PNG recorded 3% GDP growth

The National Statistical Office released the 2023 Gross Domestic Product report providing a compressive overview the country’s economic activities.

National Statistician John Igitoi said Current Price GDP for PNG in 2022 was K111.4 billion and last year increased to K110.6 billion.

Mr. Igitoi said the figures showed that Current Price GDP decreased by negative 0.7% or K0.8 billion from 2022, “was due to price falls in the oil and gas sector by negative 20%.”

He also explained that Constant Price GDP in 2022 was K66.9 billion and 2023 it increased to K69 billion.

This showed that the Constant Price GDP grew by K2 billion or 3% from 2023 reflecting the increased in production volume, excluding price changes.

Minister for Administrative Services Richard Masere said the Current Price GDP measure the value of goods and services priced at current prices usually impacted by changing production quantities and changing prices.

He added that Constant Price GDP shows the change in the quantity of Goods and services produced in PNG mostly impacted by changing production quantities.

"These figures calculate by NSO reflects size and health of the economy and serve as the crucial indicator of well-being for every citizens of PNG as shown by the GDP Per capita,” Mr. Masere said.

Meanwhile the growth of 3% was mostly driven by the mining industry and oil and gas sector [49%] while other sectors still increased at the slower phase.