Saturday, August 21, 2010

Economy of Papua New Guinea

Agriculture in Papua New Guinea is divided into a large subsistence sector and a smaller monetary sector for export. Agriculture's importance has steadily declined since 1985, when it made up 34% of GDP-in 2001, agriculture only contributed about 30 % of GDP. About 85% of population engages in subsistence agriculture. Subsistence crops include yams, taro, and other staple vagetables. cash crops are increasing in rural areas stimulated by govt financed development programms. Production by small farmers of coffee, copra, cocoa, and oil palm is important,
the industrial sector, contributed by the small domestic marketand the population's low purchsing powers , is largely undeveloped. industries are concentrated in industrial metals , timber processing , machinary, tools, etc. Although industrial productuion, including construction and the provision of utilities, electricity, and water, has increased to about 40%of GDP.The manufacturing component has been decreasing as p c of GDP from 9.5 %  in 1980, to 9 % in growth .