The economy of Papua New Guinea expanded by 4.6 percent in 2022, up from 0.1 percent in 2021. GDP Annual Growth Rate in Papua New Guinea averaged 2.97 percent from 1995 until 2022, reaching an all time high of 13.50 percent in 2014 and a record low of -6.34 percent in 1997. source: Bank of Papua New Guinea

GDP Annual Growth Rate in Papua New Guinea is expected to reach 1.50 percent by the end of 2023, according to Trading Economics global macro models and analysts expectations. In the long-term, the Papua New Guinea GDP Annual Growth Rate is projected to trend around 2.00 percent in 2024 and 2.60 percent in 2025, according to our econometric models.

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Papua New Guinea GDP Annual Growth Rate

Related Last Previous Unit Reference
GDP Annual Growth Rate 4.60 0.10 percent Dec 2022
GDP 31.60 26.11 USD Billion Dec 2022
GDP per Capita 2462.55 2387.07 USD Dec 2022
GDP per Capita PPP 3752.94 3637.91 USD Dec 2022

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
4.60 0.10 13.50 -6.34 1995 - 2022 percent Yearly