The IMF Country Reports Series covers economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with officials of the country, is published at the option of the member.
This 2004 Article IV Consultation highlights that Papua New Guinea's macroeconomic performance has improved from mid-2003, helped importantly by the favorable temporary factors that boosted the mineral and agricultural sectors. In 2003, real GDP is estimated to have grown by 2.7 percent, following three years of decline. Coffee and cocoa production benefited from better weather conditions, and production of palm oil, rubber, tea, and copra oil also increased. Papua New Guinea's medium-term economic outlook as outlined in the government's development strategy is to achieve real GDP growth of 21/2 percent annually in 2004-09.