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Papua New Guinea Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Papua New Guinea Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Papua New Guinea (PNG) is richly endowed with natural resources, but exploitation has been hampered by rugged terrain, land tenure issues, and the high cost of developing infrastructure. The economy has a small formal sector, focused mainly on the export of those natural resources, and an informal sector, employing the majority of the population. Agriculture provides a subsistence livelihood for 85% of the people. The global financial crisis had little impact because of continued foreign demand for PNG's commodities.Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. Natural gas reserves amount to an estimated 155 billion cubic meters. Following construction of a $19 billion liquefied natural gas (LNG) project, PNG LNG, a consortium led by ExxonMobil, began exporting liquefied natural gas to Asian markets in May 2014. The project was delivered on time and only slightly above budget. The success of the project has encouraged other companies to look at similar LNG projects. French supermajor Total is expected to begin construction on the Papua LNG project by 2020. Due to lower global commodity prices, resource revenues of all types have fallen dramatically. PNG’s government has recently been forced to adjust spending levels downward.Numerous challenges still face the government of Peter O'NEILL, including providing physical security for foreign investors, regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and maintaining good relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including chronic law and order and land tenure issues.

GDP (purchasing power parity):
$30.84 billion (2017 est.) $29.92 billion (2016 est.) $29.22 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 132

GDP (official exchange rate):
$21.81 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.1% (2017 est.) 2.4% (2016 est.) 9.2% (2015 est.)
country comparison to the world: 108
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$3,800 (2017 est.) $3,800 (2016 est.) $3,800 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 183

Gross national saving:
40.8% of GDP (2017 est.) 44.5% of GDP (2016 est.) 39.8% of GDP (2015 est.)
country comparison to the world: 8
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 45%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 20.3%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 10.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.3%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 47.6%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -23% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 22.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 42.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 35% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
3.3% (2017 est.)
country comparison to the world: 90
[see also: Industrial production growth rate country ranks ]

Labor force:
3.681 million (2017 est.)
country comparison to the world: 98
[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:
2.5% (2017 est.) 2.5% (2016 est.)
country comparison to the world: 23
[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)

Distribution of family income - Gini index:
50.9 (1996)
country comparison to the world: 13
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $3.649 billion
[see also: Budget - revenues country ranks ]
expenditures: $4.763 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
16.7% of GDP (2017 est.)
country comparison to the world: 179
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-5.1% of GDP (2017 est.)
country comparison to the world: 163
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
39.8% of GDP (2017 est.) 39% of GDP (2016 est.)
country comparison to the world: 136
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
5.8% (2017 est.) 6.7% (2016 est.)
country comparison to the world: 179
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
14% (31 December 2010) 6.92% (31 December 2009)
country comparison to the world: 13
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
8.4% (31 December 2017 est.) 8.38% (31 December 2016 est.)
country comparison to the world: 102
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.495 billion (31 December 2017 est.) $5.05 billion (31 December 2016 est.)
country comparison to the world: 102
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$7.649 billion (31 December 2017 est.) $7.061 billion (31 December 2016 est.)
country comparison to the world: 115
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$7.859 billion (31 December 2017 est.) $7.223 billion (31 December 2016 est.)
country comparison to the world: 116
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$10.71 billion (31 December 2012 est.) $8.999 billion (31 December 2011 est.) $9.742 billion (31 December 2010 est.)
country comparison to the world: 74
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$4.053 billion (2017 est.) $4.119 billion (2016 est.)
country comparison to the world: 28
[see also: Current account balance country ranks ]

Exports:
$9.526 billion (2017 est.) $9.224 billion (2016 est.)
country comparison to the world: 93
[see also: Exports country ranks ]

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

Exports - partners:
Singapore 23.7%, Australia 22.9%, Japan 13.2%, China 11.9% (2016)

Imports:
$1.878 billion (2017 est.) $2.267 billion (2016 est.)
country comparison to the world: 163
[see also: Imports country ranks ]

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

Imports - partners:
Australia 36%, China 14.9%, Singapore 8.5%, Malaysia 7.5% (2016)

Reserves of foreign exchange and gold:
$1.8 billion (31 December 2017 est.) $1.656 billion (31 December 2016 est.)
country comparison to the world: 121
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$17.09 billion (31 December 2017 est.) $18.28 billion (31 December 2016 est.)
country comparison to the world: 97
[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 - 3.179 (2017 est.) 3.133 (2016 est.) 3.133 (2015 est.) 2.7684 (2014 est.) 2.4614 (2013 est.)


NOTE: 1) The information regarding Papua New Guinea on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Papua New Guinea Economy 2018 information contained here. All suggestions for corrections of any errors about Papua New Guinea Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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