Gross Domestic Products - National Accounts 2008-2015

Overview of PNG Economy, 2008 to 2015

Aggregate GDP at current prices

The GDP estimate s presented in this publication covers the period from 2008 to 2015. Over this period, the level of GDP increased from K 31.5 billion in 2008 to K 57.1 billion in 2015. This represents an average annual growth of 9.4%. GDP growth has slowed down at 0.7%, value of K 57.1 billion Kina in 2015 from 2014. Progressively, over the period from
2008 to 2015, overall PNG economy experienced positive economic growth annually with a highest increase of 21.1% in 2010, followed by 18.9% in 2014, 11.3% in 2008, and 10.0% in 2011. The lowest increase was in 2015 with 0.7%.

The overall lower growth of 0.7 % in 2015 is attributed to a number of notable adverse events which subsided and affected aggregate production of goods and services across sectors particularly households, non-financial corporations and general government, even though it was the first year of full production of PNG LNG project.

  • El Nino drought affected half of the agricultural food production in the highlands region and part of mining in which OK Tedi mines was temporary closed due to low water level of the Fly river,
  • Temporary closure of Pogera mines due to shutdown of mill processing plant,
  • Temporary closure of Napa Napa oil refinery, and
  • Further declines in international prices of major commodities.

Agriculture sector was badly affected involving both subsistence and market production of agricultural commodities, timber & logs, and marine products for own consumption, domestic sales or for exports. This sector accounted for 19.3% of GDP in 2015 which continually supports more than 80% of the population particularly the rural population. The forestry industry has grown over the years with about 40% of the country is covered with timber rich trees, and a domestic woodworking industry has been slow to develop. Fish exports are confined primarily to shrimp, although fishing boats of other nations catch tuna in Papua New Guinea waters.

constant and current

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Aggregate GDP At Constant Purchasers’ Values

The real Gross Domestic Product (GDP) in Papua New Guinea expanded by 5.3 % in 2015 from the previous year. GDP annual growth rate in Papua New Guinea averaged 5.9 % from 2008 until 2015, reaching an all-time high of 15.4 % in 2014 and a record low of minus 0.3 %.percent in 2008.

In 2015, real GDP as measured in volume of production in 2015 increased higher at 5.3 % compared to lower nominal GDP growth at 0.7 %. The relationship implies that volume of production (real GDP) increased at much higher rate than the nominal GDP growth mainly due to continued falling world commodity prices.

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