Papua New Guinea is richly endowed with natural resources, but exploitation
has been hampered by the rugged terrain and the high cost of developing an
infrastructure. Agriculture provides a subsistence livelihood for 85% of the
population. Mining of numerous deposits, including copper and gold, accounts
for about 60% of export earnings. Budgetary support from Australia and
development aid under World Bank auspices have helped sustain the economy.
Robust growth in 1991 was led by the mining sector; the opening of a large
new gold mine featured in the advance.
GDP:
exchange rate conversion - $3.1 billion, per capita $800; real growth rate
9% (1991)
Inflation rate (consumer prices):
6.8% (first half 1991)
Unemployment rate:
5% (1988)
Budget:
revenues $1.26 billion; expenditures $1.46 billion, including capital
expenditures of $273 million (1992 est.)
Exports:
$1.14 billion (f.o.b., 1990)
commodities:
copper ore, gold, coffee, logs, palm oil, cocoa, lobster
partners:
FRG, Japan, Australia, UK, Spain, US
Imports:
$1.18 billion (c.i.f., 1990)
commodities:
machinery and transport equipment, food, fuels, chemicals, consumer goods
partners:
Australia, Singapore, Japan, US, New Zealand, UK
External debt:
$2.2 billion (April 1991)
Industrial production:
growth rate 2.4% (1990 est.); accounts for 25% of GDP
Electricity:
397,000 kW capacity; 1,510 million kWh produced, 400 kWh per capita (1990)
Industries:
copra crushing, oil palm processing, plywood processing, wood chip
production, gold, silver, copper, construction, tourism
Agriculture:
one-third of GDP; livelihood for 85% of population; fertile soils and
favorable climate permits cultivating a wide variety of crops; cash crops -
coffee, cocoa, coconuts, palm kernels; other products - tea, rubber, sweet
potatoes, fruit, vegetables, poultry, pork; net importer of food for urban
centers
Economic aid:
US commitments, including Ex-Im (FY70-89), $40.6 million; Western (non-US)
countries, ODA and OOF bilateral commitments (1970-89), $6.5 billion; OPEC
bilateral aid (1979-89), $17 million
Currency:
kina (plural - kina); 1 kina (K) = 100 toea
Exchange rates:
kina (K) per US$1 - 1.0413 (March 1992), 1.0508 (1991), 1.0467 (1990),
1.1685 (1989), 1.1538 (1988), 1.1012 (1987)
Fiscal year:
calendar year

:Papua New Guinea