures paint a picture of an economy that is in transition, facing challenges but also showing signs of resilience and growth in key sectors.

The data presented in these reports are crucial for informing our 2011-2030 Strategic Development Plan. This plan, representing the collective aspirations of the Timorese people, focuses on three main areas, namely social capital, infrastructure, and economic development.

In the intervention remark by the President of INETL, I.P., Mr. Elias dos Santos Ferreira, and H.E. Vice Minister share the same idea by expressing deepest gratitude to all entities that have contributed data to INETL, I.P., to make these reports possible. Special thanks go to the President of the Chamber of Commerce and Industry, various ministries, and the Australian Bureau of Statistics for their ongoing support and collaboration.

On the other hand, Ms. Carvalho and Mr. Ferreira further express to the INETL, I.P., team and the Ministry of Finance their deepest appreciation for all your dedication and hard work. Apart from it, they also urge us to continue disseminating this valuable data to all institutions that require it.

In closing, INETL, I.P., and the Ministry of Finance encourage all stakeholders to utilize this data in planning their respective programs. These reports provide a comprehensive view of our country’s economic progress, and it’s crucial that we leverage this information to drive Timor-Leste forward.