Gross Domestic Products - National Accounts 2010 - 2017

PNG Gross Domestic Product (GDP), 2010 to 2017

GDP at Current Prices

Current Price GDP for 2017 is 72,522 million Kina, this is an increase of 7,483 million Kina or 11.5% from 2016 Current Price GDP.

Key contributing industries were:

• 3,862 million Kina or 24.9% increase in Mining and Quarrying
    - 2,296 million Kina or 23.8% increase in Extraction of Crude oil
    - 1,566 million Kina or 26.7% increase in Other mining
• 1,180 million Kina or 10.2 % increase in Agriculture, Forestry and Fishing
• 499 million Kina or 7.9 % increase in Wholesale and Retail
• 373 million Kina or 9.1 % increase in Real Estate Activities
• 326 million Kina or 6.9 % increase in Administrative and Support Services Activities

The main offset to this positive contribution was the Construction with a fall of 296 million Kina or -5.7%.

GDP at Constant Price

Constant Price GDP for 2017 is 63,927 million Kina, this is an increase of 2,184 million Kina or 3.5 % from 2016 Constant Price GDP.

Key contributing industries were:

• 1,574 million Kina or 7.9% increase in Mining and Quarrying
     - 1,013 million Kina or 16.2% increase in Other mining
     - 561 million Kina or 4.1% increase in Extraction of Crude oil
• 224 million Kina or 2.4 % increase in Agriculture, Forestry and Fishing
• 119 million Kina or 3.5 % increase in Real Estate Activities

The main offset to this positive contribution was the Construction with a fall of 443 million Kina or -10.6%.

FIGURE 1. GDP LEVELS, 2010 to 2017

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The Gross Domestic Product (GDP) in levels show a moderate increase in PNG’s economy from years 2010 to 2017 (See Figure 1). The GDP at Current Prices increased from 38.8 billion Kina in 2010 to 72.5 billion Kina in 2017, this is an increase of 33.8 billion Kina or an average annual growth of 9.4% over the reporting period. Whereas GDP at Constant Prices increased by 20.5 billion Kina or an average growth of 5.7%, from 43.4 billion Kina to 63.9 billion Kina, 2010 to 2017.

In 2013, the Current and Constant Price GDP figures are the same. It is the base year for the calculation of Constant Price GDP estimates; thus, the Constant Price estimates are all in 2013 prices whereas the Current Price GDP is valued using the prices prevailing in the respective years.

FIGURE 2. PNG GDP GROWTH, 2010 to 2017

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The Gross Domestic Product (GDP) in Current Price and Constant Price for PNG showed positive growth for all years (2010 to 2017).

Current Price GDP in 2010 showed that the economy grew by 21.1%, which is deemed to be the highest for this time period and was driven by the construction phase of the LNG project. Current Price GDP in 2014 showed that the economy grew by 19.7% which was the result of the commencement of LNG production.

FIGURE 3. GDP PER CAPITA IN LEVELS, 2010 to 2017

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The level of GDP per capita has increased from 5,493 Kina in 2010 to 8,294 Kina in 2017 in Current Price GDP terms.

FIGURE 4. GDP PER CAPITA, PERCENTAGE (%), 2010 to 2017

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In Current Prices, GDP per Capita level increased from 7,672 Kina in 2016 to 8,294 Kina in 2017 or a growth of 8.1%. In year 2010, PNG recorded its strongest GDP per Capita with an increase of 17.4 % followed by 16.1% in 2014.

FIGURE 5. GVA GROWTH BY INSTITUTIONAL SECTORS, 2010 to 2017

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The graph above details the growth of four institutional sectors: Non-Financial Corporations, General
Government, Financial Corporations and Households.

Non-Financial Corporations Sector recorded a growth of 8.2% in 2016 and 13.2% in 2017. The Non-
Financial Sector highest recorded growth was 31.6% in 2010 due to strong growth in both Construction and
Mining and Quarrying.

General Government Sector has shown moderate positive increases in time over the period (2010 to 2017). The strongest increase was 19.8% in 2011.

The Financial Corporations Sector showed a decline in 2014 and 2015, due to new policies implemented by the Government to the commercial banks to restrict foreign exchange fees and explicit charges.

Household Sector has shown moderate positive increases in time over the period (2010 to 2017). However, 2015 reported a low increase of 3.7% due to the impact of the drought.

FIGURE 6. INSTITUTIONAL SECTOR SHARE, 2017 CURRENT PRICE

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Non-Financial Corporations Sector is the largest contributor with a 59% share, followed by Household Sector 30% , Government 9% and Finance Corporation 2% share to the total GDP respectively in 2017.

Next Release : July 2020