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%.
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.
Papua New Guinea GDP from 1980 to 2024
The total market value of goods and services produced annually in Papua New Guinea.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 4B 86M | $ 1,380.84 | $ 1,074 | $ 3B 179M | -2.309 % | -5.628 % | 0 % | 0 % | 2M 960K people |
1981 | $ 4B 11M | $ 1,319.41 | $ 1,157.83 | $ 3B 520M | 1.149 % | -10.222 % | 0 % | 0 % | 3M 40K people |
1982 | $ 3B 805M | $ 1,223.39 | $ 1,211.71 | $ 3B 768M | 0.832 % | -7.865 % | 0 % | 0 % | 3M 110K people |
1983 | $ 3B 799M | $ 1,194.66 | $ 1,273.77 | $ 4B 51M | 3.438 % | -9.866 % | 0 % | 0 % | 3M 180K people |
1984 | $ 3B 509M | $ 1,079.59 | $ 1,278.62 | $ 4B 155M | -0.983 % | -9.146 % | 0 % | 0 % | 3M 250K people |
1985 | $ 3B 250M | $ 975.97 | $ 1,333.42 | $ 4B 440M | 3.578 % | -4.606 % | 0 % | 0 % | 3M 330K people |
1986 | $ 3B 535M | $ 1,039.81 | $ 1,407.59 | $ 4B 786M | 5.654 % | -2.978 % | 0 % | 0 % | 3M 400K people |
1987 | $ 3B 885M | $ 1,159.83 | $ 1,504.43 | $ 5B 40M | 2.762 % | -5.523 % | 0 % | 0 % | 3M 350K people |
1988 | $ 5B 400M | $ 1,565.17 | $ 1,556.34 | $ 5B 369M | 2.909 % | -6.232 % | 0 % | 0 % | 3M 450K people |
1989 | $ 5B 238M | $ 1,455.04 | $ 1,527.91 | $ 5B 500M | -1.424 % | -6.783 % | 0 % | 0 % | 3M 600K people |
1990 | $ 4B 757M | $ 1,265.88 | $ 1,470.80 | $ 5B 528M | -3.132 % | -1.936 % | 0 % | 0 % | 3M 758K people |
1991 | $ 5B 596M | $ 1,444.10 | $ 1,615.94 | $ 6B 261M | 9.568 % | -2.711 % | 0 % | 0 % | 3M 875K people |
1992 | $ 6B 466M | $ 1,546.58 | $ 1,743.60 | $ 7B 290M | 13.827 % | -0.02 % | 0 % | -2.378 % | 4M 181K people |
1993 | $ 7B 349M | $ 1,713.71 | $ 1,972.11 | $ 8B 457M | 13.334 % | 7.054 % | 0 % | -2.827 % | 4M 288K people |
1994 | $ 8B 77M | $ 1,834.98 | $ 2,168.43 | $ 9B 544M | 10.492 % | 6.047 % | 0 % | 1.286 % | 4M 401K people |
1995 | $ 7B 149M | $ 1,581.63 | $ 2,081.54 | $ 9B 409M | -3.446 % | 12.826 % | 0 % | 4.035 % | 4M 520K people |
1996 | $ 7B 608M | $ 1,639.77 | $ 2,201.19 | $ 10B 213M | 6.599 % | 2.554 % | 0 % | 4.648 % | 4M 640K people |
1997 | $ 7B 272M | $ 1,527.44 | $ 2,043.83 | $ 9B 730M | -6.343 % | -6.261 % | 0 % | 3.37 % | 4M 761K people |
1998 | $ 5B 558M | $ 1,138.37 | $ 2,109.47 | $ 10B 300M | 4.682 % | -5.63 % | 0 % | 2.81 % | 4M 883K people |
1999 | $ 5B 72M | $ 1,013.23 | $ 2,125.43 | $ 10B 640M | 1.856 % | -2.26 % | 0 % | 1.155 % | 5M 6K people |
