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World > Oceania > Papua New Guinea > Economy (Facts)

Papua New Guinea - Economy (Facts)
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 nearly two-thirds of export earnings. The government of Prime Minister SOMARE has expended much of its energy remaining in power and should be the first government in decades to serve a full five-year term. The government also brought stability to the national budget, largely through expenditure control; however, it has relaxed spending constraints in 2006 and 2007 as elections approach. Numerous challenges still face the government including regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and balancing relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including a worsening HIV/Aids epidemic and chronic law and order and land tenure issues. Australia annually supplies $240 million in aid, which accounts for nearly 20% of the national budget.
GDP - real growth rate: 3.7% (2006 est.)
GDP (purchasing power parity): $15.41 billion (2006 est.)
GDP (official exchange rate): $4.167 billion (2006 est.)
GDP - per capita (PPP): $2,700 (2006 est.)
GDP - composition by sector: agriculture: 35.7%
industry: 37.1%
services: 27.2% (2006 est.)
Population below poverty line: 37% (2002 est.)
Household income or consumption by percentage share: lowest 10%: 1.7%
highest 10%: 40.5% (1996)
Inflation rate (consumer prices): 2.5% (2006 est.)
Labor force: 3.477 million (2006 est.)
Labor force - by occupation: agriculture: 85%
industry: NA
services: NA
Unemployment rate: 2% up to 80% in urban areas (2004)
Budget: revenues: $2.155 billion
expenditures: $2.166 billion; including capital expenditures of $344 million (2006 est.)
Industries: copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction, tourism
Industrial production growth rate: NA
Electricity - production: 3.358 billion kWh (2004)
Electricity - consumption: 3.123 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 50,000 bbl/day (January 2006 est.)
Oil - consumption: 18,000 bbl/day (January 2006 est.)
Oil - exports: NA bbl/day
Oil - imports: NA bbl/day
Oil - proved reserves: 240 million bbl (1 January 2005 est.)
Natural gas - production: 140 million cu m (2004 est.)
Natural gas - exports: 0 cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish, poultry, pork
Exports: $4.096 billion f.o.b. (2006 est.)
Exports - commodities: oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Exports - partners: Australia 30.3%, Japan 8.2%, China 5.7% (2006)
Imports: $1.686 billion f.o.b. (2006 est.)
Imports - commodities: machinery and transport equipment, manufactured goods, food, fuels, chemicals
Imports - partners: Australia 53%, Singapore 12.8%, China 6%, Japan 4.4% (2006)
Debt - external: $1.801 billion (2006 est.)
Economic aid - recipient: NA
Currency: Papua New Guinea Kina (PGK)
Currency code: PGK
Exchange rates: kina per US dollar - 3.0643 (2006), 3.08 (2005), 3.2225 (2004), 3.5635 (2003), 3.8952 (2002)
Fiscal year: calendar year


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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