Papua New Guinea's GDP changed from approximately $4B 86M in 1980 to $31B 716M in 2024, showing an overall 676.0% sharply increased during the period.
The lowest GDP was recorded in 1985 at $3B 250M, and the highest in 2024 at $31B 716M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.8%.
For comparison, the average annual growth rate of Indonesia was 6.3%, and that of Solomon Islands was 5.2%.
Papua New Guinea GDP from 1980 to 2024
The total market value of goods and services produced annually in Papua New Guinea.
Overview of Papua New Guinea's GDP (1980–2024)
The Gross Domestic Product (GDP) of Papua New Guinea recorded a 676.0% sharply increased from 1980 to 2024.
The average GDP during this period was $11B 915M, and the median was $7B 339M.
GDP fluctuated within a range of $28B 466M, with a standard deviation of $9B 91M.
The average annual change was $619M 633K.
Highest and Lowest GDP Records
- Lowest GDP: 1985, $3B 250M
- Highest GDP: 2024, $31B 716M
- Most Recent GDP: 2024, $31B 716M
Notable Annual GDP Changes
- 2022: Significant increase in GDP
- 1998: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Papua New Guinea's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $24B 751M → $23B 848M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $9B 545M → $11B 619M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $5B 169M → $4B 531M
- Outcome: sharply declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $7B 272M → $5B 558M
- Outcome: sharply declined
Key Economic Indicators of Papua New Guinea (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | -2.309 % | $ 4B 86M | $ 3B 179M | $ 1,380.84 | $ 1,074 | 0 % | 2M 960K people | -5.628 % | 0 % |
1981 | 1.149 % | $ 4B 11M | $ 3B 520M | $ 1,319.41 | $ 1,157.83 | 0 % | 3M 40K people | -10.222 % | 0 % |
1982 | 0.832 % | $ 3B 805M | $ 3B 768M | $ 1,223.39 | $ 1,211.71 | 0 % | 3M 110K people | -7.865 % | 0 % |
1983 | 3.438 % | $ 3B 799M | $ 4B 51M | $ 1,194.66 | $ 1,273.77 | 0 % | 3M 180K people | -9.866 % | 0 % |
1984 | -0.983 % | $ 3B 509M | $ 4B 155M | $ 1,079.59 | $ 1,278.62 | 0 % | 3M 250K people | -9.146 % | 0 % |
1985 | 3.578 % | $ 3B 250M | $ 4B 440M | $ 975.97 | $ 1,333.42 | 0 % | 3M 330K people | -4.606 % | 0 % |
1986 | 5.654 % | $ 3B 535M | $ 4B 786M | $ 1,039.81 | $ 1,407.59 | 0 % | 3M 400K people | -2.978 % | 0 % |
1987 | 2.762 % | $ 3B 885M | $ 5B 40M | $ 1,159.83 | $ 1,504.43 | 0 % | 3M 350K people | -5.523 % | 0 % |
1988 | 2.909 % | $ 5B 400M | $ 5B 369M | $ 1,565.17 | $ 1,556.34 | 0 % | 3M 450K people | -6.232 % | 0 % |
1989 | -1.424 % | $ 5B 238M | $ 5B 500M | $ 1,455.04 | $ 1,527.91 | 0 % | 3M 600K people | -6.783 % | 0 % |
1990 | -3.132 % | $ 4B 757M | $ 5B 528M | $ 1,265.88 | $ 1,470.80 | 0 % | 3M 758K people | -1.936 % | 0 % |
1991 | 9.568 % | $ 5B 596M | $ 6B 261M | $ 1,444.10 | $ 1,615.94 | 0 % | 3M 875K people | -2.711 % | 0 % |
1992 | 13.827 % | $ 6B 466M | $ 7B 290M | $ 1,546.58 | $ 1,743.60 | 0 % | 4M 181K people | -0.02 % | -2.378 % |
1993 | 13.334 % | $ 7B 349M | $ 8B 457M | $ 1,713.71 | $ 1,972.11 | 0 % | 4M 288K people | 7.054 % | -2.827 % |
1994 | 10.492 % | $ 8B 77M | $ 9B 544M | $ 1,834.98 | $ 2,168.43 | 0 % | 4M 401K people | 6.047 % | 1.286 % |
1995 | -3.446 % | $ 7B 149M | $ 9B 409M | $ 1,581.63 | $ 2,081.54 | 0 % | 4M 520K people | 12.826 % | 4.035 % |
1996 | 6.599 % | $ 7B 608M | $ 10B 213M | $ 1,639.77 | $ 2,201.19 | 0 % | 4M 640K people | 2.554 % | 4.648 % |
1997 | -6.343 % | $ 7B 272M | $ 9B 730M | $ 1,527.44 | $ 2,043.83 | 0 % | 4M 761K people | -6.261 % | 3.37 % |
1998 | 4.682 % | $ 5B 558M | $ 10B 300M | $ 1,138.37 | $ 2,109.47 | 0 % | 4M 883K people | -5.63 % | 2.81 % |
1999 | 1.856 % | $ 5B 72M | $ 10B 640M | $ 1,013.23 | $ 2,125.43 | 0 % | 5M 6K people | -2.26 % | 1.155 % |