Overview: Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing an infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mining of numerous deposits, including copper and gold, accounts for about 60% of export earnings. Budgetary support from Australia and development aid under World Bank auspices help sustain the economy.

GDP: $2.7 billion, per capita $725; real growth rate - 3.0% (1989 est.)

Inflation rate (consumer prices): 4.5% (1989)

Unemployment rate: 5% (1988)

Budget: revenues $867 million; expenditures $873 million, including capital expenditures of $119 million (1990 est.)

Exports: $1.4 billion (f.o.b., 1989); commodities--gold, copper ore, coffee, cocoa, copra, palm oil, timber, lobster; partners--FRG, Japan, Australia, UK, Spain, US

Imports: $1.5 billion (c.i.f., 1989); commodities--machinery and transport equipment, fuels, food, chemicals, consumer goods; partners--Australia, Singapore, Japan, US, New Zealand, UK

External debt: $2.76 billion (December 1990)

Industrial production: growth rate NA%; accounts for 25% of GDP

Electricity: 397,000 kW capacity; 1,510 million kWh produced, 400 kWh per capita (1990)

Industries: copra crushing, oil palm processing, plywood processing, wood chip production, gold, silver, copper, construction, tourism

Agriculture: one-third of GDP; livelihood for 85% of population; fertile soils and favorable climate permits cultivating a wide variety of crops; cash crops--coffee, cocoa, coconuts, palm kernels; other products--tea, rubber, sweet potatoes, fruit, vegetables, poultry, pork; net importer of food for urban centers

Economic aid: US commitments, including Ex-Im (FY70-89), $40.6 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $6.4 billion; OPEC bilateral aid (1979-89), $17 million

Currency: kina (plural--kina); 1 kina (K) = 100 toea

Exchange rates: kina (K) per US$1--1.0549 (January 1991), 1.0467 (1990), 1.1685 (1989), 1.1538 (1988), 1.1012 (1987), 1.0296 (1986), 1.0000 (1985)

Fiscal year: calendar year

NOTE: The information regarding Papua New Guinea on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Papua New Guinea Economy 1991 information contained here. All suggestions for corrections of any errors about Papua New Guinea Economy 1991 should be addressed to the CIA.