Papua New Guinea Economy Infographic 2016: Resource Frontier
26 Sep 2016
An economic boom driven by a $19bn natural gas project was followed by a sharp slowdown as global energy prices fell, putting pressure on the government to spread more equitable development in this resource-rich country.
- Energy: Revving Up - Natural gas production soared following the launch of the ExxonMobil-led PNG LNG project, adding a vital new revenue stream despite low energy prices.
- Mining: Going Steady - Even as commodity prices have eased, production of metals has held mostly steady despite a drought that lowered river levels and limited access to some mines.
- Construction: Downs and Ups - While employment has shrunk since the PNG LNG project finished in 2014, a government push to revamp ports and roads, plus a clutch of residential and commercial developments, should sustain the industry while a planned second gas project moves ahead.
- Tourism: Richly Diverse - Rivalling the Amazon for biodiversity and home to one-sixth of the world’s languages, PNG has seen a steady rise in foreign tourist arrivals over the past decade.