Includes Papua New Guinea real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Papua New Guinea economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Papua New Guinea best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary democracy (National Parliament) under a constitutional monarchy; a Commonwealth realm
Capital City: Port Moresby
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank | Bank of Papua New Guinea |
---|---|
Currency | Kina (PGK) |
International Reserves | USD 2.2 billion (2018) |
Gross Domestic Product – GDP | USD 21.3 billion (2018, estimate) |
GDP (Purchasing Power Parity) |
Intl$ 30.9 billion (2018, estimate) |
GDP Data
Real GDP growth |
2014: 15.4% 2015: 5.3% 2016: 1.7% 2017*: 2.4% 2018*: 0.0% *Estimate |
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GDP per capita – current prices | USD 2,530.2 (2018, estimate) |
GDP per capita – PPP | Intl$ 3,662.0 (2018, estimate) |
GDP (PPP) – share of world total | 0.02% (2019, estimate) |
GDP – composition by sector |
agriculture: 22.1% industry: 42.9% services: 35.0% (2016 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | N/A |
Inflation |
2014: 6.0% 2015: 6.7% 2016: 4.9% 2017*: 5.2% 2018*: 3.9% *Estimate |
Papua New Guinea
Inflation & Debt
Inflation |
2014: 6.0% 2015: 6.7% 2016: 4.9% 2017*: 5.2% 2018*: 3.9% *Estimate |
---|---|
Government Bond Ratings |
Standard & Poor’s: B Moody’s: B2 Standard & Poor’s / Moody’s (Updated as of January 24th 2017) |
Unemployment rate |
N/A |
Household saving rates | N/A |
Public debt (General government gross debt as a % of GDP) |
2014: 29.9% 2015: 33.7% 2016: 33.1% 2017*: 35.5% 2018*: 41.4% *Estimate |
Public deficit (General government net lending/borrowing as a % of GDP) |
2014: -4.6% 2015: -4.7% 2016: -2.5% 2017*: -3.9% 2018*: -4.9% *Estimate |
Market value of publicly traded shares | N/A |
Largest Companies | N/A |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
N/A |
---|---|
Shares in world total merchandising export | 0.05% (2018) |
Shares in world total commercial services export | 0.007% (2018) |
Total exports | USD 9.9 billion (2018 estimate) |
Export commodities | Liquefied natural gas, oil, gold, copper ore, nickel, cobalt logs, palm oil, coffee, cocoa, copra, spice (turmeric, vanilla, ginger, and cardamom), crayfish, prawns, tuna, sea cucumber |
Total imports | USD 4.4 billion (2018 estimate) |
Import commodities | Machinery and transport equipment, manufactured goods, food, fuels, chemicals |
Exports – major partners | Australia 18.9%, Singapore 17.5%, Japan 13.8%, China 12.7%, Philippines 4.7%, Netherlands 4.2%, India 4.2% (2017) |
Imports – major partners | Australia 30.1%, China 17.3%, Singapore 10.2%, Malaysia 8.2%, Indonesia 4% (2017) |
Competitiveness & Trade
Current account balance | USD 6.4 billion (2018 estimate) |
---|---|
Current account balance by percentage of GDP | 27.4 % (2018 estimate) |
FDI inflows |
2016: USD -40 million 2017: USD -180 million 2018: USD 335 million |
FDI Outflows |
2016: USD -0.03 million 2017: USD -0.03 million 2018: USD -342.71 million |
Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 120 out of 190 countries (2017) Subcategories: Starting a Business: 142 out of 190 countries Dealing with Construction Permits: 122 out of 190 countries Getting Electricity: 118 out of 190 countries Registering Property: 127 out of 190 countries Getting Credit: 48 out of 190 countries Protecting Minority Investors: 72 out of 190 countries Paying Taxes: 118 out of 190 countries Trading across Borders: 125 out of 190 countries Enforcing Contracts: 173 out of 190 countries Resolving Insolvency: 144 out of 190 countries World Bank – Doing Business 2019 |
Global competitiveness ranking | 81 out of 141 (2019) |
Index of Economic Freedom |
Ranking: 101 / Score: 58.4 (Mostly unfree) (2018) (100=totally free 0=totally repressed) |
Population & Geographic Data
Time Zone |
UTC+10 |
---|---|
Total Area | 462,840 sq km |
Total Population |
1990: 3.76 million 2000: 5.13 million 2010: 6.68 million 2015: 7.92 million 2020*: 8.78 million *Estimate |
Urban population as % of total population |
1960: 3.7% 1980: 13.0% 2000: 13.2% 2018: 13.2% |
Population median age | 23.4 years (2016 estimate) |
Population growth rate | 1.67% (2018 estimate) |
Life expectancy | 67.5 years (2018 estimate) |
% of population living on less than $3.10 a day | 65.6% (last available estimate, 2009) |
Inequality of wealth distribution (Gini index) | 41.9 (last available estimate, 2009) |
Freedom House rating |
Political Rights: 4 Civil Liberties: 3 (2019) (1 represents the most free, 7 the least free rating) |
Total telephone subscribers as % of population |
Fixed: 1.9% Mobile: 47.6% (2017) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population | 11.21 % (2017) |
Language & Religon
Languages | Tok Pisin (official), English (official), Hiri Motu (official), some 839 indigenous languages spoken (about 12% of the world’s total); many languages have fewer than 1,000 speakers |
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Literacy |
Total population: 64.2% Male: 65.6% Female: 62.8% Definition: age 15 and over can read and write (2015 est.) |
Religions | Roman Catholic 26%, Protestant 64.3% (Evangelical Lutheran 18.4%, Seventh Day Adventist 12.9%, Pentecostal 10.4%, United Church 10.3%, Evangelical Alliance 5.9%, Anglican 3.2%, Baptist 2.8%, Salvation Army .4%), other Christian 5.3%, non-Christian 1.4%, u |
World Rankings
Population | 8.78 M |
---|---|
Mercer Cost of living index | N/A |
C02 Emissions per capita |
0.8 metric tons per capita (2014) |
Global Finance Rankings & Awards: Papua New Guinea
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000