Papua New Guinea - Economy
How is the economy of Papua New Guinea? Based on the information we have, Papua New Guinea has a lower middle-income Pacific island economy; primarily informal agrarian sector; natural resource-rich; key liquified natural gas exporter; growing young workforce; slow post-pandemic recovery; increasingly impoverished citizenry; sustainable inflation. Key agricultural products in this country include: oil palm fruit, coconuts, bananas, fruits, sweet potatoes, game meat, yams, root vegetables, sugarcane, vegetables (2022).
More about the economy of Papua New Guinea
Labor force 3.229 million (2023 est.)
Industrial production growth rate 6.61% (2022 est.)
Industries oil and gas; mining (gold, copper, and nickel); palm oil processing; plywood and wood chip production; copra crushing; construction; tourism; fishing; livestock (pork, poultry, cattle) and dairy farming; spice products (turmeric, vanilla, ginger, cardamom, chili, pepper, citronella, and nutmeg)
Population below poverty line
Taxes and other revenues 14.79% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency kina (PGK) per US dollar -
Exchange rates 2022 3.519 (2022 est.)
Exchange rates 2021 3.509 (2021 est.)
Exchange rates 2020 3.46 (2020 est.)
Exchange rates 2019 3.388 (2019 est.)
Exchange rates 2018 3.293 (2018 est.)
Debt - external
Debt - external 2022 $6.35 billion (2022 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2022 $3.983 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $3.24 billion (2021 est.)
Reserves of foreign exchange and gold 2020 $2.686 billion (2020 est.)
Current account balance
Current account balance 2021 $4.499 billion (2021 est.)
Current account balance 2020 $3.419 billion (2020 est.)
Current account balance 2019 $3.559 billion (2019 est.)
Public debt
Public debt 2022 48.26% of GDP (2022 est.)
Budget
Revenues $5.268 billion (2022 est.)
Expenditures $6.156 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.01% of GDP (2023 est.)
Remittances 2022 0.01% of GDP (2022 est.)
Remittances 2021 0.05% of GDP (2021 est.)
Imports
Imports 2021 $6.303 billion (2021 est.)
Imports 2020 $5.282 billion (2020 est.)
Imports 2019 $6.329 billion (2019 est.)
Imports (partners) China 26%, Australia 23%, Singapore 16%, Malaysia 9%, Indonesia 4% (2022)
Comodities Imports force refined petroleum, rice, plastic products, excavation machinery, trucks (2022)
Exports
Imports 2021 $6.303 billion (2021 est.)
Imports 2020 $5.282 billion (2020 est.)
Imports 2019 $6.329 billion (2019 est.)
Exports (partners) Japan 26%, China 22%, Australia 11%, South Korea 10%, Taiwan 9% (2022)
Comodities Exports force natural gas, gold, palm oil, crude petroleum, copper ore (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $42.9 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $41.779 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $39.728 billion (2021 est.)
GDP (official exchange rate) $30.932 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $4,200 (2023 est.)
Real GDP per capita 2022 $4,100 (2022 est.)
Real GDP per capita 2021 $4,000 (2021 est.)
GDP - composition, by sector of origin
Agriculture 16.9% (2022 est.)
Industry 40.3% (2022 est.)
Services 39% (2022 est.)
GDP - composition, by end use
Household consumption 43.7% (2017 est.)
Government consumption 19.7% (2017 est.)
Investment in fixed capital 10% (2017 est.)
Investment in inventories 0.4% (2017 est.)
Exports of goods and services 49.3% (2017 est.)
Imports of goods and services -22.3% (2017 est.)
Unemployment rate
Unemployment rate 2023 2.65% (2023 est.)
Unemployment rate 2022 2.69% (2022 est.)
Unemployment rate 2021 2.91% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 3.7% (2023 est.)
Male 4.5% (2023 est.)
Female 2.9% (2023 est.)
All Important Facts about Papua New Guinea

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Papua New Guinea is found in Melanesia