Papua New Guinea Economic information

Papua New Guinea is an island country located in the South Pacific. Due to its geographical location, the country's economy is based on agriculture, mining and natural resources. Below you can find economic information for Papua New Guinea:

1. Gross Domestic Product (GDP): According to 2020 data, Papua New Guinea's GDP is 23.78 billion US dollars.

2. GDP Growth Rate: In 2020, Papua New Guinea's GDP growth rate was -

2.4%.

3. Inflation Rate: In 2020, Papua New Guinea's inflation rate was recorded as

4.2%.

4. Unemployment Rate: Papua New Guinea's unemployment rate in 2020 was determined as

2.5%.

5. Main Export Products: Papua New Guinea's main export products are oil, natural gas, gold, copper, timber and seafood.

6. Main Imports: Papua New Guinea's main imports are machinery, vehicles, chemicals, food products and electronic goods.

7. Agriculture: The agricultural sector is an important economic activity in Papua New Guinea. The main agricultural products are coffee, cocoa, palm oil, rice, bananas and coconut.

8. Mining: Papua New Guinea is a country with rich natural resources. The extraction of minerals such as gold, copper and nickel operates as an important industry.

9. Tourism: The country's natural beauties and cultural riches create potential for tourism. The tourism sector contributes to the economy.

10. Energy: Papua New Guinea's energy sector relies on resources such as hydropower, oil and natural gas. The country exports energy. Papua New Guinea's economy is supported by its natural resources as well as agriculture and tourism sectors. However, the country's economic growth and development faces challenges such as infrastructure deficiencies, poverty and political instability.