Economy of Papua New Guinea
|
|
| Currency | kina (PGK) |
|---|---|
| calendar year | |
|
Trade organisations
|
WTO, APEC |
| Statistics | |
| GDP | $16.93 billion (2014 World Bank est.) |
| GDP rank | 115th (nominal) / 130th (PPP) |
|
GDP growth
|
8.5% (2014 World Bank est.) |
|
GDP per capita
|
$2,800 (2015 CIA World Factbook est.) |
|
GDP by sector
|
Agriculture: 29.9%, industry: 37.6%, services: 32.4% (2011 est.) |
| 5.2% (2014 World Bank est.) | |
|
Population below poverty line
|
39.9% (2009 World Bank est.) |
|
Labour force
|
3.896 million (2011 est.) |
|
Labour force by occupation
|
agriculture: 85%, industry: NA%, services: NA% (2005 est.) |
| Unemployment | 1.9% (2008) |
|
Main industries
|
copra crushing, palm oil processing, plywood production, wood chip production; mining (gold, silver, and copper); crude oil production, petroleum refining; construction, tourism |
| 119th (2017) | |
| External | |
| Exports | $6.748 billion (2011 est.) |
|
Export goods
|
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns |
|
Main export partners
|
 Australia 29.0% Japan 9.6% China 4.8% (2012 est.) |
| Imports | $6.106 billion (2011 est.) |
|
Import goods
|
Machinery and transport equipment, manufactured goods, food, fuels, chemicals |
|
Main import partners
|
Australia 36.3% Singapore 13.8% Malaysia 8.4% China 7.9% Japan 5.8% United States 4.8% (2012 est.) |
| Public finances | |
| $5.296 billion (31 December 2011 est.) | |
| Revenues | $4.168 billion (2011 est.) |
| Expenses | $4.194 billion (2011 est.) |
| Economic aid | no data |
|
Standard & Poor's: BB- (Domestic) B+ (Foreign) BB (T&C Assessment) Outlook: Stable Moody's: B2 Outlook: Stable |
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Papua New Guinea's economy is dominated by two sectors: the agricultural, forestry, and fishing sector, where most of the labour force of the country is engaged, and the minerals and energy extraction sector from which most of the export earnings are made. PNG's GDP growth is driven by the extraction industries and real GDP growth per capita has averaged 4% since mid-2000. The country has made significant progress investing proceeds from oil and gas in infrastructure building. As a result, its major cities like Port Moresby and Lae have received increased international investor attention, giving rise to unprecedented building boom to exploit the opportunities presented by the country's rise as a regional economic leader in the South Pacific region. This is well supported by its strategic location as a Pacific's gateway to Asia as well as its comparatively huge landmass and demographic profile (almost 7 times that the rest of smaller Pacific Island nations). International Monetary Fund. Despite this poverty it is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for the bulk of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings. Budgetary support from Australia and development aid under World Bank auspices have helped sustain the economy. In 1995, Port Moresby reached an agreement with the International Monetary Fund (IMF) and World Bank on a structural adjustment program, of which the first phase was successfully completed in 1996. In 1997, droughts caused by the El Niño weather pattern wreaked havoc on Papua New Guinea's coffee, cocoa, and coconut production, the mainstays of the agricultural-based economy and major sources of export earnings. The coffee crop was slashed by up to 50% in 1997. Despite problems with drought, the year 1998 saw a small recovery in GDP. Growth increased to 3.6% in 1999 and may be even higher in 2000, say 4.3%.
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