Papua New Guinea Economic Statistics and Indicators

21, Sep 2019, 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: 2015 › Change year
Number of Indicators Listed: 33
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 2015 is PGK 17.199 Billion.

GDP Growth (Constant Prices, National Currency) for Papua New Guinea in year 2015 is 8.972 %.

GDP (Current Prices, National Currency) for Papua New Guinea in year 2015 is PGK 44.818 Billion.

GDP (Current Prices, US Dollars) for Papua New Guinea in year 2015 is US$ 16.09 Billion.

GDP Deflator for Papua New Guinea in year 2015 is 260.58 (Index, Base Year as per country's accounts = 100).

GDP Per Capita (Constant Prices, National Currency) for Papua New Guinea in year 2015 is PGK 2,228.47 .

GDP Per Capita (Current Prices, National Currency) for Papua New Guinea in year 2015 is PGK 5,806.94 .

GDP Per Capita (Current Prices, US Dollars) for Papua New Guinea in year 2015 is US$ 2,084.71 .

GDP (PPP), US Dollars for Papua New Guinea in year 2015 is US$ 20.467 Billion.

GDP Per Capita (PPP), US Dollars for Papua New Guinea in year 2015 is US$ 2,651.81 .

GDP Share of World Total (PPP) for Papua New Guinea in year 2015 is 0.018 %.

Implied PPP Conversion Rate for Papua New Guinea in year 2015 is 2.19 .

Investment (% of GDP) for Papua New Guinea in year 2015 is 8.137 %.

Gross National Savings (% of GDP) for Papua New Guinea in year 2015 is 24.54 %.

Inflation, Average Consumer Prices (Indexed to Year 2000) for Papua New Guinea in year 2015 is 592.923 (Index, Base Year 2000 = 100).

Inflation (Average Consumer Price Change %) for Papua New Guinea in year 2015 is 6 %.

Inflation, End of Year (Indexed to Year 2000) for Papua New Guinea in year 2015 is 588.069 (Index, Base Year 2000 = 100).

Inflation (End of Year Change %) for Papua New Guinea in year 2015 is 6 %.

Import Volume of All Items Including Goods and Services (Percent Change) for Papua New Guinea in year 2015 is -4.681 %.

Import Volumes of Goods Only (Percent Change) for Papua New Guinea in year 2015 is -4.681 %.

Export Volume of All Items Including Goods and Services (Percent Change) for Papua New Guinea in year 2015 is 35.923 %.

Export Volumes of Goods Only (Percent Change) for Papua New Guinea in year 2015 is 36.926 %.

Population for Papua New Guinea in year 2015 is 7.718 Million .

General government revenue (National Currency) for Papua New Guinea in year 2015 is PGK 11.174 Billions.

General government revenue (% of GDP) for Papua New Guinea in year 2015 is 24.931 %.

General government total expenditure (National Currency) for Papua New Guinea in year 2015 is PGK 14.625 Billions.

General government total expenditure (% of GDP) for Papua New Guinea in year 2015 is 32.632 %.

Total Government Net Lending/ Borrowing (National Currency) for Papua New Guinea in year 2015 is PGK -3.451 Billions.

Total Government Net Lending/ Borrowing (% of GDP) for Papua New Guinea in year 2015 is -7.7 %.

Fiscal Year Gross Domestic Product, Current Prices for Papua New Guinea in year 2015 is PGK 44.818 Billions.

Current Account Balance (US Dollars) for Papua New Guinea in year 2015 is US$ 0.444 Billion.

Current Account Balance (% GDP) for Papua New Guinea in year 2015 is 2.756 %.