Gross Domestic Product for Papua New Guinea
MKTGDPPGA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,538,480,024.00
Year-over-Year Change
52.80%
Date Range
1/1/1960 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for Papua New Guinea measures the total value of all goods and services produced within the country. It is a key indicator of economic growth and development.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
GDP is the broadest measure of a country's economic activity and serves as an important tool for policymakers and analysts to assess the overall health and performance of an economy.
Methodology
The GDP data for Papua New Guinea is collected and calculated by the World Bank using national accounts information.
Historical Context
Tracking Papua New Guinea's GDP helps inform economic and policy decisions both domestically and internationally.
Key Facts
- Papua New Guinea is classified as a lower-middle income economy by the World Bank.
- The country's GDP per capita was $2,732 in 2021.
- Papua New Guinea's economy is heavily dependent on extractive industries like mining and energy.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Papua New Guinea measures the total value of all goods and services produced within the country over a given time period.
Q: Why is this trend relevant for users or analysts?
A: GDP is a key indicator of a country's economic performance and growth, making it highly relevant for policymakers, investors, and economists analyzing the state of Papua New Guinea's economy.
Q: How is this data collected or calculated?
A: The GDP data for Papua New Guinea is collected and calculated by the World Bank using national accounts information.
Q: How is this trend used in economic policy?
A: Tracking Papua New Guinea's GDP helps inform economic and policy decisions both domestically and internationally, as it provides insights into the overall health and direction of the country's economy.
Q: Are there update delays or limitations?
A: The GDP data for Papua New Guinea may be subject to periodic update delays due to the time required for data collection and reporting by the World Bank.
Related Trends
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Use of Financial Services: Key Indicators, Outstanding Deposits with Credit Unions and Financial Cooperatives for Papua New Guinea
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PNGFCBODCKNUM
Deposit Money Bank Assets to GDP for Papua New Guinea
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Citation
U.S. Federal Reserve, Gross Domestic Product for Papua New Guinea (MKTGDPPGA646NWDB), retrieved from FRED.