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Papua New Guinea Economy |
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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 nearly two-thirds of export earnings. the economy has improved over the past three years. following a prolonged period of instability. former prime minister mekere morauta had tried to restore integrity to state institutions. to stabilize the kina. restore stability to the national budget. to privatize public enterprises where appropriate. and to ensure peace on bougainville. australia annually supplies $240 million in aid. which accounts for 20% of the national budget. challenges face prime minister michael somare. including gaining further investor confidence. continuing efforts to privatize government assets. maintaining the support of members of parliament. dealing with widespread crime and corruption. and balancing relations with australia. the former colonial ruler.
GDP (purchasing power parity)
: $13.32 billion (2005 est.)
Inflation rate: 1.7% (2005 est.)
Labor force
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3.4 million (2005 est.)
Industries: copra crushing. palm oil processing. plywood production. wood chip production; mining of gold. silver. and copper; crude oil production; construction. tourism |
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 Papua New Guinea More Facts |
Electricity - production:
1.592 billion kwh (2003)
Oil - production: 40.400 bbl/day (2005 est.)
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Papua New Guinea More Facts |
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Exports:
$2.833 billion f.o.b. (2005 est.)
Imports
: $1.651 billion f.o.b. (2005 est.)
Currency (code)
: kina (pgk)
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