GDP (annual) in Papua New Guinea

Gross Domestic Product (GDP) measures the value of all final goods and services produced in Papua New Guinea over a year. It is published by the National Statistical Office and is the broadest gauge of the size and pace of growth of the economy.

GDP is compiled from the expenditure, production (sector value added plus net taxes) and income sides, which should reconcile. It is expressed in kina at current and constant prices, with the real year-on-year change measuring growth.

It is the main reference for the country's cycle, dominated by commodities such as gas, gold and copper. Strong growth supports export earnings and the public accounts, whereas a weak reading pressures the kina and the central bank's reserves.

It is released with a considerable lag and less frequently than in advanced economies, and estimates are revised substantially. Heavy reliance on extractive resources and a large subsistence economy limit how representative the figure is.