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![]() ![]() Papua New Guinea Economy 1999
Economyoverview: Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for the bulk of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings. Budgetary support from Australia and development aid under World Bank auspices have helped sustain the economy. In 1995, Port Moresby reached agreement with the IMF and World Bank on a structural adjustment program, of which the first phase was successfully completed in 1996. In 1997, droughts caused by the El Nino weather pattern wreaked havoc on Papua New Guinea's coffee, cocoa, and coconut production, the mainstays of the agricultural-based economy and major sources of export earnings. The coffee crop was slashed by up to 50% in 1997. Despite problems with drought, the year 1998 saw a small recovery in GDP. GDP: purchasing power parity$11.1 billion (1998 est.) GDPreal growth rate: 1.6% (1998 est.) GDPper capita: purchasing power parity$2,400 (1998 est.)
GDPcomposition by sector:
Population below poverty line: NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices): 12% (FY97/98 est.) Labor force: 1.941 million Labor forceby occupation: agriculture 64% (1993 est.) Unemployment rate: NA%
Budget:
Industries: copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production; construction, tourism Industrial production growth rate: NA% Electricityproduction: 1.7 billion kWh (1996)
Electricityproduction by source:
Electricityconsumption: 1.7 billion kWh (1996) Electricityexports: 0 kWh (1996) Electricityimports: 0 kWh (1996) Agricultureproducts: coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables; poultry, pork Exports: $2.2 billion (f.o.b., 1997) Exportscommodities: gold, copper ore, oil, logs, palm oil, coffee, cocoa, crayfish and prawns Exportspartners: Australia, Japan, Germany, UK, South Korea, China Imports: $1.5 billion (c.i.f., 1997) Importscommodities: machinery and transport equipment, manufactured goods, food, fuels, chemicals Importspartners: Australia, Singapore, Japan, US, New Zealand, Malaysia Debtexternal: $3.2 billion (1995) Economic aidrecipient: $376.3 million (1995) Currency: 1 kina (K) = 100 toea Exchange rates: kina (K) per US$10.47 (December 1998), 0.6975 (1997), 0.7588 (1996), 0.7835 (1995), 0.9950 (1994); notethe government floated the kina on 10 October 1994 Fiscal year: calendar year
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