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Papua New Guinea Economy 2014
http://www.theodora.com/wfbcurrent/papua_new_guinea/papua_new_guinea_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

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 155 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 2011 and 2012, the National Parliament passed legislation that created an offshore Sovereign Wealth Fund (SWF) to manage government surpluses from mineral, oil, and natural gas 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 maintaining good relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including 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):
$18.68 billion (2012 est.)
country comparison to the world: 136

$17.27 billion (2011 est.)
$15.61 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$14.93 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
8.1% (2012 est.)
country comparison to the world: 19

10.7% (2011 est.)
7.7% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,700 (2012 est.)
country comparison to the world: 178

$2,600 (2011 est.)
$2,400 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
-3.9% of GDP (2012 est.)
country comparison to the world: 142

13.9% of GDP (2011 est.)
8.8% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 53.9%
government consumption: 8.3%
investment in fixed capital: 14.6%
investment in inventories: 0.8%
exports of goods and services: 70%
imports of goods and services: -47.8%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 28.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 38.9%
services: 32.9% (2012 est.)

Agriculture - products:
coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; poultry, pork; shellfish

Industries:
copra crushing, palm oil processing, plywood production, wood chip production; mining (gold, silver, and copper); crude oil production, petroleum refining; construction, tourism

Industrial production growth rate:
13% (2012 est.)
country comparison to the world: 7
[see also: Industrial production growth rate country ranks ]

Labor force:
3.986 million (2012 est.)
country comparison to the world: 91
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 85%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: NA%
services: NA% (2005 est.)

Unemployment rate:
1.9% (2008 est.)
country comparison to the world: 10

1.8% (2004)
[see also: Unemployment rate country ranks ]

Population below poverty line:
37% (2002 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.5% (1996)

Distribution of family income - Gini index:
50.9 (1996)
country comparison to the world: 18
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $4.532 billion
[see also: Budget revenues country ranks ]
expenditures: $4.769 billion (2012 est.)

Taxes and other revenues:
30.4% of GDP (2012 est.)
country comparison to the world: 91
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.6% of GDP (2012 est.)
country comparison to the world: 74
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
25.5% of GDP (2012 est.)
country comparison to the world: 124

24.6% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.3% (2012 est.)
country comparison to the world: 57

8.4% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
14% (31 December 2010 est.)
country comparison to the world: 44

6.92% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.82% (31 December 2012 est.)
country comparison to the world: 79

10.81% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.301 billion (31 December 2012 est.)
country comparison to the world: 99

$4.488 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$8.624 billion (31 December 2012 est.)
country comparison to the world: 111

$7.134 billion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$4.342 billion (31 December 2012 est.)
country comparison to the world: 118

$3.093 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$8.999 billion (31 December 2011)
country comparison to the world: 73

$9.742 billion (31 December 2010)
$12.21 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-3.03 billion (2012 est.)
country comparison to the world: 151

$-296.1 million (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$5.602 billion (2012 est.)
country comparison to the world: 111

$6.791 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns

Exports - partners:
Australia 30.1%, Japan 9.9%, China 5%, Germany 4.1% (2012)

Imports:
$4.767 billion (2012 est.)
country comparison to the world: 131

$4.24 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, manufactured goods, food, fuels, chemicals

Imports - partners:
Australia 36.3%, Singapore 13.8%, Malaysia 8.4%, China 7.9%, Japan 5.8%, US 4.8% (2012)

Reserves of foreign exchange and gold:
$4.001 billion (31 December 2012 est.)
country comparison to the world: 101

$4.323 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$12.96 billion (31 December 2012 est.)
country comparison to the world: 92

$12.44 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$NA
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
kina (PGK) per US dollar -

2.0837 (2012 est.)
2.371 (2011 est.)
2.7193 (2010 est.)
2.7551 (2009)
2.6956 (2008)


NOTE: The information regarding Papua New Guinea on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Papua New Guinea Economy 2014 information contained here. All suggestions for corrections of any errors about Papua New Guinea Economy 2014 should be addressed to the CIA.



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