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Economy of Papua New Guinea

Population: 7.3 million in 2013¹

GDP: $15.3 billion in 2013²

GDP per capita: $2,088 nominal³ ($2,538 PPP⁴) in 2013

GDP growth rate: 5.4% in 2013⁵

Industries

GDP by Industry 2012⁶

Industry sector	Value added ($ millions) 2012	Percent of total
Agriculture, hunting, forestry, fishing	3,955	31.2%
Mining and utilities	2,661	21.0%
Construction	2,094	16.5%
Other activities	1,658	13.1%
Wholesale, retail trade, restaurants and hotels	1,050	8.3%
Manufacturing	834	6.6%
Transport, storage and communication	410	3.2%
Total value added	12,662	100%

Employment

Unemployment rate: 2.1% in 2013⁷

Employment by Industry 2005⁸

Employment sector	Percent of total
Agriculture	85%
Industry and services	15%

Corporations

Top 10 Corporations by Revenue 2013⁹

N/A

Households

Household Wealth: $31 billion (202% of GDP) in 2014¹⁰

Household Wealth per Adult: $8,029 in 2014¹⁰

Gini Coefficient: .509 in 1996¹¹

Government

Central Government

Central Government Revenue: $4.4 billion (29% of GDP) in 2013¹²

Central Government Expenditure: $5.1 billion (33% of GDP) in 2013¹²

Central Government Budget Balance: -$0.7 billion (-4% of GDP) in 2013¹²

Central Government Public Debt: N/A

Central Government 10 Year Bond Interest Rate: N/A

Government Funds

N/A

Tax Structure

Individual Income Tax Rates and Thresholds in 2013* ¹³

0%: $0-$3,802
22% on amount over $3,802: $3,802-$6,844
30% on amount over $6,844 + $289: $6,844-$12,547
35% on amount over $12,547 + $2,380: $12,547-$26,615
40% on amount over $26,615 + $7,304: $26,615-$95,057
42% on amount over $$95,057 + $34,680: $95,057+

Corporate Tax Rate: 30% in 2014¹⁴

* Individual tax thresholds calculated using the exchange rate 2.643 PGK = 1 USD

Monetary Policy

Money Supply (M1): $4.6 billion (30% of GDP) in 2013* ¹⁵

Benchmark Interest Rate: Key Facility Rate = 6.35% in Feb 2015¹⁶

Total Reserves: $2.0 billion (13% of GDP) in 2013¹⁷

Exchange Rate: 2.63 Papua New Guinean Kina = 1 U.S. Dollar on Feb 11, 2015¹⁸

Inflation: 5.0% in 2013¹⁹

* Money supply calculated using the exchange rate 2.63 PGK = 1 USD

Financial Institutions

Top 10 Financial Institutions by Assets 2013²⁰

N/A (data not available at Relbanks.com)

International Accounts

Exports: $5.4 billion (35% of GDP) in 2013²¹

Imports: $4.6 billion (30% of GDP) in 2013²¹

Trade Balance: +$0.8 billion (+5% of GDP) in 2013²¹

Foreign Direct Investment Inflow: $18 million (0.1% of GDP) in 2013²²

Foreign Direct Investment Outflow: N/A

Foreign Aid Inflow: $644 million (4% of GDP) in 2012²³

Foreign Aid Outflow: N/A

References