Includes historical data for Papua New Guinea’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership.
Agriculture And Minerals Dominate Economy
With an estimated population of about 12 million, the Independent State of Papua New Guinea in the southwestern Pacific Ocean is the world’s third-largest island country. One of the most culturally diverse nations globally with over 800 languages spoken, and home to an estimated 5 to 7% of the world’s tropical rainforest, its economy is dominated by two main broad drivers: the agricultural, forestry and fishing sectors on one hand, and the minerals and hydrocarbons extraction industry. A member of the Commonwealth and of the Asia-Pacific Economic (APC), its economy is projected to grow by over 3% throughout the decade.
However, challenges to growth are significant, including a sizable informal sector centered around subsistence farming and a lack of skilled labor, poor governance, and inadequate infrastructure.
Macroeconomy & Sovereign Data
Type of Government | Parliamentary democracy (National Parliament) under a constitutional monarchy; a Commonwealth realm |
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Capital | Port Moresby |
Sovereign Ratings |
S&P: B– Moody’s: B2 Fitch: Not rated |
Total Population | 236.2 million |
Median Age | 22.2 |
Adult Per Capita Income (PPP) | 7,690.84 |
Total GDP (2023) | USD 32.9 billion |