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Papua New Guinea Economy 2011
https://theodora.com/wfb2011/papua_new_guinea/papua_new_guinea_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

Economy - overview:
Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. Natural gas reserves amount to an estimated 227 billion cubic meters. A consortium led by a major American oil company is constructing a liquefied natural gas (LNG) production facility that could begin exporting in 2013 or 2014. As the largest investment project in the country's history, it has the potential to double GDP in the near-term and triple Papua New Guinea's export revenue. The government faces the challenge of ensuring transparency and accountability for revenues flowing from this and other large LNG projects. The government of Prime Minister SOMARE has expended much of its energy remaining in power. He was the first prime minister ever to serve a full five-year term. The government has brought stability to the national budget, largely through expenditure control; however, it relaxed spending constraints in 2006 and 2007 as elections approached. Numerous challenges still face the government, including providing physical security for foreign investors, regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and balancing relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including an HIV/AIDS epidemic, with the highest infection rate in all of East Asia and the Pacific, and chronic law and order and land tenure issues. The global financial crisis had little impact because of continued high demand for Papua New Guinea's commodities exports.

GDP (purchasing power parity):
$14.93 billion (2010 est.)
country comparison to the world: 136

$14.06 billion (2009 est.)
$13.33 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$8.809 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.2% (2010 est.)
country comparison to the world: 34

5.5% (2009 est.)
6.7% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,500 (2010 est.)
country comparison to the world: 177

$2,400 (2009 est.)
$2,300 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 32.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 35.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 32.1% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
3.809 million (2009 est.)
country comparison to the world: 91
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 85%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
[see also: Labor force - by occupation - industry country ranks ]
services: NA% (2005 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
1.8% (2004)
country comparison to the world: 11
[see also: Unemployment rate country ranks ]

Population below poverty line:
37% (2002 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.5% (1996)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
50.9 (1996)
country comparison to the world: 19
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
17.3% of GDP (2009 est.)
country comparison to the world: 117
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $2.917 billion
[see also: Budget - revenues country ranks ]
expenditures: $2.765 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
27.8% of GDP (2010 est.)
country comparison to the world: 90

29.7% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
6.8% (2010 est.)
country comparison to the world: 175

6.9% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.92% (31 December 2009)
country comparison to the world: 58

7% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.09% (31 December 2009 est.)
country comparison to the world: 101

9.2% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$2.551 billion (31 December 2010 est)

$2.263 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$4.726 billion (31 December 2010 est.)

$4.14 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.796 billion (31 December 2010 est.)
country comparison to the world: 122

$2.424 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$NA (31 December 2008)

$NA (31 December 2007)
$6.632 billion (31 December 2006)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish; poultry, pork

Industries:
copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction, tourism

Industrial production growth rate:
10% (2009 est.)
country comparison to the world: 16
[see also: Industrial production growth rate country ranks ]

Electricity - production:
2.885 billion kWh (2007 est.)
country comparison to the world: 125
[see also: Electricity - production country ranks ]

Electricity - consumption:
2.683 billion kWh (2007 est.)
country comparison to the world: 129
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
35,090 bbl/day (2009 est.)
country comparison to the world: 68
[see also: Oil - production country ranks ]

Oil - consumption:
36,000 bbl/day (2009 est.)
country comparison to the world: 110
[see also: Oil - consumption country ranks ]

Oil - exports:
32,490 bbl/day (2007 est.)
country comparison to the world: 85
[see also: Oil - exports country ranks ]

Oil - imports:
14,380 bbl/day (2007 est.)
country comparison to the world: 127
[see also: Oil - imports country ranks ]

Oil - proved reserves:
170 million bbl (1 January 2010 est.)
country comparison to the world: 62
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
100 million cu m (2008 est.)
country comparison to the world: 79
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
100 million cu m (2008 est.)
country comparison to the world: 102
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 144
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 103
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
226.5 billion cu m (1 January 2010 est.)
country comparison to the world: 44
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$99 million (2010 est.)
country comparison to the world: 77

-$446.4 million (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$5.976 billion (2010 est.)
country comparison to the world: 104

$4.392 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns

Exports - partners:
Australia 30.05%, Japan 7.48% (2009)

Imports:
$3.547 billion (2010 est.)
country comparison to the world: 135

$2.871 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactured goods, food, fuels, chemicals

Imports - partners:
Australia 43.27%, China 13.29%, Singapore 9.59%, US 6.4%, Japan 4.62% (2009)

Reserves of foreign exchange and gold:
$3.017 billion (31 December 2010 est.)
country comparison to the world: 85

$2.607 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.548 billion (31 December 2010 est.)
country comparison to the world: 145

$1.436 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kina (PGK) per US dollar - 2.7517 (2010), 2.7551 (2009), 2.6956 (2008), 3.03 (2007), 3.0643 (2006)


NOTE: The information regarding Papua New Guinea on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Papua New Guinea Economy 2011 information contained here. All suggestions for corrections of any errors about Papua New Guinea Economy 2011 should be addressed to the CIA.



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This page was last modified 09-Feb-11
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