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Papua New Guinea Economy 1996

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 have helped sustain the economy. Robust growth in 1991-92 was led by the mining sector; the opening of a large new gold mine helped the advance. At the start of 1995, Port Moresby is looking primarily to the exploitation of mineral and petroleum resources to drive economic development but new prospecting in Papua New Guinea has slumped as other mineral-rich countries have stepped up their competition for international investment. Output from current projects will probably begin to taper off in 1996, but no new large ventures are being developed to succeed them.

National product:

GDP - purchasing power parity - $9.2 billion (1994 est.)

National product real growth rate:

6.1% (1994 est.)

National product per capita:

$2,200 (1994 est.)

Inflation rate (consumer prices):

1.6% (1994)

Unemployment rate:

NA%

Budget:

revenues:

$1.33 billion

expenditures:

$1.36 billion, including capital expenditures of $NA (1995 est.)

Exports:

$2.4 billion (f.o.b., 1993 est.)

commodities:

gold, copper ore, oil, logs, palm oil, coffee, cocoa, lobster

partners:

Australia, Japan, US, Singapore, New Zealand

Imports:

$1.2 billion (c.i.f., 1993 est.)

commodities:

machinery and transport equipment, manufactured goods, food, fuels, chemicals

partners:

Australia, Japan, UK, New Zealand, Netherlands

External debt:

$3.2 billion (1992)

Industrial production:

accounts for 32% of GDP

Electricity:

capacity:

490,000 kW

production:

1.8 billion kWh

consumption per capita:

390 kWh (1993)

Industries:

copra crushing, palm oil processing, plywood production, wood chip production, mining of gold, silver, and copper, construction, tourism

Agriculture:

Accounts for 25% 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:

recipient:

US commitments, including Ex-Im (FY70-89), $40.6 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $6.5 billion; OPEC bilateral aid (1979-89), $17 million

Currency:

1 kina (K) = 100 toea

Exchange rates:

kina (K) per US$1 - 0.8565 (December 1994), 0.9950 (1994), 1.0221 (1993), 1.0367 (1992), 1.0504 (1991), 1.0467 (1990); note - the government floated the kina on 10 October 1994

Fiscal year:

calendar year

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