Papua New Guinea

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Papua New Guinea - In Short.

Overview of Papua New Guinea

Papua New Guinea (PNG) was first settled between 50,000 and 60,000 years ago. PNG’s harsh geography consisting of mountains, jungles, and numerous river valleys, kept many of the arriving groups isolated, giving rise to PNG’s incredible ethnic and linguistic diversity. Agriculture was independently developed by some of these groups. Around 500 B.C., Austronesian voyagers settled along the coast. Spanish and Portuguese explorers periodically visited the island starting in the 1500s but none made it into the country’s interior. American and British whaling ships frequented the islands off the coast of New Guinea in the mid-1800s. In 1884, Germany declared a protectorate – and eventually a colony – over the northern part of what would become PNG and named it German New Guinea; days later the UK followed suit on the southern part and nearby islands and called it Papua. Most of their focus was on the coastal regions, leaving the highlands largely unexplored.The UK put its colony under Australian administration in 1902 and formalized the act in 1906. At the outbreak of World War I, Australia occupied German New Guinea and continued to rule it after the war as a League of Nations Mandate. The discovery of gold along the Bulolo River in the 1920s, led prospectors to venture into the highlands, where they found about 1 million people living in isolated communities. Japan invaded New Guinea in 1941 and reached Papua the following year. Allied victories during the New Guinea campaign pushed out the Japanese, and after the end of the war, Australia combined the two territories into one administration. Sir Michael SOMARE won elections in 1972 on the promise of achieving independence, which was realized in 1975. A secessionist movement in Bougainville, an island well endowed in copper and gold resources, reignited in 1988 with debates about land use, profits, and an influx of outsiders at the Panguna Copper Mine. Following elections in 1992, the PNG government took a hardline stance against Bougainville rebels and the resulting civil war led to about 20,000 deaths. In 1997, the PNG government hired mercenaries to support its troops in Bougainville, sparking an army mutiny and forcing the prime minister to resign. PNG and Bougainville signed a truce in 1997 and a peace agreement in 2001, which granted Bougainville – including some nearby islands – autonomy. An internationally-monitored nonbinding referendum asking Bougainvilleans to chose independence or greater self rule occurred in November 2019, with 98% of voters opting for independence.
Value
Country Full Name
Papua New Guinea
Country Code
PNG
Region
East Asia & Pacific
Income Group
Lower middle income
Currency Unit
GDP
24668899683
Population
8947027
Land Area
452860
Net National Income Per Capita
2089.189995
GDP per Capita (PPP)
4286.634449

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Papua New Guinea - Economic

Economy of Papua New Guinea

Papua New Guinea (PNG) is richly endowed with natural resources, but exploitation has been hampered by rugged terrain, land tenure issues, and the high cost of developing infrastructure. The economy has a small formal sector, focused mainly on the export of those natural resources, and an informal sector, employing the majority of the population. Agriculture provides a subsistence livelihood for 85% of the people. The global financial crisis had little impact because of continued foreign demand for PNG’s commodities.Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. Natural gas 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 2020. Due to lower global commodity prices, resource revenues of all types have fallen dramatically. PNG’s government has recently been forced to adjust spending levels downward.Numerous challenges still face the government of Peter O’NEILL, including providing physical security for foreign investors, regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and maintaining good relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including chronic law and order and land tenure issues. 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).

Unemployment Rate

Inflation Rate

Papua New Guinea - GDP Composition

GDP Composiiton & Value Added of Papua New Guinea

Last Updated: Jan, 2021, Updated For 2020.

Papua New Guinea - GDP, Value Added

Demographics of Papua New Guinea

population concentrated in the highlands and eastern coastal areas on the island of New Guinea; predominantly a rural distribution with only about one-fifth of the population residing in urban areas
Geographic Location

Oceania, group of islands including the eastern half of the island of New Guinea between the Coral Sea and the South Pacific Ocean, east of Indonesia

Races

Melanesian, Papuan, Negrito, Micronesian, Polynesian

Languages

Tok Pisin (official), English (official), Hiri Motu (official), some 839 indigenous languages spoken (about 12% of the world's total); many languages have fewer than 1,000 speakersnote: Tok Pisin, a creole language, is widely used and understood; English is spoken by 1%-2%; Hiri Motu is spoken by less than 2%

Religion

Protestant 64.3% (Evangelical Lutheran 18.4%, Seventh Day Adventist 12.9%, Pentecostal 10.4%, United Church 10.3%, Evangelical Alliance 5.9%, Anglican 3.2%, Baptist 2.8%, Salvation Army .4%), Roman Catholic 26%, other Christian 5.3%, non-Christian 1.4%, unspecified 3.1% (2011 est.)note: data represent only the citizen population; roughly 0.3% of the population are non-citizens, consisting of Christian 52% (predominantly Roman Catholic), other 10.7% , none 37.3%

Dependency & Expectancy of Papua New Guinea

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Papua New Guinea - Social Media Briefing

Papua New Guinea - Social Media & Social Commerce

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Politics & Policies of Papua New Guinea

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, ADB, AOSIS, APEC, ARF, ASEAN (observer), C, CD, CP, EITI (candidate country), FAO, G-77, IAEA, IBRD, ICAO, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO (correspondent), ITSO, ITU, MIGA, NAM, OPCW, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNIDO, UNMISS, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Papua New Guinea

Export of Papua New Guinea

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