ampered by the rugged terrain and the high
cost of developing an infrastructure. Agriculture provides a
subsistence livelihood for 85% of the population. Mining of numerous
deposits, including copper and gold, accounts for about 60% of export
earnings. Budgetary support from Australia and development aid under
World Bank auspices have helped sustain the economy. Robust growth in
1991-92 was led by the mining sector; the opening of a large new gold
mine helped the advance. At the start of 1995, Port Moresby is looking
primarily to the exploitation of mineral and petroleum resources to
drive economic development but new prospecting in Papua New Guinea has
slumped as other mineral-rich countries have stepped up their
competition for international investment. Output from current projects
will probably begin to taper off in 1996, but no new large ventures
are being developed to succeed them.

National product: GDP - purchasing power parity - $9.2 billion (1994
est.)

National product real growth rate: 6.1% (1994 est.)

National product per capita: $2,200 (1994 est.)

Inflation rate (consumer prices): 1.6% (1994)

Unemployment rate: NA%

Budget:
revenues: $1.33 billion
expenditures: $1.36 billion, including capital expenditures of $NA
(1995 est.)

Exports: $2.4 billion (f.o.b., 1993 est.)
commodities: gold, copper ore, oil, logs, palm oil, coffee, cocoa,
lobster
partners: Australia, Japan, US, Singapore, New Zealand

Imports: $1.2 billion (c.i.f., 1993 est.)
commodities: machinery and transport equipment, manufactured goods,
food, fuels, chemicals
partners: Australia, Japan, UK, New Zealand, Netherlands

External debt: $3.2 billion (1992)

Industrial production: accounts for 32% of GDP

Electricity:
capacity: 490,000 kW
production: 1.8 billion kWh
consumption per capita: 390 kWh (1993)

Industries: copra crushing, palm oil processing, plywood production,
wood chip production, mining of gold, silver, and copper,
construction, tourism

Agriculture: Accounts for 25% of GDP; livelihood for 85% of
population; fertile soils and favorable climate permits cultivating a
wide variety of crops; cash crops - coffee, cocoa, coconuts, palm
kernels; other products - tea, rubber, sweet potatoes, fruit,
vegetables, poultry, pork; net importer of food for urban centers

Economic aid:
recipient: US commitments, including Ex-Im (FY70-89), $40.6 million;
Western (non-US) cou