Flag description:
divided diagonally from upper hoist-side corner; the upper triangle
is red with a soaring yellow bird of paradise centered; the lower
triangle is black with five, white, five-pointed stars of the
Southern Cross constellation centered
Economy Papua New Guinea
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
oil, copper, and gold, account for 72% of export earnings. The
economy has faltered over the past four years. Former Prime Minister
Mekere MORAUTA had tried to restore integrity to state institutions,
to stabilize the kina, restore stability to the national budget, to
privatize public enterprises where appropriate, and to ensure
ongoing peace on Bougainville. The government has had considerable
success in attracting international support, specifically gaining
the backing of the IMF and the World Bank in securing development
assistance loans. Challenges face Prime Minister Michael SOMARE,
including curbing inflation, gaining further investor confidence,
continuing efforts to privatize government assets, maintaining the
support of members of Parliament, and balancing relations with
Australia, the former colonial ruler.
GDP:
purchasing power parity - $11.48 billion (2003 est.)
GDP - real growth rate:
1.4% (2003 est.)
GDP - per capita:
purchasing power parity - $2,200 (2003 est.)
GDP - composition by sector: agriculture: 34% industry: 37.7% services: 28.3% (2003 est.)
Investment (gross fixed):
13.9% of GDP (2003)
Population below poverty line:
37% (2002 est.)
Household income or consumption by percentage share: lowest 10%: 1.7% highest 10%: 40.5% (1996)