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| Capital city: |
Port Moresby |
| Surface area: |
463,000 sq km |
| Population: |
6.2 million |
| Official language(s): |
Pidgin, English |
| Head of State: |
H.M. Queen Elizabeth II, represented by Governor-General, Sir Paulias Matane |
| Head of Government: |
Prime Minister The Rt Hon Grand Chief Sir Michael Somare |
| Australian exports to Papua New Guinea: |
A$1,556 million |
| Australian imports from Papua New Guinea: |
A$2,924 million |
| Papua New Guinea's principal export destinations: |
Australia, Japan, China |
| Papua New Guinea's principal import sources: |
Australia, Singapore, China | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Economic climate
PNG has enjoyed steady economic growth in the past three years on the back of strong commodity prices.
There is strong growth in the building and construction sector, particularly evident in Port Moresby and Lae.
The gas sector remains upbeat with two proposed LNG projects on the drawing board. The US$12 million Exxon Mobil - Oil Search project being further advanced, with a decision to progress to development is expected at end 2009.
Both traditional and cash economies exist in Papua New Guinea (PNG). The traditional sector is mainly subsistence and semi-subsistence farming and supports about 85 per cent of the population. Most villages are self-sufficient and small surpluses of produce are traded.
Key economic indicators and statistics for 2008:
- GDP – US$8.1 billion
- GPD per capita – US$1,306
- Real GDP growth – 7 per cent
- Inflation – 10.7 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Political climate
PNG gained independence from Australia on 16 September 1975. PNG has a parliamentary democracy with the Queen as its head of state. A governor-general represents the Queen. The head of the government is an elected prime minister whose appointment is confirmed by the governor-general.
The National Parliament consists of 109 members. There is a system of provincial, city and local governments. The National Executive Council (NEC) or Cabinet comprises the prime minister and usually about 27 ministers. |
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Trade relations and statistics
Papua New Guinea (PNG) is a member of the Melanesian Spearhead Group, a regional grouping of Pacific Island nations, which provides preferential tariff treatment and access for products produced by member countries. PNG is also a member of the Commonwealth.
Major Australian exports to Papua New Guinea (2007-08):
- Crude petroleum – A$312 million
- Civil engineering equipment – A$51 million
- Specialised machinery and parts – A$51 million
- Meat (excluding beef) – A$40 million
Major Australian imports from Papua New Guinea (2007–08):
- Gold – A$1634 million
- Crude petroleum – A$1,184 million
- Coffee and substitutes – A$31 million
- Refined petroleum – A$25 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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