Papua New Guinea GDP: $68 billion

World Economics estimates Papua New Guinea's 2024 GDP at $68 billion in PPP terms (Purchasing Power Parity) and an initial estimate of $70 billion for 2025. This figure is 50% higher than the official estimate published by the World Bank.

World Economics' methodology incorporates crucial factors often overlooked in official estimates, such as:

• The size of the informal economy: It is estimated that 35% of Papua New Guinea's economic activity occurs outside the formal sector.
• Outdated GDP base year data: Many countries use outdated base years for their GDP calculations, leading to an underestimation of economic growth. Papua New Guinea uses a 10 year old GDP base year.

By adjusting for these factors where required, World Economics provides a more accurate picture of Papua New Guinea's true economic size and potential.

For reference, offical data reported Papua New Guinea's GDP as $31 billion in 2015 constant prices and $31 billion in current prices for 2023.

Data source: World Economics Research, London