GDP increased by 5.6pc in ’19

The National Business

PAPUA New Guinea’s current price gross domestic product (GDP) for 2019 stood at K83.8 billion, up 5.6 per cent (K4.4 billion) from 2018, according to the PNG National Statistics Office (NSO).
Head of the combined accounts section NSO accounts branch, Jennifer Balen, said the current price GDP or nominal GDP was a reflection of changes in production, quantities and prices.
Balen said the industries who contributed to the increase in 2019 were:

  • MINING and quarrying;
  • AGRICULTURE, forestry, fisheries;
  • ADMINISTRATION and support services; and,
  • WHOLESALE and retail.

“These four industries alone are responsible for about K3.3 billion of the total increase,” Balen said.
Balen said constant price GDP also increased to K65.7 billion, up 4.5 per cent from 2018.
NSO’s head of combined accounts branch economic statistics division Vanine Nouairi said constant price or real GDP for the country had increased by 67 per cent (K26.3 billion) from 2009 to 2019.
Acting national statistician John Igitoi said PNG’s economy had been growing at a significant rate over the years especially the last decade.
“In 2018, the economic value of the country was at that time was K62.9 billion.
“In 2019, you have K65.7 billion in constant price.
“So there is a significant growth,” Igitoi said.
NSO released the 2019 GDP figures yesterday.
“The National Statistical Office has been producing this document every year,” Igitoi said.
“The national accounts basically tracks the development progress of Papua New Guinea and how much each sector has contributed over the years.
“Each sector has significant contributions and over the years there are a lot of changes among different sectors.”