Photo credit: Marc Dozier
According to the PNG National Statistics Office, Papua New Guinea's current price gross domestic product (GDP) for 2019 was K83.8 billion, up 5.6 per cent (K4.4 billion) over 2018. (NSO).
Jennifer Balen, head of the NSO accounting branch's combined accounts division, said that current price GDP, or nominal GDP, reflects changes in output, quantities, and prices.
According to Balen, the following industries contributed to the growth in 2019:
- 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.
According to Balen, GDP climbed by 4.5 per cent to K65.7 billion in constant prices, up from K65.7 billion in 2018.
Vanine Nouairi, the chief of the NSO's combined accounting branch's economic statistics section, claimed the country's constant price or real GDP climbed by 67% (K26.3 billion) from 2009 to 2019.
PNG's economy, according to acting national statistician John Igitoi, has been rising at a remarkable rate in recent years, particularly in the previous 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 recently released the 2019 GDP figures.
“The National Statistical Office has been producing this document every year,” Igitoi said.
“The national accounts basically track 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.”
Reference: The National (5 November 2021). “GDP increased by 5.6pc in ’19”.
