Papua New Guinea Economic Statistics and Indicators
31, Aug 2015, EDT. Welcome to the Papua New Guinea economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Papua New Guinea › Change country
National or Regional Currency: Kina, PGK
Year of data: 2014 › Change year
Number of Indicators Listed: 35
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 6,552,730 (July 2014 est.)
Area: total: 462,840 sq km ; land: 452,860 sq km ; water: 9,980 sq km
Natural Resources: gold, copper, silver, natural gas, timber, oil, fisheries
Capital: name: Port Moresby ; geographic coordinates: 9 27 S, 147 11 E ; time difference: UTC+10 (15 hours ahead of Washington, DC, during Standard Time)
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. 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. A consortium led by a major American oil company is constructing a liquefied natural gas (LNG) production facility that could begin exporting in 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. An American-owned firm also opened PNG's first oil refinery in 2004 and is building a second LNG production facility. The government faces the challenge of ensuring transparency and accountability for revenues flowing from this and other large LNG projects. In 2011 and 2012, the National Parliament passed legislation that created an offshore Sovereign Wealth Fund (SWF) to manage government surpluses from mineral, oil, and natural gas projects. In recent years, the government has opened up markets in telecommunications and air transport, making both more affordable to the people. 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. The global financial crisis had little impact because of continued foreign demand for PNG's commodities.
More on the Papua New Guinea Economy
More on the Papua New Guinea Export, Import and Trade
GDP (Constant Prices, National Currency) for Papua New Guinea in year 2014 is PGK 15.39 Billion.
GDP (Current Prices, National Currency) for Papua New Guinea in year 2014 is PGK 39.843 Billion.
GDP (Current Prices, US Dollars) for Papua New Guinea in year 2014 is US$ 16.096 Billion.
GDP Deflator for Papua New Guinea in year 2014 is 258.886 (Index, Base Year as per country's accounts = 100).
GDP (PPP), US Dollars for Papua New Guinea in year 2014 is US$ 18.105 Billion.
GDP Per Capita (PPP), US Dollars for Papua New Guinea in year 2014 is US$ 2,404.41 .
Inflation, Average Consumer Prices (Indexed to Year 2000) for Papua New Guinea in year 2014 is 559.469 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Papua New Guinea in year 2014 is 554.782 (Index, Base Year 2000 = 100).
Population for Papua New Guinea in year 2014 is 7.53 Million .
General government revenue (National Currency) for Papua New Guinea in year 2014 is PGK 11.974 Billions.
General government total expenditure (National Currency) for Papua New Guinea in year 2014 is PGK 14.853 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Papua New Guinea in year 2014 is PGK -2.878 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Papua New Guinea in year 2014 is PGK 39.843 Billions.
Current Account Balance (US Dollars) for Papua New Guinea in year 2014 is US$ -1.827 Billion.
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Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International