The economic architecture of Papua New Guinea is substantial, anchored by a Gross Domestic Product (GDP) of approximately $30.73B
2023
. This places it as the 107th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $2.96K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $48.13B, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 3.0%
2023
, accompanied by a stable price environment, with inflation (CPI) contained at 0.6%.
2024
On the global stage, Papua New Guinea's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country maintains a strong export-oriented economy, reflected in a significant trade surplus, with exports representing 72.2% of GDP compared to imports at 58.9%
2004
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 0.27% of the economy
2023
. This performance positions the country 155th globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $10.67M annually
2023
. Fiscal capacity is adequate, with tax collections representing 15.9% of GDP, supporting core state functions.
2023
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $2,820
2023
, ranking the nation 135th out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market demonstrates considerable strength, with a low unemployment rate of 2.7%, suggesting conditions close to full employment.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 53.4% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 39.9% of the population living below the national poverty line
2009
. The nation exhibits a moderate degree of income inequality, with a Gini index of 41.9.
2009
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. The country is at the forefront of the global green transition, with renewable sources constituting a remarkable 54.6% of total final energy consumption
2022
. This commitment places it 148th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 9.64K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

The economy exhibits robust health, characterized by a "Goldilocks" scenario of strong growth, low inflation, and low unemployment.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A global leader in the green transition, the country leverages its strong commitment to renewable energy as a key economic and diplomatic advantage.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.