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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. A consortium led by a major American oil company plans to begin the commercialization of the country's estimated 227 billion cubic meters of natural gas reserves through the construction of a liquefied natural gas (LNG) production facility that could begin exporting in 2013 or 2014; the largest investment project in the country's history, it received a green light in December 2009 and has the potential to double GDP in the near-term and triple Papua New Guinea's export revenue. The government faces the challenge of ensuring transparency and accountability for revenues flowing from this and other large LNG projects. 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 has 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 providing physical security for foreign investors, 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 an HIV/AIDS epidemic, with the highest infection rate in all of East Asia and the Pacific, and chronic law and order and land tenure issues. The global financial crisis had little impact because of continued high demand for Papua New Guinea's commodities exports.
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$13.74 billion (2009 est.)
country comparison to the world: 137
$13.15 billion (2008 est.)
$12.32 billion (2007 est.)
note:
data are in 2009 US dollars
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$7.907 billion (2009 est.)
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4.5% (2009 est.)
country comparison to the world: 38
6.7% (2008 est.)
7.2% (2007 est.)
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$2,300 (2009 est.)
country comparison to the world: 180
$2,300 (2008 est.)
$2,200 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 33.5%
industry:
35%
services:
31.5% (2009 est.)
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3.723 million (2009 est.)
country comparison to the world: 90
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agriculture: 85%
industry:
NA%
services:
NA% (2005 est.)
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1.8% (2004)
country comparison to the world: 10
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37% (2002 est.)
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lowest 10%: 1.7%
highest 10%:
40.5% (1996)
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50.9 (1996)
country comparison to the world: 20
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16.1% of GDP (2009 est.)
country comparison to the world: 129
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revenues: $2.414 billion
expenditures:
$2.427 billion (2009 est.)
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30.2% of GDP (2009 est.)
country comparison to the world: 84
31.5% of GDP (2008 est.)
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6.9% (2009 est.)
country comparison to the world: 166
10.7% (2008 est.)
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7% (31 December 2008)
country comparison to the world: 55
7.38% (31 December 2007)
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9.27% (31 December 2008)
country comparison to the world: 93
9.78% (31 December 2007)
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$2.005 billion (31 December 2008)
country comparison to the world: 91
$1.685 billion (31 December 2007)
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$1.726 billion (31 December 2008)
country comparison to the world: 105
$1.482 billion (31 December 2007)
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$2.065 billion (31 December 2008)
country comparison to the world: 98
$1.486 billion (31 December 2007)
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$NA (31 December 2008)
$NA (31 December 2007)
$6.632 billion (31 December 2006)
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coffee, cocoa, copra, palm kernels, tea, sugar, rubber, sweet potatoes, fruit, vegetables, vanilla; shell fish; poultry, pork
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copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production, petroleum refining; construction, tourism
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5% (2009 est.)
country comparison to the world: 25
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2.885 billion kWh (2007 est.)
country comparison to the world: 125
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2.683 billion kWh (2007 est.)
country comparison to the world: 129
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0 kWh (2008 est.)
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0 kWh (2008 est.)
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35,090 bbl/day (2009 est.)
country comparison to the world: 68
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36,000 bbl/day (2009 est.)
country comparison to the world: 110
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32,490 bbl/day (2007 est.)
country comparison to the world: 85
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14,380 bbl/day (2007 est.)
country comparison to the world: 127
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88 million bbl (1 January 2009 est.)
country comparison to the world: 70
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100 million cu m (2008 est.)
country comparison to the world: 79
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100 million cu m (2008 est.)
country comparison to the world: 102
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0 cu m (2008 est.)
country comparison to the world: 145
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0 cu m (2008 est.)
country comparison to the world: 103
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226.5 billion cu m (1 January 2009 est.)
country comparison to the world: 44
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-$458.7 million (2009 est.)
country comparison to the world: 112
$768.1 million (2008 est.)
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$4.326 billion (2009 est.)
country comparison to the world: 107
$5.805 billion (2008 est.)
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oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
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Australia 30.05%, Japan 7.48% (2009)
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$2.817 billion (2009 est.)
country comparison to the world: 140
$3.14 billion (2008 est.)
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machinery and transport equipment, manufactured goods, food, fuels, chemicals
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Australia 43.27%, China 13.29%, Singapore 9.59%, US 6.4%, Japan 4.62% (2009)
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$2.607 billion (31 December 2009 est.)
country comparison to the world: 104
$1.987 billion (31 December 2008 est.)
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$2.32 billion (31 December 2009 est.)
country comparison to the world: 130
$2.511 billion (31 December 2008 est.)
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$NA
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$NA
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kina (PGK) per US dollar - 2.766 (2009), 2.6956 (2008), 3.03 (2007), 3.0643 (2006), 3.08 (2005)
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