Countries
Papua New Guinea
Key Economic Indicators
$51.56 billion
$4,875
3.8%
0.6%
2.57%
$32.538 billion (2024 est.)
52 % of GDP
$4.77 billion
Economic Overview
<p>lower-middle-income Pacific island economy; primarily informal agrarian sector; natural-resource-rich and key exporter of liquified natural gas; collapse in betel nut prices, tighter monetary policy, and improved foreign-exchange availability contributing to declining inflation; challenges include lack of progress in infrastructure, agricultural reform, and corruption</p>
All Economic Data
Agricultural products
oil palm fruit, coconuts, bananas, fruits, sweet potatoes, game meat, yams, root vegetables, vegetables, sugarcane (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Budget
Expenditures:
$6.856 billion (2023 est.)
Note:
<b>note:</b> central government revenues and expenses (excluding grants/extrabudgetary units/social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$5.518 billion (2023 est.)
Currency
code:
PGK
name:
Papua New Guinean kina (PGK) [K]
Current account balance
$4.77 billion
Current account balance 2021:
$3.284 billion (2021 est.)
Current account balance 2022:
$4.567 billion (2022 est.)
Current account balance 2023:
$4.183 billion (2023 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$12.85 billion
Debt - external 2023:
$7.011 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
kina (PGK) per US dollar -
Exchange rates 2019:
3.388 (2019 est.)
Exchange rates 2020:
3.46 (2020 est.)
Exchange rates 2021:
3.509 (2021 est.)
Exchange rates 2022:
3.519 (2022 est.)
Exchange rates 2023:
3.59 (2023 est.)
Exports
Exports 2021:
$11.032 billion (2021 est.)
Exports 2022:
$14.862 billion (2022 est.)
Exports 2023:
$12.93 billion (2023 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
natural gas, gold, copper ore, palm oil, nickel (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 28%, Japan 25%, Australia 17%, Taiwan 8%, India 4% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$-198,317,386
GDP - composition, by end use
Exports of goods and services:
49.3% (2017 est.)
Government consumption:
19.7% (2017 est.)
Household consumption:
43.7% (2017 est.)
Imports of goods and services:
-22.3% (2017 est.)
Investment in fixed capital:
10% (2017 est.)
Investment in inventories:
0.4% (2017 est.)
GDP - composition, by sector of origin
Agriculture:
17.2% (2024 est.)
Industry:
37.2% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
41.5% (2024 est.)
GDP (official exchange rate)
$32.538 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$3,007
Gini Index coefficient - distribution of family income
41.9 (2009)
GNI (gross national income)
$29.89 billion
GNI per capita
$2,900
Imports
Imports 2021:
$6.43 billion (2021 est.)
Imports 2022:
$8.568 billion (2022 est.)
Imports 2023:
$7.192 billion (2023 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, trucks, rice, plastic products, excavation machinery (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Australia 27%, China 24%, Singapore 15%, Malaysia 9%, Japan 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
3.6% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
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)
Inflation rate (consumer prices)
0.6%
Inflation rate (consumer prices) 2022:
5.3% (2022 est.)
Inflation rate (consumer prices) 2023:
2.3% (2023 est.)
Inflation rate (consumer prices) 2024:
0.6% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.66 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.75 million persons
Labor force - by occupation
agriculture:
36.86%
industry:
7.87%
services:
55.27%
Public debt
52 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
52.4% of GDP (2023 est.)
Real GDP (purchasing power parity)
$51.56 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$42.093 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$43.697 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$45.487 billion (2024 est.)
Real GDP growth rate
3.8%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
5.7% (2022 est.)
Real GDP growth rate 2023:
3.8% (2023 est.)
Real GDP growth rate 2024:
4.1% (2024 est.)
Real GDP per capita
$4,875
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$4,100 (2022 est.)
Real GDP per capita 2023:
$4,200 (2023 est.)
Real GDP per capita 2024:
$4,300 (2024 est.)
Remittances
$3.87 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2021:
0% of GDP (2021 est.)
Remittances 2022:
0% of GDP (2022 est.)
Remittances 2023:
0% of GDP (2023 est.)
Reserves of foreign exchange and gold
$3.9 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2021:
$3.24 billion (2021 est.)
Reserves of foreign exchange and gold 2022:
$3.983 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$3.901 billion (2023 est.)
Revenue (excl grants)
17 % of GDP
Tax revenue
16 % of GDP
Taxes and other revenues
15.9% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
2.57%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
2.7% (2022 est.)
Unemployment rate 2023:
2.7% (2023 est.)
Unemployment rate 2024:
2.8% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
3% (2024 est.)
Male:
4.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
3.8% (2024 est.)
Economic Rankings
Gini Index
#52
External Debt
#63
GDP Growth Rate
#70
Exports
#99
GDP (Nominal)
#107
Reserves
#108
Imports
#130
GDP (PPP)
#131
GDP per Capita
#157
Unemployment Rate
#157
Inflation Rate
#158
Quick Facts
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
Agricultural products
oil palm fruit, coconuts, bananas, fruits, sweet potatoes, game meat, yams, root vegetables, vegetables, sugarcane (2023)
Labor force
3.66 million (2024 est.)
Exports - partners
China 28%, Japan 25%, Australia 17%, Taiwan 8%, India 4% (2023)
Imports - partners
Australia 27%, China 24%, Singapore 15%, Malaysia 9%, Japan 4% (2023)
Exchange rates
kina (PGK) per US dollar -
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