Papua New Guinea GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Papua New Guinea expanded 9.20 percent in 2012 from the previous year. GDP Annual Growth Rate in Papua New Guinea is reported by the Bank of Papua New Guinea. From 1995 until 2012, Papua New Guinea GDP Annual Growth Rate averaged 3.4 Percent reaching an all time high of 11.1 Percent in December of 2011 and a record low of -6.3 Percent in December of 1997. Papua New Guinea, one of the poorest and most isolated countries in the world, has been growing consistently in recent years. Papua New Guinea is rich in natural resources, such as oil, gold and copper. Natural resource extraction, the most important sector of the economy, accounts for 60 percent of GDP and a large share of government revenues. Agriculture is also important, since it employs up to 85 percent of the population. Revenues from natural resource exploitation have resulted in high government spending and a construction boom. Yet, as the country suffers from endemic corruption and lacks a functioning legal system, inequality has been increasing. This page provides - Papua New Guinea GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-24

Actual Previous Highest Lowest Forecast Dates Unit Frequency
9.20 11.10 11.10 -6.34 10.78 | 2013/12 1995 - 2012 Percent Yearly

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Papua New Guinea GDP Annual Growth Rate
LIST BY COUNTRY

GDP Last Previous Highest Lowest Forecast Unit
GDP 15.65 2012-12-31 12.39 15.65 0.23 20.81 2014-06-30 USD Billion [+]
GDP Annual Growth Rate 9.20 2012-12-31 11.10 11.10 -6.34 10.78 2013-12-31 Percent [+]
GDP per capita 1076.38 2012-12-31 1018.54 1076.38 546.39 1165.60 2014-06-30 USD [+]
GDP per capita PPP 2497.79 2012-12-31 2363.57 2497.79 1688.85 2704.81 2014-06-30 USD [+]
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GDP Annual Growth Rate | Notes
The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment.


RELATED NEWS

Papua New Guinea Inflation Rate at 3.50 Percent  
The inflation rate in Papua New Guinea was recorded at 3.50 percent in the third quarter of 2013. Inflation Rate in Papua New Guinea is reported by the Bank of Papua New Guinea.
Papua New Guinea Personal Income Tax Rate at 42.00 percent  
The Personal Income Tax Rate in Papua New Guinea stands at 42 percent. Personal Income Tax Rate in Papua New Guinea is reported by the Internal Revenue Commission, Papua New Guinea.
Papua New Guinea Corporate Tax Rate at 30.00 percent  
The Corporate Tax Rate in Papua New Guinea stands at 30 percent. Corporate Tax Rate in Papua New Guinea is reported by the Internal Revenue Commission, Papua New Guinea.
Papua New Guinea Sales Tax Rate at 10.00 Percent  
The Sales Tax Rate in Papua New Guinea stands at 10 percent. Sales Tax Rate in Papua New Guinea is reported by the Internal Revenue Commission, Papua New Guinea.
Papua New Guinea Balance of Trade at 511.00 PGK Million  
Papua New Guinea recorded a trade surplus of 511 PGK Million in the first quarter of 2013. Balance of Trade in Papua New Guinea is reported by the Bank of Papua New Guinea.
Papua New Guinea Interest Rate at 6.25 Percent  
The benchmark interest rate in Papua New Guinea was last recorded at 6.25 percent. Interest Rate in Papua New Guinea is reported by the Bank of Papua New Guinea.
Papua New Guinea Current Account at -1265.00 PGK Million  
Papua New Guinea recorded a Current Account deficit of 1265 PGK Million in the first quarter of 2013. Current Account in Papua New Guinea is reported by the Bank of Papua New Guinea.
Papua New Guinea Government Budget at -1.20 Percent of GDP  
Papua New Guinea recorded a Government Budget deficit equal to 1.20 percent of the country's Gross Domestic Product in 2012. Government Budget in Papua New Guinea is reported by the Bank of Papua New Guinea.
Papua New Guinea GDP per capita at 1076.38 USD  
The Gross Domestic Product per capita in Papua New Guinea was last recorded at 1076.38 US dollars in 2012. The GDP per Capita in Papua New Guinea is equivalent to 9 percent of the worlds average. GDP per capita in Papua New Guinea is reported by the World Bank.
Papua New Guinea GDP per capita PPP at 2497.79 USD  
The Gross Domestic Product per capita in Papua New Guinea was last recorded at 2497.79 US dollars in 2012, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Papua New Guinea, when adjusted by Purchasing Power Parity is equivalent to 11 percent of the worlds average. GDP per capita PPP in Papua New Guinea is reported by the World Bank.
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