Papua New Guinea: Economy

Following strong growth in 2015, the first full year of gas production, Papua New Guinea’s economy is forecast to grow by only 4.3% in 2016 and 2.4% in 2017. Non-mineral gross domestic product (GDP), which better indicates underlying trends and how growth affects people’s livelihoods, is projected to grow by 3.4% in 2016 and 3.6% in 2017. Increasing reliance on resource extraction raises the volatility of the economy. Read more from Asian Development Outlook 2016

Economic forecasts for Pacific countries

Country 2016 2017
Cook Islands 0.0 0.2
Fiji 2.7 4.5
Kiribati 1.8 2.0
Marshall Islands 1.5 2.0
Micronesia, Federated States of 2.5 3.5
Nauru 3.0 15.0
Palau 3.0 7.0
Papua New Guinea 4.3 2.4
Samoa 2.0 0.5
Solomon Islands 3.0 2.8
Timor-Leste 4.5 5.5
Tonga 2.8 2.7
Tuvalu 3.5 3.0
Vanuatu 2.5 3.8
Average 3.8 3.1
Country 2016 2017
Cook Islands 1.8 2.0
Fiji 3.0 3.0
Kiribati 0.3 0.8
Marshall Islands 2.0 2.5
Micronesia, Federated States of -0.3 0.3
Nauru 6.6 1.7
Palau 1.5 2.5
Papua New Guinea 6.0 6.0
Samoa 2.0 2.0
Solomon Islands 4.4 5.7
Timor-Leste 2.0 3.0
Tonga -0.3 0.5
Tuvalu 3.5 2.0
Vanuatu 1.9 2.4
Average 4.5 4.7
Country 2016 2017
Cook Islands 37.3 41.3
Fiji -7.0 -4.4
Kiribati 15.0 -10.0
Marshall Islands 11.1 8.9
Micronesia, Federated States of 19.5 30.1
Nauru ... ...
Palau -2.3 -1.3
Papua New Guinea 3.8 7.2
Samoa -4.3 -5.1
Solomon Islands -5.9 -7.2
Timor-Leste 26.1 11.8
Tonga -1.9 -3.2
Tuvalu -21.4 -18.7
Vanuatu -15.0 -11.0
Average 4.1 4.8

… = no data available.

Source: Asian Development Outlook 2016

 

 
This page was generated from http://www.adb.org/countries/papua-new-guinea/economy on 25 July 2016