Purchasing Power Parity (PPP) in Papua New Guinea 2024

The International Monetary Fund (IMF) recorded Papua New Guinea's Purchasing Power Parity (PPP) GDP in 2024 as 2.73 units. This figure represents an increase compared to 2023, which was recorded at 2.62 units. Historically, Papua New Guinea's PPP GDP data shows fluctuations, but a general upward trend in the long term.

Over the past three years (2022-2024), Papua New Guinea's PPP GDP experienced interesting dynamics. After reaching a peak of 2.84 units in 2022, a significant decrease to 2.62 units occurred in 2023, resulting from a 7.67% contraction. However, in 2024, recovery occurred with 4% growth, reaching 2.73 units.

The unit of measurement in the data presented in this article is the result of IMF calculations of the nominal GDP value in Papua New Guinea's national currency against the international dollar. In its publication, the IMF states that this calculation is used for the purpose of compiling a composite group of countries. The resulting data is not considered the primary source for presenting purchasing power parity (PPP) data.

Compared to the average of the previous three years (2019-2021), Papua New Guinea's PPP GDP in the 2022-2024 period shows moderate growth. The average PPP GDP in 2019-2021 was 2.53 units, while the average in 2022-2024 was 2.73 units.

Over the past five years, the highest growth in Papua New Guinea's PPP GDP occurred in 2018, reaching 7.34%. The deepest decline occurred in 2023 with a contraction of -7.67%. This anomaly is noteworthy, considering that over the past ten years, Papua New Guinea's economic growth has tended to be stable, despite minor fluctuations.

The International Monetary Fund (IMF) projects that Papua New Guinea's PPP GDP will continue to increase in the coming years. In 2025, projections show a figure of 2.8 units with 2.64% growth. Although growth is projected to slow in the following years, the overall trend remains positive.

Regionally, the International Monetary Fund (IMF) notes that Papua New Guinea ranks third in Oceania based on PPP GDP in 2024. This ranking is the same as in previous years. Compared to other countries in Oceania, Papua New Guinea's GDP remains below Australia (1,434) and Samoa (1,971).

Overall, Papua New Guinea's economy shows resilience with recovery following the 2023 contraction. The International Monetary Fund's (IMF) positive projections offer hope for sustainable economic growth in the future, although potential fluctuations should be monitored.