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 31 December 2017 | $17.94 billion (31 December 2017 est.) |
| Debt - external 31 December 2016 | $18.28 billion (31 December 2016 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 | $4.039 billion (2019 est.) |
| Expenditures | $5.135 billion (2019 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 | 22.1% (2017 est.) |
| Industry | 42.9% (2017 est.) |
| Services | 35% (2017 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
Want to know more about Papua New Guinea? Check all different factbooks for Papua New Guinea below.
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Papua New Guinea Factbook
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The Economy of Papua New Guinea
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Learn about the Government of Papua New Guinea
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Communication in Papua New Guinea
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Popular Universities in Papua New Guinea
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Enerny in Papua New Guinea
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Transport in Papua New Guinea
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The Geography and society of Papua New Guinea
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The Environment of Papua New Guinea
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Military and security in Papua New Guinea