| Economy | Papua New Guinea |
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Economy - overview:
|
Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 75% of the population. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. The government of Prime Minister SOMARE has expended much of its energy remaining in power. He was the first prime minister ever to serve a full five-year term. The government also brought stability to the national budget, largely through expenditure control; however, it relaxed spending constraints in 2006 and 2007 as elections approached. Numerous challenges still face the government including 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 a worsening HIV/AIDS epidemic, currently the highest rate in all of east asia and the pacific, and chronic law and order and land tenure issues. Australia supplied more than $300 million in aid in FY07/08, which accounts for nearly 20% of the national budget. A consortium led by a major American oil company hopes to begin the commercialization of the country's estimated 637 billion cubic meters of natural gas reserves through the construction of a liquefied natural gas (LNG) production facility by 2010. The project has the potential to double the GDP of Papua New Guinea. |
GDP (purchasing power parity):
|
$13.29 billion (2008 est.)
$12.5 billion (2007)
$11.79 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$2,200 (2008 est.)
$2,200 (2007 est.)
$2,100 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
|
$6.363 billion (2008 est.) |
GDP - real growth rate:
|
6.3% (2008 est.)
6% (2007 est.)
2.6% (2006 est.) |
GDP - composition by sector:
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agriculture: 32.8%
industry: 36.5%
services: 30.6% (2008 est.) |
Investment (gross fixed):
|
19.9% of GDP (2008 est.) |
Population below poverty line:
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37% (2002 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.7%
highest 10%: 40.5% (1996) |
Distribution of family income - Gini index:
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50.9 (1996) |
Inflation rate (consumer prices):
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8.8% (2008 est.) |
Central bank discount rate:
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7.38% (31 December 2007) |
Commercial bank prime lending rate:
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9.78% (31 December 2007) |
Stock of money:
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$1.685 billion (31 December 2007) |
Stock of money - per capita:
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279 USD per capita |
Stock of quasi money:
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$1.482 billion (31 December 2007) |
Stock of quasi money - per capita:
|
245 USD per capita |
Stock of domestic credit:
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$1.486 billion (31 December 2007) |
Stock of domestic credit - per capita:
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246 USD per capita |
Labor force:
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3.639 million (2008 est.) |
Labor force participation rate:
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60.08 % of population |
Labor force - by occupation:
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agriculture: 75%
industry: NA%
services: NA% (2005 est.) |
Unemployment rate:
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1.9% up to 80% in urban areas (2004) |
Budget:
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revenues: $3.098 billion
expenditures: $2.949 billion (2008 est.) |
Budget revenues per capita:
|
512 USD per capita |
Public debt:
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34% of GDP (2008 est.) |
Industries:
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copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction, tourism |
Industrial production growth rate:
|
6.3% (2008 est.) |
Electricity - production:
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2.875 billion kWh (2006 est.) |
Electricity - production per capita:
|
475 kWh per capita |
Electricity - consumption:
|
2.674 billion kWh (2006 est.) |
Electricity - consumption - per capita:
|
442 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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42,100 bbl/day (2008 est.) |
Oil - production per capita:
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6,951 bbl/day per capita |
Oil - consumption:
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29,050 bbl/day (2006 est.) |
Oil - consumption - per capita:
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1.75 bbl/year per capita |
Oil - exports:
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39,310 bbl/day (2005) |
Oil - imports:
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24,150 bbl/day (2005) |
Oil - proved reserves:
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88 million bbl (1 January 2008 est.) |
Natural gas - production:
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140 million cu m (2006 est.) |
Natural gas - production per capita:
|
24 cu m per capita |
Natural gas - consumption:
|
140 million cu m (2006 est.) |
Natural gas - consumption - per capita:
|
24 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
|
0 cu m (2007 est.) |
Natural gas - proved reserves:
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226.5 billion cu m (1 January 2008 est.) |
Agriculture - products:
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coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish, poultry, pork |
Current account balance:
|
$438 million (2008 est.) |
Current account balance - per capita:
|
73 USD per capita |
Exports:
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$5.658 billion f.o.b. (2008 est.) |
Exports per capita:
|
935 USD per capita |
Exports - commodities:
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oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns |
Exports - partners:
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Australia 27.3%, Japan 9.5%, China 5.7% (2007) |
Imports:
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$3.013 billion f.o.b. (2008 est.) |
Imports per capita:
|
498 USD per capita |
Imports - commodities:
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machinery and transport equipment, manufactured goods, food, fuels, chemicals |
Imports - partners:
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Australia 51.3%, Singapore 11.6%, China 7.9%, Japan 5.7% (2007) |
Reserves of foreign exchange and gold:
|
$2.548 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
421 USD per capita |
Debt - external:
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$1.582 billion (31 December 2008 est.) |
Debt - external - per capita:
|
262 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$4.863 billion (2005) |
Market value of publicly traded shares - per capita:
|
803 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$266.1 million (2005) |
Economic aid - recipient per capita:
|
44 USD per capita |
Currency (code):
|
kina (PGK) |
Exchange rates:
|
kina (PGK) per US dollar - 2.6956 (2008 est.), 3.03 (2007), 3.0643 (2006), 3.08 (2005), 3.2225 (2004) |
Fiscal year:
|
calendar year |
|
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