Economy Of Papua New Guinea - Papua New Guinea Information

Translation Services » Country Guides O - Z » Papua New Guinea

Choose the first letter to select required country:

Economy Of Papua New Guinea
Papua New Guinea Information - Country Guides

Economy overview	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.
GDP	purchasing power parity - $11.48 billion (2004 est.)
GDP - real growth rate	1.4% (2004 est.)
GDP - per capita	purchasing power parity - $2,200 (2004 est.)
GDP - composition by sector	agriculture: 34% industry: 37.7% services: 28.3% (2004 est.)
Investment gross fixed	13.9% of GDP (2004 est.)
Population below poverty line	37% (2002 est.)
Household income or consumption by percentage share	lowest 10%: 1.7% highest 10%: 40.5% (1996)
Distribution of family income - Gini index	50.9 (1996)
Inflation rate consumer prices	14.7% (2004 est.)
Labor force	3.25 million (2004 est.)
Labor force by occupation	agriculture 85%, industry NA, services NA
Unemployment rate	NA
Budget	revenues: $954.1 million expenditures: $996.8 million, including capital expenditures of $344 million (2004 est.)
Public debt	72.4% of GDP (2004 est.)
Agriculture products	coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables, poultry, pork
Industries	copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production; construction, tourism
Industrial production growth rate	NA (FY01/02 est.)
Electricity production	1.496 billion kWh (2001)
Electricity production by source	fossil fuel: 54.1% hydro: 45.9% other: 0% (2001) nuclear: 0%
Electricity consumption	1.391 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	67,500 bbl/day (2004 est.)
Oil consumption	15,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	345.2 million bbl (2004)
Natural gas production	110 million cu m (2001 est.)
Natural gas consumption	110 million cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	385.5 billion cu m (2004)
Current account balance	$12 million (2004 est.)
Exports	$1.938 billion f.o.b. (2004 est.)
Exports commodities	oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Exports partners	Australia 25.6%, Japan 7.4%, China 5.8% (2003)
Imports	$967 million f.o.b. (2003 est.)
Imports commodities	machinery and transport equipment, manufactured goods, food, fuels, chemicals
Imports partners	Australia 44.6%, Singapore 20.6%, New Zealand 7.7%, China 5% (2003)
Reserves of foreign exchange gold	$510.5 million (2004 est.)
Debt external	$2.909 billion (2004 est.)
Economic aid recipient	$400 million (1999 est.)
Currency	kina (PGK)
Currency code	PGK
Exchange rates	kina per US dollar - 3.5635 (2003), 3.8952 (2002), 3.3887 (2001), 2.7822 (2000), 2.5708 (1999)
Fiscal year	calendar year

Papua Flag Map Of Papua New Guinea Motu language

Economy Of Papua New GuineaPapua New Guinea Information - Country Guides

Economy Of Papua New Guinea
Papua New Guinea Information - Country Guides