Papua New Guinea - Economy
How is the economy of Papua New Guinea? Based on the information we have, Papua New Guinea has a lower middle-income Pacific island economy; primarily informal agrarian sector; natural resource-rich; key liquified natural gas exporter; growing young workforce; slow post-pandemic recovery; increasingly impoverished citizenry; sustainable inflation. Key agricultural products in this country include: oil palm fruit, coconuts, bananas, fruits, sweet potatoes, game meat, yams, root vegetables, sugarcane, vegetables (2022).
More about the economy of Papua New Guinea
Labor force 3.252 million (2023 est.)
Industrial production growth rate -0.59% (2023 est.)
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)
Population below poverty line
Taxes and other revenues 14.77% (of GDP) (2022 est.)
Fiscal year
Exchange rates
Currency kina (PGK) per US dollar -
Exchange rates 2023 3.59 (2023 est.)
Exchange rates 2022 3.519 (2022 est.)
Exchange rates 2021 3.509 (2021 est.)
Exchange rates 2020 3.46 (2020 est.)
Exchange rates 2019 3.388 (2019 est.)
Debt - external
Debt - external 2023 $7.387 billion (2023 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2023 $3.901 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $3.983 billion (2022 est.)
Reserves of foreign exchange and gold 2021 $3.24 billion (2021 est.)
Current account balance
Current account balance 2023 $4.183 billion (2023 est.)
Current account balance 2022 $4.567 billion (2022 est.)
Current account balance 2021 $3.284 billion (2021 est.)
Public debt
Public debt 2022 48.19% of GDP (2022 est.)
Budget
Revenues $5.268 billion (2022 est.)
Expenditures $6.156 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2023 0.03% of GDP (2023 est.)
Remittances 2022 0.05% of GDP (2022 est.)
Remittances 2021 0.01% of GDP (2021 est.)
Imports
Imports 2023 $7.192 billion (2023 est.)
Imports 2022 $8.568 billion (2022 est.)
Imports 2021 $6.43 billion (2021 est.)
Imports (partners) China 26%, Australia 23%, Singapore 16%, Malaysia 9%, Indonesia 4% (2022)
Comodities Imports force refined petroleum, rice, plastic products, excavation machinery, trucks (2022)
Exports
Imports 2023 $7.192 billion (2023 est.)
Imports 2022 $8.568 billion (2022 est.)
Imports 2021 $6.43 billion (2021 est.)
Exports (partners) Japan 26%, China 22%, Australia 11%, South Korea 10%, Taiwan 9% (2022)
Comodities Exports force natural gas, gold, palm oil, crude petroleum, copper ore (2022)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2023 $43.371 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $42.093 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $39.82 billion (2021 est.)
GDP (official exchange rate) $30.729 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $4,200 (2023 est.)
Real GDP per capita 2022 $4,100 (2022 est.)
Real GDP per capita 2021 $4,000 (2021 est.)
GDP - composition, by sector of origin
Agriculture 17% (2023 est.)
Industry 36.3% (2023 est.)
Services 42% (2023 est.)
GDP - composition, by end use
Household consumption 43.7% (2017 est.)
Government consumption 19.7% (2017 est.)
Investment in fixed capital 10% (2017 est.)
Investment in inventories 0.4% (2017 est.)
Exports of goods and services 49.3% (2017 est.)
Imports of goods and services -22.3% (2017 est.)
Unemployment rate
Unemployment rate 2023 2.65% (2023 est.)
Unemployment rate 2022 2.69% (2022 est.)
Unemployment rate 2021 2.91% (2021 est.)
Youth unemployment rate (ages 15-24)
Total 3.7% (2023 est.)
Male 4.5% (2023 est.)
Female 2.9% (2023 est.)
All Important Facts about Papua New Guinea

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Papua New Guinea is found in Melanesia