Oceania > Papua New Guinea > Economy

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Agriculture > products coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables, poultry, pork
Aid as % of GDP	7.2%		[40th of 129]
Debt > External	$1,646,000,000.00		[117th of 136]
Distribution of family income > Gini index	50.9		[2nd of 43]
Economic freedom	1.45		[128th of 156]
Economy > Overview Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. The government of Prime Minister SOMARE has expended much of its energy remaining in power. He was the first prime minister ever to serve a full five-year term. The government also brought stability to the national budget, largely through expenditure control; however, it relaxed spending constraints in 2006 and 2007 as elections approached. Numerous challenges still face the government including regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and balancing relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including a worsening HIV/AIDS epidemic and chronic law and order and land tenure issues. Australia will supply more than $300 million in aid in FY07/08, which accounts for nearly 20% of the national budget.
Exports	$4,686,000,000.00		[101st of 189]
GDP	$5,653,885,000.00		[119th of 203]
GDP > PPP	$14,425,000,000.00		[113rd of 163]
GDP > Real growth rate	6%		[79th of 198]
GDP growth > annual %	3.3 annual %		[115th of 187]
GINI index	50.9		[9th of 40]
Gross National Income	$3,026,100,000.00		[120th of 172]
Human Development Index	0.523		[138th of 178]
Income category	Low income
Income distribution > Poorest 10%	1.7%		[88th of 114]
Income distribution > Richest 10%	40.5%		[18th of 114]
Population below poverty line	37%		[17th of 46]
Public debt	40.1 % of GDP		[54th of 121]
Tourist arrivals	66,000		[126th of 152]

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