Deposits & Economic Trade
Mineral deposits
1. Copper
2. Gold
3. Oil, account for nearly two-thirds of export earnings.
4. LNG reserves amount to an estimated 155 billion cubic meters.
Following construction of a $19 billion liquefied natural gas (LNG) project, PNG LNG, a consortium led by ExxonMobil, began exporting liquefied natural gas to Asian markets in May 2014.
The project was delivered on time and only slightly above budget.
The success of the project has encouraged other companies to look at similar LNG projects. French supermajor Total is hopes to begin construction on the Papua LNG project by 2021.
Trade and Economy
In August, 2017, PNG launched its first-ever national trade policy, PNG Trade Policy 2017-2032. The policy goal is to maximize trade and investment by increasing exports, to reduce imports, and to increase foreign direct investment (FDI).
$36.69 billion note: data are in 2017 dollars (2020 est.)
$38.17 billion note: data are in 2017 dollars (2019 est.)
$36.06 billion note: data are in 2017 dollars (2018 est.)
note: data are in 2017 dollars
Country comparison to the world: 127
Real GDP growth rate
2.5% (2017 est.)
1.6% (2016 est.)
5.3% (2015 est.)
Country comparison to the world: 112
Real GDP per capital
$4,100 note: data are in 2017 dollars (2020 est.)
$4,300 note: data are in 2017 dollars (2019 est.)
$4,200 note: data are in 2017 dollars (2018 est.)
note: data are in 2017 dollars
Country comparison to the world: 182
GDP (official exchange rate)
$19.82 billion (2017 est.)
Inflation rate (consumer prices)
5.4% (2017 est.)
6.7% (2016 est.)
Credit ratings
Moody's rating: B2 (2016)
Standard & Poors rating: B- (2020)
GDP - composition, by sector of origin
Agriculture : 22.1% (2017 est.)
Industry: 42.9% (2017 est.)
Services : 35% (2017 est.)
GDP - composition, by end use
Household consumption: 43.7% (2017 est.)
Government consumption: 19.7% (2017 est.)
Investment in fixed capital: 10% (2017 est.)
Investment in inventories: 0.4% (2017 est.)
Exports of goods and services: 49.3% (2017 est.)
Imports of goods and services: -22.3% (2017 est.)
Agricultural products
1. oil palm fruit
2. bananas
3. coconuts
4. fruit
5. sweet potatoes
6. game meat
7. yams
8. roots/tubers nes
9. vegetables, taro
Industries
1. copra crushing
2. palm oil processing
3. plywood production
4. wood chip production
5. mining (gold, silver, copper)
6. crude oil and
7. petroleum products
8. construction
9. tourism
10. livestock (pork, poultry, cattle)
11. dairy products
12. spice products (turmeric, vanilla, ginger, cardamom, chili, pepper, citronella, and nutmeg),
13. fisheries products
| Industrial production growth rate | 3.3% (2017 est.) |
| Country comparison to the world | 97 |
| Labour force | 3.681 million (2017 est.) |
| Country comparison to the world | 96 |
| Labour force - by occupation | Agriculture: 85% |
| Unemployment rate | 2.5% (2017 est.) |
| country comparison to the world | 29 |
| Population below poverty line | 37% (2002 est.) |
| Public debt | 36.9% of GDP (2017 est.) |
| Country comparison to the world | 144 |
| Taxes and other revenues | 18.4% (of GDP) (2017 est.) |
| Exports | $10.6 billion note: data are in current year dollars (2018 est.) $9.224 billion (2016 est.) |
| country comparison to the world | 101 |
| Exports - partners | Australia 26%, China 26%, Japan 22%, Taiwan 7%, Other 19% (2019) |
| Exports - commodities | natural gas, gold, copper, lumber, crude petroleum, nickel, palm oil, fish, coffee (2019) |
| Imports | $4.84 billion note: data are in current year dollars (2018 est.) $2.077 billion (2016 est.) |
| country comparison to the world | 140 |
| Imports - partners | Australia 33%, China 19%, Singapore 14%, Malaysia 9% (2019) |
| Imports - commodities | refined petroleum, excavation machinery, crude petroleum, foodstuffs, delivery trucks (2019) |
| Reserves of foreign exchange and gold | $1.735 billion (31 December 2017 est.) $1.656 billion (31 December 2016 est.) |