Papua New Guinea: Net errors and omissions
* indicates monthly or quarterly data series
| Papua New Guinea |
Balance of payments, net errors and omissions |
|---|---|
| Latest value | -1,399.51 |
| Year | 2023 |
| Measure | million USD |
| Data availability | 1976 - 2023 |
| Average | -56.94 |
| Min - Max | -1,448.38 - 1,426.68 |
| Source | The World Bank |
The latest value from 2023 is -1399.51 million USD, a decline from 960.67 million USD in 2022. In comparison, the world average is -638.70 million USD, based on data from 148 countries. Historically, the average for Papua New Guinea from 1976 to 2023 is -56.94 million USD. The minimum value, -1448.38 million USD, was reached in 2020 while the maximum of 1426.68 million USD was recorded in 2013.
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Definition: Net errors and omissions constitute a residual category needed to ensure that accounts in the balance of payments statement sum to zero. Net errors and omissions are derived as the balance on the financial account minus the balances on the current and capital accounts. Data are in current U.S. dollars.
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| Related indicators | Latest | Reference | Measure |
|---|---|---|---|
| Terms of trade | 130.30 | 2023 | percent |
| Trade openness | 131.08 | 2004 | percent |
| Financial openness | -0.673 | 2022 | index points |
| Exports, percent of GDP | 72.16 | 2004 | percent |
| Exports, billion dollars | 2.83 | 2004 | billion U.S. dollars |
| Growth of exports | 2.72 | 2004 | percent |
| Imports, percent of GDP | 58.92 | 2004 | percent |
| Imports, billion dollars | 2.31 | 2004 | billion U.S. dollars |
| Foreign Direct Investment, percent of GDP | 0.27 | 2023 | percent |
| Foreign Direct Investment, billion dollars | -0.20 | 2024 | billion U.S. dollars |
| Portfolio investment inflows, equities | -0.82 | 2016 | million dollars (current) |
| Current account, percent of GDP | 26.73 | 2022 | percent |
| Trade balance, percent of GDP | 13.25 | 2004 | percent |
| Trade balance, in dollars | 6.39 | 2024 | billion U.S. dollars |
| Reserves | 3.90 | 2023 | billion U.S. dollars |
| Remittances, percent of GDP | 0.01 | 2023 | percent |
| Remittances | 10.67 | 2023 | million U.S. dollars |
| Net errors and omissions | -1,399.51 | 2023 | million USD |
| External debt | 53.16 | 2023 | percent |
| Short-term external debt | 0.12 | 2023 | percent |
| Short-term debt to reserves | 0.48 | 2023 | percent |