The Gross Domestic Product (GDP) in Papua New Guinea contracted 2.40 percent in the fourth quarter of 2021 over the same quarter of the previous year. source: Bank of Papua New Guinea

GDP Annual Growth Rate in Papua New Guinea averaged 2.83 percent from 1995 until 2021, reaching an all time high of 13.50 percent in 2014 and a record low of -6.34 percent in 1997. This page provides - Papua New Guinea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Papua New Guinea GDP Annual Growth Rate - values, historical data and charts - was last updated on February of 2023.

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Papua New Guinea GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate -2.40 -2.80 percent Dec 2021

Papua New Guinea GDP Annual Growth Rate
Papua New Guinea, one of the poorest and most isolated countries in the world, has been growing consistently in recent years. Papua New Guinea is rich in natural resources, such as oil, gold and copper. Natural resource extraction, the most important sector of the economy, accounts for 60 percent of GDP and a large share of government revenues. Agriculture is also important, since it employs up to 85 percent of the population. Revenues from natural resource exploitation have resulted in high government spending and a construction boom. Yet, as the country suffers from endemic corruption and lacks a functioning legal system, inequality has been increasing.
Actual Previous Highest Lowest Dates Unit Frequency
-2.40 -2.80 13.50 -6.34 1995 - 2021 percent Yearly