[ Nominal GDP in billions of USD ]
Year -
$31.80 billions
Papua New Guinea GDP expanded from 1960 to 2024, increasing from $0.23 billion to $31.80 billion.The compound annual growth rate (CAGR) averaged 8.01% over the period. The economy recorded its peak level in 2024 and its lowest level in 1960. Growth volatility remained high. The maximum drawdown reached 45.45%, indicating the largest cyclical decline from peak levels. The country experienced 12 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2024 | 2024 |
| Latest GDP | $ 31.80 Billions | $ 51.56 Int Billions |
| Growth (YoY) | 3.193% | 6.31% |
| Net Change vs Previous Year | $ 0.98 Billion | $ 3.06 Int Billion |
| % of World GDP | 0.03% | 0.03% |
| Meaning | Nominal GDP (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Bil $ | Net Chg | % Chg | Int Bil $ | Net Chg | % Chg |
| 1960 | 0.23 | - | - | - | - | - |
| 1961 | 0.24 | 0.01 | 6.22 % | - | - | - |
| 1962 | 0.26 | 0.02 | 6.679 % | - | - | - |
| 1963 | 0.28 | 0.01 | 5.66 % | - | - | - |
| 1964 | 0.31 | 0.03 | 10.633 % | - | - | - |
| 1965 | 0.34 | 0.04 | 12.729 % | - | - | - |
| 1966 | 0.39 | 0.05 | 13.602 % | - | - | - |
| 1967 | 0.44 | 0.05 | 12.976 % | - | - | - |
| 1968 | 0.49 | 0.04 | 9.838 % | - | - | - |
| 1969 | 0.55 | 0.07 | 13.62 % | - | - | - |
| 1970 | 0.65 | 0.09 | 17.107 % | - | - | - |
| 1971 | 0.72 | 0.07 | 11.181 % | - | - | - |
| 1972 | 0.86 | 0.14 | 19.646 % | - | - | - |
| 1973 | 1.3 | 0.44 | 51.274 % | - | - | - |
| 1974 | 1.47 | 0.17 | 12.958 % | - | - | - |
| 1975 | 1.36 | -0.11 | -7.552 % | - | - | - |
| 1976 | 1.51 | 0.16 | 11.443 % | - | - | - |
| 1977 | 1.64 | 0.13 | 8.526 % | - | - | - |
| 1978 | 1.95 | 0.31 | 18.719 % | - | - | - |
| 1979 | 2.29 | 0.35 | 17.757 % | - | - | - |
| 1980 | 2.55 | 0.25 | 10.988 % | - | - | - |
| 1981 | 2.5 | -0.05 | -1.87 % | - | - | - |
| 1982 | 2.37 | -0.13 | -5.183 % | - | - | - |
| 1983 | 2.56 | 0.19 | 8.175 % | - | - | - |
| 1984 | 2.55 | -0.01 | -0.378 % | - | - | - |
| 1985 | 2.42 | -0.13 | -5.066 % | - | - | - |
| 1986 | 2.65 | 0.22 | 9.271 % | - | - | - |
| 1987 | 3.14 | 0.5 | 18.726 % | - | - | - |
| 1988 | 3.66 | 0.51 | 16.296 % | - | - | - |
| 1989 | 3.55 | -0.11 | -3.001 % | - | - | - |
| 1990 | 3.22 | -0.33 | -9.213 % | 6.64 | - | - |
| 1991 | 3.79 | 0.57 | 17.631 % | 7.52 | 0.88 | 13.252 % |
| 1992 | 4.38 | 0.59 | 15.593 % | 8.75 | 1.24 | 16.444 % |
| 1993 | 4.97 | 0.6 | 13.627 % | 10.59 | 1.84 | 21.004 % |
| 1994 | 5.5 | 0.53 | 10.619 % | 11.46 | 0.87 | 8.204 % |
| 1995 | 4.64 | -0.87 | -15.751 % | 11.31 | -0.15 | -1.285 % |
| 1996 | 5.16 | 0.52 | 11.2 % | 12.41 | 1.1 | 9.706 % |
| 1997 | 4.94 | -0.22 | -4.242 % | 12.13 | -0.28 | -2.247 % |
| 1998 | 3.79 | -1.15 | -23.238 % | 11.8 | -0.33 | -2.688 % |
| 1999 | 3.48 | -0.31 | -8.244 % | 12.19 | 0.39 | 3.297 % |
| 2000 | 3.52 | 0.04 | 1.274 % | 12.16 | -0.03 | -0.286 % |
| 2001 | 3.08 | -0.44 | -12.504 % | 12.42 | 0.26 | 2.128 % |
| 2002 | 3 | -0.08 | -2.646 % | 12.59 | 0.17 | 1.393 % |
| 2003 | 3.54 | 0.54 | 17.9 % | 13.12 | 0.53 | 4.181 % |
| 2004 | 3.93 | 0.39 | 11.049 % | 13.84 | 0.72 | 5.483 % |
| 2005 | 4.87 | 0.94 | 23.904 % | 15.18 | 1.34 | 9.679 % |
| 2006 | 8.35 | 3.49 | 71.704 % | 16.49 | 1.31 | 8.661 % |
| 2007 | 9.55 | 1.19 | 14.245 % | 18.26 | 1.77 | 10.736 % |
| 2008 | 11.67 | 2.13 | 22.272 % | 18.56 | 0.3 | 1.625 % |
| 2009 | 11.62 | -0.05 | -0.441 % | 19.94 | 1.38 | 7.459 % |
| 2010 | 14.25 | 2.63 | 22.646 % | 22.23 | 2.29 | 11.467 % |
| 2011 | 17.99 | 3.73 | 26.205 % | 22.94 | 0.71 | 3.194 % |
| 2012 | 21.3 | 3.31 | 18.404 % | 24.45 | 1.52 | 6.606 % |
| 2013 | 21.26 | -0.03 | -0.159 % | 25.82 | 1.37 | 5.592 % |
| 2014 | 23.21 | 1.95 | 9.169 % | 29.83 | 4.01 | 15.521 % |
| 2015 | 21.72 | -1.49 | -6.408 % | 32.09 | 2.26 | 7.567 % |
| 2016 | 20.76 | -0.96 | -4.44 % | 34.17 | 2.08 | 6.492 % |
| 2017 | 22.74 | 1.98 | 9.557 % | 36.01 | 1.84 | 5.389 % |
| 2018 | 24.11 | 1.37 | 6.011 % | 36.73 | 0.72 | 2.005 % |
| 2019 | 24.75 | 0.64 | 2.658 % | 39.01 | 2.28 | 6.205 % |
| 2020 | 23.85 | -0.9 | -3.645 % | 38.28 | -0.73 | -1.881 % |
| 2021 | 26.11 | 2.26 | 9.481 % | 39.82 | 1.54 | 4.031 % |
| 2022 | 31.65 | 5.54 | 21.233 % | 45.09 | 5.27 | 13.244 % |
| 2023 | 30.82 | -0.84 | -2.644 % | 48.5 | 3.4 | 7.546 % |
| 2024 | 31.8 | 0.98 | 3.193 % | 51.56 | 3.06 | 6.31 % |
Between 1960 to 2024, Papua New Guinea experienced the following economic phases:
The most remarkable growth occurred in 2006 with an increase of 71.704%, while the largest decline was in 1998 at -23.238%.