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. 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 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 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 balancing relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including an HIV/AIDS epidemic, with the second 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 foreign demand for PNG's commodities.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
NOTE: 1) The information regarding Papua New Guinea on this page is re-published from the 2012 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Papua New Guinea Economy 2012 information contained here. All suggestions for corrections of any errors about Papua New Guinea Economy 2012 should be addressed to the CIA.
$16.7 billion (2011 est.)
country comparison to the world: 135
note: data are in 2011 US dollars
[see also: GDP country ranks ]
$11.4 billion (2011 est.)
[see also: GDP (official exchange rate) country ranks ]
9% (2011 est.)
country comparison to the world: 7
[see also: GDP - real growth rate country ranks ]
$2,500 (2011 est.)
country comparison to the world: 179
note: data are in 2011 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 30.3%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 37.7%
[see also: GDP - composition by sector - industry country ranks ]
services: 32.1% (2011 est.)
[see also: GDP - composition by sector - services country ranks ]
3.896 million (2011 est.)
country comparison to the world: 90
[see also: Labor force country ranks ]
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 ]
1.9% (2008 est.)
country comparison to the world: 11
[see also: Unemployment rate country ranks ]
37% (2002 est.)
[see also: Population below poverty line country ranks ]
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 ]
50.9 (1996)
country comparison to the world: 20
[see also: Distribution of family income - Gini index country ranks ]
19.3% of GDP (2011 est.)
country comparison to the world: 128
[see also: Investment (gross fixed) country ranks ]
revenues: $4.191 billion
[see also: Budget revenues country ranks ]
expenditures: $4.151 billion (2011 est.)
[see also: Budget expenditures country ranks ]
36.8% of GDP (2011 est.)
country comparison to the world: 53
[see also: Taxes and other revenues country ranks ]
0.3% of GDP (2011 est.)
country comparison to the world: 38
[see also: Budget surplus (+) or deficit (-) country ranks ]
22.3% of GDP (2011 est.)
country comparison to the world: 108
[see also: Public debt country ranks ]
8.4% (2011 est.)
country comparison to the world: 176
[see also: Inflation rate (consumer prices) country ranks ]
14% (31 December 2010 est.)
country comparison to the world: 48
[see also: Central bank discount rate country ranks ]
10.9% (31 December 2011 est.)
country comparison to the world: 91
[see also: Commercial bank prime lending rate country ranks ]
$3.86 billion (31 December 2011 est.)
country comparison to the world: 104
[see also: Stock of narrow money country ranks ]
$6.337 billion (31 December 2011 est.)
country comparison to the world: 118
[see also: Stock of broad money country ranks ]
$3.412 billion (31 December 2011 est.)
country comparison to the world: 121
[see also: Stock of domestic credit country ranks ]
$NA (31 December 2010)
country comparison to the world: 75
[see also: Market value of publicly traded shares country ranks ]
coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish; poultry, pork
copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction, tourism
10% (2010 est.)
country comparison to the world: 8
[see also: Industrial production growth rate country ranks ]
2.965 billion kWh (2008 est.)
country comparison to the world: 127
[see also: Electricity - production country ranks ]
2.757 billion kWh (2008 est.)
country comparison to the world: 130
[see also: Electricity - consumption country ranks ]
0 kWh (2009 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2009 est.)
[see also: Electricity - imports country ranks ]
30,570 bbl/day (2010 est.)
country comparison to the world: 69
[see also: Oil - production country ranks ]
33,000 bbl/day (2010 est.)
country comparison to the world: 111
[see also: Oil - consumption country ranks ]
8,029 bbl/day (2009 est.)
country comparison to the world: 99
[see also: Oil - exports country ranks ]
14,770 bbl/day (2009 est.)
country comparison to the world: 130
[see also: Oil - imports country ranks ]
130 million cu m (2009 est.)
country comparison to the world: 78
[see also: Natural gas - production country ranks ]
130 million cu m (2009 est.)
country comparison to the world: 102
[see also: Natural gas - consumption country ranks ]
0 cu m (2009 est.)
country comparison to the world: 163
[see also: Natural gas - exports country ranks ]
0 cu m (2009 est.)
country comparison to the world: 115
[see also: Natural gas - imports country ranks ]
226.5 billion cu m (1 January 2011 est.)
country comparison to the world: 43
[see also: Natural gas - proved reserves country ranks ]
-$2.42 billion (2011 est.)
country comparison to the world: 157
[see also: Current account balance country ranks ]
$7.566 billion (2011 est.)
country comparison to the world: 104
[see also: Exports country ranks ]
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Australia 27.9%, Japan 9.1%, China 7.1% (2010)
$4.945 billion (2011 est.)
country comparison to the world: 125
[see also: Imports country ranks ]
machinery and transport equipment, manufactured goods, food, fuels, chemicals
Australia 42.1%, Singapore 13.1%, China 7.9%, Japan 6.6%, US 4.3% (2010)
$3.19 billion (31 December 2011 est.)
country comparison to the world: 100
[see also: Reserves of foreign exchange and gold country ranks ]
$1.719 billion (31 December 2011 est.)
country comparison to the world: 143
[see also: Debt - external country ranks ]
$NA
[see also: Stock of direct foreign investment - at home country ranks ]
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]
kina (PGK) per US dollar -
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They 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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This page was last modified 07-Mar-12