AEIR 2019/2020

The large February 2018 earthquake undermined economic growth, which is estimated at 0.2%. The impact was mitigated somewhat by higher commodity prices, activity associated with the November 2018 APEC summit in Port Moresby, and earthquake reconstruction. Growth is projected to rebound to 3.7% in 2019 and 3.1% in 2020 full year production of gold, LNG, oil, and condensate returns. LNG production is forecast to expand by 9%-16% in 2019. Condensate and oil production are similarly expected to rebound in 2019, though oil production is declining and condensate is forecast to start falling by 2020. Gold output should expand in 2019 as the Porgera mine enjoys uninterrupted operations.

Source: Asian Development Outlook 2019, ADB.
Latest Month-Ago Year-Ago
Headline Inflation Rate 1 3.9 (Jun19)4.6 0.0
Merchandise Export Growth 1 -24.6 (Nov19)-24.6 -31.0
Exchange Rate Index 2 90.3 (Feb20)90.3 91.6
1 y-o-y, %.
2 Monthly average, January 2006 = 100, $/local currency.
Source: CEIC database.

Initiatives / FTAs