| People | 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 85% 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 and chronic law and order and land tenure issues. Australia will supply more than $300 million in aid in FY07/08, which accounts for nearly 20% of the national budget. |
GDP (purchasing power parity):
|
$11.94 billion (2007 est.) |
GDP (official exchange rate):
|
$6.001 billion (2007 est.) |
GDP - real growth rate:
|
6.2% (2007 est.) |
GDP - per capita (PPP):
|
$2,000 (2007 est.) |
GDP - composition by sector:
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agriculture: 34%
industry: 37.3%
services: 28.7% (2007 est.) |
Investment (gross fixed):
|
20.2% of GDP (2007 est.) |
Population below poverty line:
|
37% (2002 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 1.7%
highest 10%: 40.5% (1996) |
Distribution of family income - Gini index:
|
50.9 (1996) |
Inflation rate (consumer prices):
|
1.7% (2007 est.) |
Labor force:
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3.557 million (2007 est.) |
Labor force participation rate:
|
59.97 % of population |
Labor force - by occupation:
|
agriculture: 85%
industry: NA%
services: NA% (2005 est.) |
Unemployment rate:
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1.9% up to 80% in urban areas (2004) |
Budget:
|
revenues: $2.347 billion
expenditures: $2.153 billion (2007 est.) |
Budget revenues per capita:
|
396 USD per capita |
Public debt:
|
42% of GDP (2007 est.) |
Industries:
|
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:
|
6.4% (2007 est.) |
Electricity - production:
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3.698 billion kWh (2005) |
Electricity - production per capita:
|
624 kWh per capita |
Electricity - consumption:
|
3.439 billion kWh (2005) |
Electricity - consumption - per capita:
|
580 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
50,000 bbl/day (January 2006 est.) |
Oil - production per capita:
|
8,430 bbl/day per capita |
Oil - consumption:
|
26,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
1.60 bbl/year per capita |
Oil - exports:
|
44,580 bbl/day (2004) |
Oil - imports:
|
24,020 bbl/day (2004) |
Oil - proved reserves:
|
170 million bbl (2007 est.) |
Natural gas - production:
|
95.91 million cu m (2005 est.) |
Natural gas - production per capita:
|
17 cu m per capita |
Natural gas - consumption:
|
95.91 million cu m (2005 est.) |
Natural gas - consumption - per capita:
|
17 cu m per capita |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
331.3 billion cu m (1 January 2006 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:
|
$259 million (2007 est.) |
Current account balance - per capita:
|
44 USD per capita |
Exports:
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$4.676 billion f.o.b. (2007 est.) |
Exports per capita:
|
789 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 25.8%, Japan 9.5%, China 6.2% (2006) |
Imports:
|
$2.564 billion f.o.b. (2007 est.) |
Imports per capita:
|
433 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, fuels, chemicals |
Imports - partners:
|
Australia 51.1%, Singapore 11.3%, China 7.5%, Japan 5.5% (2006) |
Reserves of foreign exchange and gold:
|
$2.108 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
356 USD per capita |
Debt - external:
|
$1.595 billion (31 December 2007 est.) |
Debt - external - per capita:
|
269 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - abroad:
|
$NA |
Market value of publicly traded shares:
|
$4.863 billion (2005) |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$266.1 million (2005) |
Economic aid - recipient per capita:
|
45 USD per capita |
Currency (code):
|
kina (PGK) |
Exchange rates:
|
kina per US dollar - 3.03 (2007), 3.0643 (2006), 3.08 (2005), 3.2225 (2004), 3.5635 (2003) |
Fiscal year:
|
calendar year |
|
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