The National Statistical Office released the 2020 Papua New Guinea Gross Domestic Product (GDP) on the Friday 4th November 2022. According to the NSO, the size of the economy in 2020 reached K82.5 billion in current price terms, reflecting a fall of -1.6% from 2019.
The fall was due to some major industries been impacted by the covid pandemic in 2020. Current price GDP is impacted by changes in both production quantities and prices.
At the Industry level the NSO reported moderate growth for in Agriculture, Forestry and Fishing (up by K1.2 billion), this growth was mainly driven by an increase in informal agriculture.
Other industries that showed a moderate increase include Public Admin and Defence (up K0.50 billion) and Real Estate (up K0.4 billion).
The main offset to these increases was a significant fall in Mining and Quarrying (down K3.7 billion). The fall in Mining and Quarrying was driven by LNG & Gold. LNG production remained stable, but the price received for LNG fell. The value of gold production fell due to reduced production quantities, partly offset by an improved gold price.
See more data here – https://www.nso.gov.pg/statistics/economy/gross-domestic-products/gross-domestic-products-2014-2020/
