Papua New Guinea: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Lower Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | Papua New Guinea contains almost 155 billion cubic meters of natural gas reserves, providing for a huge export opportunity for the country. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2012): and Solomon Islands |
| Top Industries Source: CIA World Factbook | Copra Crushing; Palm Oil Processing; Plywood Production; Wood Chip Production |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $38,708,754,088 (2020) |
| GDP Growth Rate (annual %) | -3.879% (2020) |
| GDP Per Capita, PPP (current international) | $4,326 (2020) |
GDP Country Rank 123/197 (2020)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 3.638% (2019) |
| External debt stocks, total (DOD, current US$) | $18,740,421,524 (2019) |
| Total tax rate (% of commercial profits) | 37.1% (2019) |
| Real Interest Rate (5 year average %) | 8.585% (2019) |
| Manufacturing, value added (% of GDP) | 1.724% (2018) |
| Current Account Balance (BoP, current US$) | $5,450,798,954 (2018) |
Labor and Employment [1]
| Labor Force, Total | 2,710,350 (2020) |
| Employment in Agriculture (% of total employment) | 57.766% (2020) |
| Employment in Industry (% of total employment) | 6.686% (2020) |
| Employment in Services (% of total employment) | 35.548% (2020) |
| Unemployment Rate | 2.74% (2020) |
Trade [1]
| Imports of goods and services (current US$) | $7,485,533,590 (2012) |
| Exports of goods and services (current US$) | $7,982,866,986 (2012) |
| Total Merchandise Trade (% of GDP) | 47.67% (2020) |
| FDI, net inflows (BoP, current US$) | $333,974,905 (2019) |
| Commercial Service Exports (current US$) | $355,561,586 (2018) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Papua New Guinea’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.