Papua New Guinea/Economy

Economy of Papua New Guinea

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

Coming Soon

GDP (USD)

$30.7B(2023)

GDP PPP (USD)

$48.1B(2023)

GDP per Capita (USD)

$2,958(2023)

GDP Growth (inflation-adjusted)

3%(2023)

Inflation (CPI Annual %)

0.6%(2024)

Trade & Finance

Coming Soon

Exports (as share of GDP)

72.2%(2004)

Imports (as share of GDP)

58.9%(2004)

FDI Inflows (as share of GDP)

0.3%(2023)

Remittance Inflow (USD)

$10.7M(2023)

Tax Revenue (as share of GDP)

15.9%(2023)

Labor & Income

Coming Soon

Unemployment Rate

2.7%(2024)

Employment in Services

53.4%(2023)

Poverty Rate

39.9%(2009)

GINI Index

41.9(2009)

GNI per Capita (USD)

$2,820(2023)

Energy & Environment

Coming Soon

Renewable Energy Consumption (%)

54.6%(2022)

Economic Snapshot Overview

A summary of key economic indicators for Papua New Guinea

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 in Purchasing Power Parity (PPP) terms is estimated at $48.13B, reflecting the population's domestic purchasing power. The economy demonstrates solid growth, expanding at a rate of 3.0%
2023
, accompanied by stable price levels, with inflation (CPI) at 0.6%
2024
.
On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 72.2% of GDP and imports 58.9%
2004
. Foreign Direct Investment (FDI) inflows are significant, constituting 0.27% of the economy
2023
. This performance positions the country 155th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $10.67M annually
2023
, highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 15.9% of GDP
2023
.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $2,820
2023
. Globally, this ranks the nation 135th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 2.7%
2024
. The services sector is a primary driver of the labor market, accounting for 53.4% of total employment
2023
. Poverty remains a key issue, with 39.9% of the population living below the national poverty line
2009
. There is a moderate level of income inequality, with a Gini index of 41.9
2009
.
On the environment and energy front, The country is a leader in clean energy, with renewable sources making up 54.6% of total final energy consumption
2022
. Its commitment to clean energy places it 148th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

The economy is in a "Goldilocks" state of strong growth, low inflation, and low unemployment, indicating robust macroeconomic health.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

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.