Economy Of Papua New Guinea
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Economy overview
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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 oil, copper, and gold, account for 72% of export earnings. The economy has faltered over the past four years. Former Prime Minister Mekere MORAUTA had tried to restore integrity to state institutions, to stabilize the kina, restore stability to the national budget, to privatize public enterprises where appropriate, and to ensure ongoing peace on Bougainville. The government has had considerable success in attracting international support, specifically gaining the backing of the IMF and the World Bank in securing development assistance loans. Challenges face Prime Minister Michael SOMARE, including curbing inflation, gaining further investor confidence, continuing efforts to privatize government assets, maintaining the support of members of Parliament, and balancing relations with Australia, the former colonial ruler.
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GDP
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purchasing power parity - $11.48 billion (2004 est.)
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GDP - real growth rate
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1.4% (2004 est.)
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GDP - per capita
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purchasing power parity - $2,200 (2004 est.)
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GDP - composition by sector
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agriculture: 34%
industry: 37.7%
services: 28.3% (2004 est.)
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Investment gross fixed
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13.9% of GDP (2004 est.)
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Population below poverty line
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37% (2002 est.)
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Household income or consumption by percentage share
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lowest 10%: 1.7%
highest 10%: 40.5% (1996)
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Distribution of family income - Gini index
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50.9 (1996)
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Inflation rate consumer prices
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14.7% (2004 est.)
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Labor force
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3.25 million (2004 est.)
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Labor force by occupation
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agriculture 85%, industry NA, services NA
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Unemployment rate
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NA
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Budget
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revenues: $954.1 million
expenditures: $996.8 million, including capital expenditures of $344 million (2004 est.)
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Public debt
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72.4% of GDP (2004 est.)
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Agriculture products
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coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables, poultry, pork
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Industries
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copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production; construction, tourism
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Industrial production growth rate
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NA (FY01/02 est.)
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Electricity production
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1.496 billion kWh (2001)
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Electricity production by source
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fossil fuel: 54.1%
hydro: 45.9%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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1.391 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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67,500 bbl/day (2004 est.)
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Oil consumption
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15,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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345.2 million bbl (2004)
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Natural gas production
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110 million cu m (2001 est.)
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Natural gas consumption
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110 million cu m (2001 est.)
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Natural gas exports
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0 cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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385.5 billion cu m (2004)
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Current account balance
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$12 million (2004 est.)
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Exports
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$1.938 billion f.o.b. (2004 est.)
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Exports commodities
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oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
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Exports partners
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Australia 25.6%, Japan 7.4%, China 5.8% (2003)
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Imports
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$967 million f.o.b. (2003 est.)
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Imports commodities
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machinery and transport equipment, manufactured goods, food, fuels, chemicals
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Imports partners
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Australia 44.6%, Singapore 20.6%, New Zealand 7.7%, China 5% (2003)
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Reserves of foreign exchange gold
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$510.5 million (2004 est.)
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Debt external
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$2.909 billion (2004 est.)
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Economic aid recipient
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$400 million (1999 est.)
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Currency
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kina (PGK)
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Currency code
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PGK
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Exchange rates
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kina per US dollar - 3.5635 (2003), 3.8952 (2002), 3.3887 (2001), 2.7822 (2000), 2.5708 (1999)
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Fiscal year
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calendar year
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This information was reproduced in part from the CIA World Fact book.
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