Papua New Guinea: Economic growth
* indicates monthly or quarterly data series
Papua New Guinea |
Economic growth: the rate of change of real GDP |
---|---|
Latest value | 2.68 |
Year | 2023 |
Measure | percent |
Data availability | 1961 - 2023 |
Average | 3.79 |
Min - Max | -3.90 - 18.20 |
Source | The World Bank |
The latest value from 2023 is 2.68 percent, a decline from 5.17 percent in 2022. In comparison, the world average is 3.34 percent, based on data from 179 countries. Historically, the average for Papua New Guinea from 1961 to 2023 is 3.79 percent. The minimum value, -3.9 percent, was reached in 1997 while the maximum of 18.2 percent was recorded in 1993.
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Economic growth in Papua New Guinea and other countries is calculated as the percent change in the GDP from one year to the next. It measures whether production has increased or decreased, and by how much.
Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.
Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.
Definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.
Selected articles from our guide:
What factors determine the exchange rates
International lending and sovereign debt
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Related indicators | Latest | Reference | Measure |
---|---|---|---|
Economic growth | 2.68 | 2023 | percent |
GDP, constant dollars | 25.6 | 2023 | billion U.S. dollars |
GDP, current U.S. dollars | 30.93 | 2023 | billion U.S. dollars |
GDP per capita, current dollars | 2,994.45 | 2023 | U.S. dollars |
GDP per capita, PPP | 4,153 | 2023 | U.S. dollars |
GDP per capita, constant dollars | 2,482.72 | 2023 | U.S. dollars |