Gross Domestic Products 2019-2024
Overview
GDP Estimates Current Year
| Measure | 2023 | 2024 | % Change | Unit |
| Current Price GDP (Nominal) | 110.6 | 118.7 | +7.3% | Kina Billions |
| Constant Price GDP (Real) | 69.5 | 72.2 | +3.9% | Kina Billions |
Note: Constant Price GDP reflects growth after holding prices constant in the base year 2013, showing real increases in economic activity
Key Drivers
GDP at Current Price (Nominal GDP), 2023 to 2024
Papua New Guinea’s Nominal GDP for 2024 is estimated at K118.7 billion, up K8.1 billion (+7.3%) from 2023.
Growth was largely driven by:
- Mining and Quarrying +7.9%,
- Agriculture, Forestry and Fishing +7.7%,
- Administrative & Support Services: +8.2%
This expansion was partly offset by a decline in Crude Petroleum and Natural Gas, which fell by 3.5%.
GDP at Constant Price (Real GDP), 2023 to 2024
Papua New Guinea’s Real GDP grew by K2.7 billion (+3.9%) in 2024, reflecting changes in production volumes.
Growth was mainly driven by:
- Mining and Quarrying, +2.4%,
- Information and Communication, +15.5%,
- Construction: +4%
This was partly offset by a decline in Crude Petroleum and Natural Gas, which fell by 1.3%.
Figure 1. GDP Growth, 2019 to 2024
Figure 2. GDP Per Capita In Levels, Kina, 2019 to 2024
GDP Per Capita (Constant Price / Real GDP), 2019 to 2024
Per capita estimates have been updated using the new 2.6% population growth rate.
From 2019 to 2024, Current Price GDP per capita rose by 24.2%, while Real GDP per capita fell slightly by 3.6%. Over the past decade, Real GDP per capita has been mostly unchanged, increasing only 2.6% (from K6,907 in 2014 to K7,086 in 2024).
In 2024, Real GDP per capita grew by 1.2% from 2023.
Figure 3. Institutional Sector share, Current Price, 2024
The graph shows the share of total economic activity by institutional sector in 2024. Non-Financial Corporations dominate, contributing 59% of total activity, followed by General Government, Financial Corporations, and Households.
Figure 6. Key Industries, Current Price, 2024
Mining and Quarrying remains PNG’s largest sector in 2024, contributing 29% of total economic activity despite lower petroleum and gas output.
Other Mining grew by 33% in the 2024 GDP at Current Prices compared to 2023. The key drivers were higher production volumes and increased prices for both gold and copper.
The six major industries collectively account for approximately 78% of the economy, while the remaining 22% is contributed by the other 15 smaller industries grouped under the category of “Other Industries.”
Industry Classification
The GDP publication utilises the Papua New Guinea Standard Industrial Classification (PNGSIC) 2014, adapted from the UN ISIC Rev. 4, to reflect PNG’s economic structure.
Ref:
All data and graphs were derived from the 2019 to 2024 National Accounts Publication, NSO