CountryFacts.com > Papua New Guinea > Economy
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Papua New Guinea Economy
GDP:
purchasing power parity - $11.48 billion (2003 est.)
GDP - real growth rate:
1.4% (2003 est.)
GDP - per capita:
purchasing power parity - $2,200 (2003 est.)
GDP - composition by sector:
agriculture: 34%
industry: 37.7%
services: 28.3% (2003 est.)
Investment (gross fixed):
13.9% of GDP (2003)
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% (2003 est.)
Labor force:
3.25 million (2003)
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 (2003 est.)
Public debt:
72.4% of GDP (2003)
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 (2001 est.)
Oil - consumption:
15,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
345.2 million bbl (1 January 2002)
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 (1 January 2002)
Agriculture - products:
coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables, poultry, pork
Current account balance:
$12 million (2003)
Exports:
$1.938 billion f.o.b. (2003 est.)
Exports - commodities:
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Exports - partners:
Australia 27%, Japan 7.3%, China 5.8% (2003 est.)
Imports:
$967 million f.o.b. (2003 est.)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, fuels, chemicals
Imports - partners:
Australia 44.3%, Singapore 20.5%, New Zealand 7.7%, China 4.9% (2003 est.)
Reserves of foreign exchange & gold:
$510.5 million (2003)
Debt - external:
$2.909 billion (2003 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)
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