Papua New Guinea: Economy
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 |
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. |
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) | $40,196,117,945 (2021) |
GDP Growth Rate (annual %) | 0.3% (2021) |
GDP Per Capita, PPP (current international) | $4,040 (2021) |
GDP Country Rank 126/197 (2021)
Economic Indicators [1]
Inflation, consumer prices (annual %) | 4.484% (2021) |
External debt stocks, total (DOD, current US$) | $16,983,284,427 (2021) |
Total tax rate (% of commercial profits) | 37.1% (2019) |
Real Interest Rate (5 year average %) | -4.461% (2021) |
Manufacturing, value added (% of GDP) | 1.685% (2020) |
Current Account Balance (BoP, current US$) | $5,450,798,954 (2018) |
Labor and Employment [1]
Labor Force, Total | 3,072,798 (2021) |
Employment in Agriculture (% of total employment) | 57.766% (2020) |
Employment in Industry (% of total employment) | 6.686% (2020) |
Employment in Services (% of total employment) | 35.548% (2020) |
Unemployment Rate | 2.752% (2021) |
Trade [1]
Imports of goods and services (current US$) | $7,485,533,590 (2012) |
Exports of goods and services (current US$) | $7,982,866,986 (2012) |
Total Merchandise Trade (% of GDP) | 50.601% (2021) |
FDI, net inflows (BoP, current US$) | $86,832,016 (2021) |
Commercial Service Exports (current US$) | $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.