Papua New Guinea continues to experience strong economic performance giving confidence to businesses in the country.
Gross Domestic Product – GDP
Real GDP was projected to grow at 7.5 per cent in 2012 – the 10th year of uninterrupted economic growth. Growth is supported by a recovery in mining output, and construction activity connected with the Papua New Guinea LNG project.
Papua New Guinea has a dual economy comprising a formal, corporate-based sector and a large informal sector where subsistence farming accounts for the bulk of economic activity.
The formal sector provides a narrow employment base, consisting of workers engaged in mineral production, a relatively small manufacturing sector, public sector employees and service industries including finance, construction, transportation and utilities. The majority of the population is engaged in the informal sector.
The major economic sectors in Papua New Guinea are: Agriculture and Livestock, Forestry, Mining and Petroleum, Tourism and Hospitality, Fisheries and Marine resources, Manufacturing, Retailing and Wholesaling, Building and Construction, Transport and Telecommunications, and Finance and Business Trade.
PNG’s major exports are gold, silver, copper, crude oil, logs and timber, coffee, palm oil, cocoa and copra. PNG has experienced a relatively even balance of trade over the last five years, with exports marginally more than imports.
Papua New Guinea’s main imports are sourced from Australia, Japan, the United States of America, Singapore, New Zealand, the United Kingdom, China and Hong Kong. The main destinations of PNG exports are Australia, Japan, South Korea, China, Germany, the United States of America, the United Kingdom and Singapore.