The National Statistical Office (NSO) released the 2023 Gross Domestic Product (GDP) report on Thursday 7th November. This report provides a comprehensive overview of Papua New Guinea’s economic activity in 2023.
The National Statistician, Mr. John Aseavu Igitoi said that the NSO is pleased to present the 2023 GDP figures for PNG today. These figures, calculated by the NSO, reflect the size and health of our economy and serve as a crucial indicator of well-being for every citizen of PNG, as shown by the GDP per capita.
The National Statistician further stated that the GDP is vital for PNG as it helps us understand our economic progress, guides policy decisions, and highlights areas needing development.
The Economics Statistics Division of the National Statistical Office (NSO) compiles and produces the Gross Domestic Product (GDP).
Even though coordinating with different state agencies and businesses in Papua New Guinea can be challenging, the NSO is dedicated to providing important statistics that help shape policies, governance, and strategic plans.
The NSO thanks all the stakeholders and businesses in PNG for their cooperation in providing the necessary data for compiling this year’s 2023 GDP.
Summary – 2023 GDP
| (Kina Billions) | 2022 | 2023 | % |
| Current Price GDP | 111.4 | 110.6 | -0.7% |
| Constant Price GDP | 66.9 | 69.0 | +3.0% |
Current Price GDP measures the value of goods and services priced at current prices. Current Price GDP is impacted by changing production quantities and changing prices.
The small fall (-0.7%) in Current Price GDP was mainly due to falling LNG prices.
Constant Price GDP shows the change in the quantity of goods and services produced in PNG. Constant Price GDP is only impacted by changing production quantities.
The increase (+3.0%) in Constant Price GDP was driven by increased government activity.
GDP Growth Over Time
Figure 1. GDP Growth (%)
Figure 1 shows the annual changes in Current and Constant Price GDP over the past decade, with key highlights in 2014 and 2022. In 2014, Constant Price GDP grew by 13.5% due to the commencement of LNG operations in Papua New Guinea. In 2022, the Current Price GDP grew by 21.0%, driven by rising commodity prices after the COVID-19 pandemic.
GDP Levels Over Time
Figure 2. GDP Levels, Kina Billion
PNG’s GDP at Constant Price, 2013 to 2023
Figure 2, shows that Papua New Guinea experienced a +44.5% increase in its constant Price GDP. This significant growth reflects PNG’s economic resilience, primarily driven by the mining industry.
The oil and gas sector contributed 49% to the total growth over this period. Despite facing challenges such as economic fluctuations and the impact of COVID-19, all other sectors have also demonstrated growth, further strengthening the economy.
