In 2021 the PNG economy grew by K9,111 million or + 11%. This incease was due to increases in Production volumes combined with prices.

Key contributing industry were:

• Mining and Quarrying +15.8%, K3,165 million. (Extraction of crude petroleum and Natural gas, +34.4%, K4,012 Million)
• Agriculture, Forestry and Fishing, +12.4%, K1,924 million
• Wholesale and Retail, +10.7%, K866 million

The main offset to this increase was Other Mining with a fall of -10.1%, -K847 million from the Mining and Quarrying Industry. This was due to the global pandemic that caused the closure of some mines within the country.

Constant Prices

In 2022 PNG economy grew by K19,615.4 million or +21.4%. The increase was due to increases in production combined with prices.

Key contributing industries were:

2022 saw strong growth as the economy bounced back from the weak covid years as the Mining and Quarrying re-opened and production returned to normal operations.

In 2022 GDP at Constant Price grew by K3,261 million or +5.2%. Constant Price only includes changes in the production volumes.

Key contributing industries were:

• Mining and Quarrying, +5.1%, K862 million

  • Extraction of crude petroleum and Natural gas, +1.4%, K164 million
  • Other Mining, +14.7%, K698 million
• Construction, +13.4%, K484 million
• Administrative and Support Services, +9.1%, K425 million

There was no offset to this increase as the PNG economy saw growth across all industries in production volume terms.