The Gross Domestic Product (GDP) in Papua New Guinea expanded 5 percent in 2019 from the previous year.

GDP Annual Growth Rate in Papua New Guinea averaged 3.27 percent from 1995 until 2019, 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 September of 2020.

GDP Annual Growth Rate in Papua New Guinea is expected to reach -0.60 percent by the end of 2020, 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 3.20 percent in 2021 and 2.50 percent in 2022, according to our econometric models.

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Papua New Guinea GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
5.00 -1.80 13.50 -6.34 1995 - 2019 percent Yearly

Papua New Guinea GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate 5.00 -1.80 13.50 -6.34 percent [+]
GDP 24.97 23.41 24.97 0.23 USD Billion [+]
GDP per capita 2505.10 2418.50 2505.10 1012.40 USD [+]
GDP per capita PPP 4387.60 4235.90 4387.60 2440.10 USD [+]

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.