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Papua New Guinea: Economy

Economy Papua New Guinea
Economy - overview:
Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings. The economy has faltered over the past three years but will probably improve slightly in 2003. Former Prime Minister Mekere MORAUTA had tried to restore integrity to state institutions, stabilize the kina, restore stability to the national budget, privatize public enterprises where appropriate, and ensure ongoing peace on Bougainville. The government has had considerable success in attracting international support, specifically gaining the backing of the IMF and the World Bank in securing development assistance loans. Significant challenges face Prime Minister Michael SOMARE, including gaining further investor confidence, continuing efforts to privatize government assets, and maintaining the support of members of Parliament.
GDP:
purchasing power parity - $10.86 billion (2002 est.)
GDP - real growth rate:
-3.1% (2002 est.)
GDP - per capita:
purchasing power parity - $2,100 (2002 est.)
GDP - composition by sector:
agriculture: 32.1%
industry: 35.8%
services: 32.1% (2001 est.)
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):
9.8% (2002 est.)
Labor force:
2.3 million (1999)
Labor force - by occupation:
agriculture 85%, industry NA%, services NA%
Unemployment rate:
NA%
Budget:
revenues: $894 million
expenditures: $1.1 billion, including capital expenditures of $344 million (2000 est.)
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
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 (37257)
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 (37257)
Agriculture - products:
coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables; poultry, pork
Exports:
$1.8 billion f.o.b. (2002 est.)
Exports - commodities:
oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
Exports - partners:
Australia 23.7%, Japan 9.3%, China 5.3% (2002)
Imports:
$1.1 billion f.o.b. (2002 est.)
Imports - commodities:
machinery and transport equipment, manufactured goods, food, fuels, chemicals
Imports - partners:
Australia 49.3%, Singapore 18.8%, New Zealand 4.4%, Japan 4.2% (2002)
Debt - external:
$2.8 billion (2002 est.)
Economic aid - recipient:
$400 million (1999 est.)
Currency:
kina (PGK)
Currency code:
PGK
Exchange rates:
kina per US dollar - 3.8 (2002), 3.39 (2001), 2.78 (2000), 2.57 (1999), 2.07 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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