Economy of Papua New Guinea
Population: 8.61 M (2018)
GDP per Capita: 2,730 USD (2018)
23,500 M.

GDP USD

(2018)

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2,018 B.

EXPORTS USD

(2018)

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2,018 B.

IMPORTS USD

(2018)

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31.10 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 3.54 % (2017)
GDP of 2010 USD USD 20.80 B. (2018)
GDP Current USD USD 23.50 B. (2018)
GDP per Capita Current USD USD 2,730 (2018)
GDP per capita, PPP USD 3,848 (2018)
GDP per Capita, 2010 USD USD 2,417 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 15.31 % (2004)
Government Spending USD 0.60 B. (2004)
Government Debt % GDP 31.10 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 179.21 (2018)
Trade Openness 131.08 % (2004)
Exports of Goods and Services % GDP 72.16 % (2004)
Exports Goods & Services USD 2.83 B. (2004)
Exports Annual Growth 2.72 % (2004)
Imports as % GDP 58.92 % (2004)
Total Imports USD 2.31 B. (2004)
Foreign Direct Investment % GDP 1.43 % (2018)
Foreign Direct Investment USD 0.34 B. (2018)
Current Account Balance % GDP USD % (2018)
Current Account Balance USD B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD B. (2018)
Foreign Exchange Reserves incl Gold USD 2.24 B. (2018)
Remittances % GDP 0.02 % (2018)
Remittances USD 0 M. (2017)
Balance of Payments USD 362 M. (2015)

Labor Market

Indicator Value
Labor Force 2.64 M. (2019)
Unemployment Rate 2.37 % (2019)
Unemployment Rate Females 1.38 % (2019)
Unemployment Rate Males 3.47 % (2019)
Youth Unemployment (ages 15-24) 4.35 % (2019)
Labor Force Participation Rate 46.63 % (2019)
Labor Force (Percent Female) 48.38 % (2019)
Female Labor Force Participation Rate 45.74 % (2019)
Male Labor Force Participation Rate 47.51 % (2019)
Dependent People 64.64 % (2018)

Agriculture Sector

Indicator Value
Forest Area 74.10 % (2016)
Forest Area km² 335,562 km² (2016)
Agricultural Land 2.63 % (2016)
Agricultural Land km² 11,900 km² (2016)
Employment 67.43 % (2019)
Value added % GDP 17.65 % (2017)
Agriculture Value added USD 4.01 B. (2017)
Crop Production Index 124.00 (2016)
Precipitation 3,142 mm (2014)
Arable Land 1 % (2016)
Cereal Yield 4,817 kg/hectare (2017)
Food production index 123 (2016)
Rural Population 87 % (2018)
Fertilizer use of Arable Land 112 kg/hectare (2016)
Livestock Production Index 119 (2016)
Economy of Papua New Guinea

According to the World Bank and its latest published data, the economy of the Papua New Guinea presents a growth rate of 3.54 % (2017) to the previous year.

With a population that reaches 8.61 M (2018) and a gross domestic product of USD 23.50 B. (2018), it translates a Gross Domestic Product per Capita of USD 2,730 placing its inhabitants on the threshold of an Lower middle income country (according to the World Bank's updated classification).

Papua New Guinea also has a workforce of 2.64 M. (2019) with an unemployment rate of 2.37 % (2019), where women represent 1.38 % (2019) and men 3.47 % (2019), the unemployment rate for young people between 15-24 years old stood at 4.35 % (2019). The total number of dependent people stands at 64.64 % (2018).

The central government spent 15.31 % (2004) of its gross domestic product that year, which in absolute terms is USD 0.60 B. (2004). Its consolidated public debt reached 31.10 of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Papua New Guinea exported USD 2.83 B. (2004), which represents 72.16 % (2004) of its gross domestic product, in that same sense its imports reached USD 2.31 B. (2004) with a direct foreign investment of USD 0.34 B. (2018).

Papua New Guinea has a forest area of 335,562 km² (2016), which represents 74.10 % (2016) of its total area, an average rainfall of 3,142 mm (2014) per year and a population of 87 % (2018) living in rural areas. With a total area of 11,900 km² (2016) available for agriculture and 67.43 % (2019) of its employments, the agricultural sector contributes to the economy of the Papua New Guinea about USD 4.01 B. (2017) (17.65 % (2017) of its GDP).