Purpose:
This is to formally notify users that the NSO has identified and corrected an error in the recent 2023 GDP release. The updated GDP is now available on the NSO website.
Details:
An error was identified in the estimate of 2023 Constant Price Extraction of Crude Petroleum & Natural Gas.
This error impacted the total Constant Price (Real) GDP estimate in Table 8 (see below). There is no change to the Current Price (Nominal) GDP.
Impact on Constant Price (Real) GDP estimate:
|
Table 8. Published Estimates (November 2024) |
|||
|
Constant Price (K billions) |
2022 |
2023 |
% |
|
Extraction of Crude Petroleum & Natural Gas |
12.2 |
11.8 |
-3.0% |
|
Gross Domestic Product (GDP) |
66.9 |
69.0 |
3.0% |
|
|
|||
|
Table 8. Corrected Estimates (January 2025) |
|||
|
Constant Price (K billions) |
2022 |
2023 |
2023 |
|
Extraction of Crude Petroleum & Natural Gas |
12.2 |
12.3 |
1.20 |
|
Gross Domestic Product (GDP) |
66.9 |
69.5 |
3.8% |
-
- The 2023 estimate for the extraction of crude petroleum and natural gas has been corrected from K11.8 billion to K12.3 billion.
- This correction increases the 2023 Constant Price GDP from K69.0 billion to K69.5 billion.
- The growth rate of the Constant Price GDP from 2022 to 2023 is now 3.8%, up from the previously reported 3.0% in the November 2024 release.
The updated GDP tables for 2023 are now available here.
The NSO extend our sincere apologies for the inconvenience this has caused. We appreciate your understanding on this matter.
Please direct any questions to:
-
-
- Blasius Vaninara, head of NSO Economic Statistics, vaninara@nso.gov.pg
- Vavine Nouairi, Manager of the National Accounts, nouairi@nso.gov.pg
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