| Economy | Papua New Guinea |
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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):
|
$16.7 billion (2011 est.)
$15.3 billion (2010 est.)
$14.28 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$2,500 (2011 est.)
$2,400 (2010 est.)
$2,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$11.4 billion (2011 est.) |
GDP - real growth rate:
|
9% (2011 est.)
7% (2010 est.)
5.5% (2009 est.) |
GDP - composition by sector:
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agriculture: 30.3%
industry: 37.7%
services: 32.1% (2011 est.) |
Investment (gross fixed):
|
19.3% of GDP (2011 est.) |
Population below poverty line:
|
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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8.4% (2011 est.)
6% (2010 est.) |
Central bank discount rate:
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14% (31 December 2010 est.)
6.92% (31 December 2009 est.) |
Commercial bank prime lending rate:
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10.9% (31 December 2011 est.)
10.45% (31 December 2010 est.) |
Stock of money:
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$2.005 billion (31 December 2008)
$1.685 billion (31 December 2007) |
Stock of money - per capita:
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325 USD per capita |
Stock of quasi money:
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$1.726 billion (31 December 2008)
$1.482 billion (31 December 2007) |
Stock of quasi money - per capita:
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279 USD per capita |
Stock of domestic credit:
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$3.412 billion (31 December 2011 est.)
$2.647 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
552 USD per capita |
Stock of narrow money:
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$3.86 billion (31 December 2011 est.)
$2.893 billion (31 December 2010 est.) |
Stock of broad money:
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$6.337 billion (31 December 2011 est.)
$4.933 billion (31 December 2010 est.) |
Labor force:
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3.896 million (2011 est.) |
Labor force participation rate:
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62.96 % of population |
Labor force - by occupation:
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agriculture: 85%
industry: NA%
services: NA% (2005 est.) |
Unemployment rate:
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1.9% (2008 est.)
1.8% (2004) |
Unemployment, youth ages 15-24:
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void |
Budget:
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revenues: $4.191 billion
expenditures: $4.151 billion (2011 est.) |
Budget revenues per capita:
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678 USD per capita |
Taxes and other revenues:
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36.8% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
0.3% of GDP (2011 est.) |
Public debt:
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22.3% of GDP (2011 est.)
25.7% of GDP (2010 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:
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10% (2010 est.) |
Electricity - production:
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2.965 billion kWh (2008 est.) |
Electricity - production per capita:
|
480 kWh per capita |
Electricity - consumption:
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2.757 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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446 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
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30,570 bbl/day (2010 est.) |
Oil - production per capita:
|
4,941 bbl/day per capita |
Oil - consumption:
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33,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.95 bbl/year per capita |
Oil - exports:
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8,029 bbl/day (2009 est.) |
Oil - imports:
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14,770 bbl/day (2009 est.) |
Oil - proved reserves:
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88 million bbl (1 January 2011 est.) |
Natural gas - production:
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130 million cu m (2009 est.) |
Natural gas - production per capita:
|
22 cu m per capita |
Natural gas - consumption:
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130 million cu m (2009 est.) |
Natural gas - consumption - per capita:
|
22 cu m per capita |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
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226.5 billion cu m (1 January 2011 est.) |
Agriculture - products:
|
coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish; poultry, pork |
Current account balance:
|
-$2.42 billion (2011 est.)
-$632.5 million (2010 est.) |
Current account balance - per capita:
|
-391 USD per capita |
Exports:
|
$7.566 billion (2011 est.)
$5.746 billion (2010 est.) |
Exports per capita:
|
1,223 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 27.9%, Japan 9.1%, China 7.1% (2010) |
Imports:
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$4.945 billion (2011 est.)
$3.529 billion (2010 est.) |
Imports per capita:
|
800 USD per capita |
Imports - commodities:
|
machinery and transport equipment, manufactured goods, food, fuels, chemicals |
Imports - partners:
|
Australia 42.1%, Singapore 13.1%, China 7.9%, Japan 6.6%, US 4.3% (2010) |
Reserves of foreign exchange and gold:
|
$3.19 billion (31 December 2011 est.)
$3.092 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
516 USD per capita |
Debt - external:
|
$1.719 billion (31 December 2011 est.)
$1.622 billion (31 December 2010 est.) |
Debt - external - per capita:
|
278 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:
|
$NA (31 December 2010)
$6.632 billion
$6.632 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
kina (PGK) |
Exchange rates:
|
kina (PGK) per US dollar -
2.2056 (2011 est.)
2.7193 (2010 est.)
2.7551 (2009)
2.6956 (2008)
3.03 (2007) |
Fiscal year:
|
calendar year |
|
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