unbekannter Gast

Papua New Guinea: Economy#

Papua New Guinea (PNG) is richly endowed with natural resources, but exploitation has been hampered by rugged terrain, land tenure issues, and the high cost of developing infrastructure. The economy has a small formal sector, focused mainly on the export of those natural resources, and an informal sector, employing the majority of the population. Agriculture provides a subsistence livelihood for 85% of the people. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. Natural gas reserves amount to an estimated 155 billion cubic meters. A consortium led by a major American oil company is constructing a liquefied natural gas (LNG) production facility that could begin exporting in 2014. As the largest investment project in the country's history, it has the potential to double GDP in the near-term and triple Papua New Guinea's export revenue. An American-owned firm also opened PNG's first oil refinery in 2004 and is building a second LNG production facility. The government faces the challenge of ensuring transparency and accountability for revenues flowing from this and other large LNG projects. In 2011 and 2012, the National Parliament passed legislation that created an offshore Sovereign Wealth Fund (SWF) to manage government surpluses from mineral, oil, and natural gas projects. In recent years, the government has opened up markets in telecommunications and air transport, making both more affordable to the people. Numerous challenges still face the government of Peter O'NEILL, including providing physical security for foreign investors, regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and maintaining good relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including chronic law and order and land tenure issues. The global financial crisis had little impact because of continued foreign demand for PNG's commodities.

Economic Facts#

GDP (purchasing power parity)$19.96 billion (2013 est.)
$18.93 billion (2012 est.)
$17.51 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate5.4% (2013 est.)
8.1% (2012 est.)
10.7% (2011 est.)
GDP - per capita (PPP)$2,900 (2013 est.)
$2,800 (2012 est.)
$2,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 27.6%
industry: 39.1%
services: 33.3% (2013 est.)
Population below poverty line37% (2002 est.)
Household income or consumption by percentage sharelowest 10%: 1.7%
highest 10%: 40.5% (1996)
Labor force - by occupationagriculture: 85%
industry: NA%
services: NA% (2005 est.)
Exports - commoditiesoil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Exports - partnersAustralia 30.1%, Japan 9.9%, China 5%, Germany 4.1% (2012)
Agriculture - productscoffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; poultry, pork; shellfish
Budgetrevenues: $4.359 billion
expenditures: $5.105 billion (2013 est.)
Imports - commoditiesmachinery and transport equipment, manufactured goods, food, fuels, chemicals
Imports - partnersAustralia 36.3%, Singapore 13.8%, Malaysia 8.4%, China 7.9%, Japan 5.8%, US 4.8% (2012)
Exchange rateskina (PGK) per US dollar -
2.278 (2013 est.)
2.0837 (2012 est.)
2.7193 (2010 est.)
2.7551 (2009)
2.6956 (2008)
Exports$5.392 billion (2013 est.)
$5.602 billion (2012 est.)
Debt - external$13.61 billion (31 December 2013 est.)
$12.96 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$4.587 billion (2013 est.)
$4.767 billion (2012 est.)
Industrial production growth rate5.5% (2013 est.)
Industriescopra crushing, palm oil processing, plywood production, wood chip production; mining (gold, silver, copper); crude oil and petroleum products; construction, tourism
Inflation rate (consumer prices)3.8% (2013 est.)
2.3% (2012 est.)
Labor force4.077 million (2013 est.)
Unemployment rate1.9% (2008 est.)
1.7% (2004)
Distribution of family income - Gini index50.9 (1996)
Public debt28.1% of GDP (2013 est.)
25.5% of GDP (2012 est.)
Current account balance-$2.396 billion (2013 est.)
-$3.03 billion (2012 est.)
Reserves of foreign exchange and gold$2.926 billion (31 December 2013 est.)
$4.001 billion (31 December 2012 est.)
GDP (official exchange rate)$16.1 billion (2013 est.)
Stock of direct foreign investment - at home$NA
Stock of direct foreign investment - abroad$NA
Market value of publicly traded shares$10.71 billion (31 December 2012 est.)
$8.999 billion (31 December 2011)
$9.742 billion (31 December 2010 est.)
Central bank discount rate14% (31 December 2010 est.)
6.92% (31 December 2009 est.)
Commercial bank prime lending rate10.6% (31 December 2013 est.)
10.82% (31 December 2012 est.)
Stock of domestic credit$4.098 billion (31 December 2013 est.)
$4.342 billion (31 December 2012 est.)
Stock of narrow money$4.825 billion (31 December 2013 est.)
$5.301 billion (31 December 2012 est.)
Stock of broad money$7.366 billion (31 December 2013 est.)
$8.068 billion (31 December 2012 est.)
Taxes and other revenues27.1% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-4.6% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 55.7%
government consumption: 8.9%
investment in fixed capital: 13.3%
investment in inventories: 18.4%
exports of goods and services: 53.6%
imports of goods and services: -49.9%
(2013 est.)
Gross national saving-1.9% of GDP (2013 est.)
-3.9% of GDP (2012 est.)
13.9% of GDP (2011 est.)