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Papua New Guinea:
Economy

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Papua New Guinea Page


Other pages in this profile of Papua New Guinea:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. The government of Prime Minister SOMARE has expended much of its energy remaining in power. He was the first prime minister ever to serve a full five-year term. The government also brought stability to the national budget, largely through expenditure control; however, it relaxed spending constraints in 2006 and 2007 as elections approached. Numerous challenges still face the government including regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and balancing relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including a worsening HIV/AIDS epidemic and chronic law and order and land tenure issues. Australia will supply more than $300 million in aid in FY07/08, which accounts for nearly 20% of the national budget.
GDP (purchasing power parity)
Definition - World rank and map
$11.94 billion (2007 est.)
GDP (official exchange rate)
Definition
$6.001 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
6.2% (2007 est.)
GDP - per capita
Definition - World rank and map
$2,000 (2007 est.)
GDP - composition by sector
Definition
agriculture: 34%
industry: 37.3%
services: 28.7% (2007 est.)
Labor force
Definition
3.557 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 85%
industry: NA%
services: NA% (2005 est.)
Unemployment rate
Definition - World rank and map
1.9% up to 80% in urban areas (2004)
Population below poverty line
Definition
37% (2002 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 1.7%
highest 10%: 40.5% (1996)
Distribution of family income - Gini index
Definition - World rank and map
50.9 (1996)
Inflation rate (consumer prices)
Definition - World rank and map
1.7% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
20.2% of GDP (2007 est.)
Budget
Definition
revenues: $2.347 billion
expenditures: $2.153 billion (2007 est.)
Public debt
Definition - World rank and map
42% of GDP (2007 est.)
Agriculture - products
Definition
coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish, poultry, pork
Industries
Definition
copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction, tourism
Industrial production growth rate
Definition - World rank and map
6.4% (2007 est.)
Electricity - production
Definition - World rank and map
3.698 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
3.439 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
579.8 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
50,000 bbl/day (January 2006 est.)
Oil - consumption
Definition - World rank and map
26,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
4.4 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
44,580 bbl/day (2004)
Oil - imports
Definition - World rank and map
24,020 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
170 million bbl (2007 est.)
Natural gas - production
Definition - World rank and map
95.91 million cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
95.91 million cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
16 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
331.3 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$259 million (2007 est.)
Exports
Definition - World rank and map
$4.676 billion f.o.b. (2007 est.)
Exports - commodities
Definition
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Exports - partners
Definition
Australia 25.8%, Japan 9.5%, China 6.2% (2006)
Imports
Definition - World rank and map
$2.564 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and transport equipment, manufactured goods, food, fuels, chemicals
Imports - partners
Definition
Australia 51.1%, Singapore 11.3%, China 7.5%, Japan 5.5% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$2.108 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$1.595 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$4.863 billion (2005)
Economic aid - recipient
Definition
$266.1 million (2005)
Currency (code)
Definition
kina (PGK)
Exchange rates
Definition
kina per US dollar - 3.03 (2007), 3.0643 (2006), 3.08 (2005), 3.2225 (2004), 3.5635 (2003)
Fiscal year
Definition
calendar year


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