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Economy of Papua New Guinea vs Rwanda compared: GDP & Debt

Updated on by Georank team

Papua New Guinea has a GDP of $31.8B compared to $14.3B for Rwanda, ranking 110/197 and 144/197 by economy size, respectively.

Papua New Guinea has $16.6B in government debt (52.1% of GDP), compared to $9.58B (67.2% of GDP) in Rwanda.

Papua New Guinea vs Rwanda GDP by year

Papua New Guinea
Rwanda
1x
Year GDP, current $
Papua New Guinea Rwanda
2024 $31,800,428,266 $14,251,642,235
2023 $30,816,367,067 $14,331,722,703
2022 $31,653,185,953 $13,316,161,002
2021 $26,109,413,521 $11,078,787,090
2020 $23,848,447,850 $10,174,386,857
2019 $24,750,626,030 $10,349,300,277
2018 $24,109,780,708 $9,637,904,521
2017 $22,742,699,138 $9,252,833,891
2016 $20,758,876,953 $8,695,272,058
2015 $21,723,437,010 $8,543,760,200
2014 $23,210,823,987 $8,238,966,124
2013 $21,261,338,065 $7,819,964,030
2012 $21,295,168,666 $7,654,761,050
2011 $17,985,138,066 $6,884,913,658
2010 $14,250,786,675 $6,124,756,654
2009 $11,619,456,449 $5,674,476,969
2008 $11,670,892,801 $5,179,854,065
2007 $9,545,028,944 $4,070,507,895
2006 $8,354,911,041 $3,319,784,539
2005 $4,865,892,972 $2,933,819,766
2004 $3,927,157,867 $2,376,496,067
2003 $3,536,411,824 $2,138,237,279
2002 $2,999,511,040 $1,966,003,468
2001 $3,081,024,212 $1,966,600,715
2000 $3,521,339,699 $2,068,836,754
1999 $3,477,038,204 $2,157,108,263
1998 $3,789,443,015 $1,989,343,546
1997 $4,936,615,299 $1,851,558,197
1996 $5,155,311,077 $1,382,334,879
1995 $4,636,057,476 $1,293,535,193
1994 $5,502,786,070 $753,636,370
1993 $4,974,550,286 $1,971,525,712
1992 $4,377,980,510 $2,029,026,962
1991 $3,787,394,958 $1,911,600,237
1990 $3,219,729,083 $2,550,185,679
1989 $3,546,472,566 $2,405,022,593
1988 $3,656,177,881 $2,395,492,687
1987 $3,143,851,794 $2,157,432,668
1986 $2,647,995,602 $1,944,710,684
1985 $2,423,339,172 $1,715,626,331
1984 $2,552,662,617 $1,587,413,084
1983 $2,562,351,551 $1,479,687,587
1982 $2,368,719,683 $1,407,243,139
1981 $2,498,190,847 $1,407,062,527
1980 $2,545,808,456 $1,254,765,642
1979 $2,293,760,511 $1,109,346,131
1978 $1,947,878,831 $905,709,076
1977 $1,640,746,619 $746,650,613
1976 $1,511,843,235 $637,753,853
1975 $1,356,603,608 $571,863,500
1974 $1,467,417,672 $308,458,423
1973 $1,299,079,410 $290,746,157
1972 $858,761,926 $246,457,838
1971 $717,750,278 $222,952,504
1970 $645,568,215 $219,900,006
1969 $551,263,864 $188,700,037
1968 $485,184,190 $172,200,018
1967 $441,728,183 $159,560,018
1966 $390,992,063 $124,525,703
1965 $344,176,055 $148,799,980
1964 $305,312,049 $129,999,994
1963 $275,968,044 $128,000,000
1962 $261,184,042 $125,000,008
1961 $244,832,039 $122,000,016
1960 $230,496,037 $119,000,024

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

GDP per capita in Papua New Guinea vs Rwanda by year

Papua New Guinea
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Papua New Guinea Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,007 $4,875 $1,000 $3,711
2023 $2,966 $4,668 $1,027 $3,399
2022 $3,102 $4,420 $975 $3,099
2021 $2,608 $3,977 $830 $2,733
2020 $2,430 $3,900 $779 $2,285
2019 $2,576 $4,060 $810 $2,336
2018 $2,566 $3,910 $772 $2,125
2017 $2,478 $3,923 $758 $1,968
2016 $2,316 $3,813 $730 $1,866
2015 $2,485 $3,670 $734 $1,781
2014 $2,723 $3,500 $725 $1,678
2013 $2,561 $3,110 $705 $1,512
2012 $2,635 $3,026 $707 $1,455
2011 $2,288 $2,919 $651 $1,413
2010 $1,867 $2,912 $594 $1,314
2009 $1,569 $2,692 $564 $1,241
2008 $1,625 $2,583 $528 $1,191
2007 $1,371 $2,622 $426 $1,079
2006 $1,238 $2,444 $357 $1,002
2005 $744 $2,322 $324 $914
2004 $621 $2,187 $269.5 $832
2003 $577 $2,142 $249 $775
2002 $506 $2,125 $234 $760
2001 $538 $2,168 $237.3 $670
2000 $636 $2,196 $251.9 $609
1999 $650 $2,280 $264.7 $554
1998 $733 $2,285 $246.2 $528
1997 $990 $2,432 $238.7 $500
1996 $1,071 $2,578 $206 $499
1995 $998 $2,436 $228 $514
1994 $1,228 $2,558 $111 $311
1993 $1,151 $2,451 $247 $521
1992 $1,051 $2,100 $264.1 $575
1991 $942 $1,869 $254 $542
1990 $826 $1,703 $346 $549
1989 $934 - $335 -
1988 $985 - $344 -
1987 $865 - $320 -
1986 $745 - $297.7 -
1985 $697 - $271.6 -
1984 $750 - $259.9 -
1983 $769 - $250.6 -
1982 $726 - $246.4 -
1981 $781 - $254.6 -
1980 $813 - $234.4 -
1979 $748 - $213.8 -
1978 $648 - $179.9 -
1977 $558 - $152.7 -
1976 $525 - $134.4 -
1975 $482 - $124.1 -
1974 $533 - $68.9 -
1973 $483 - $66.9 -
1972 $327 - $58.4 -
1971 $279.7 - $54.4 -
1970 $257.6 - $55.2 -
1969 $225.3 - $48.9 -
1968 $202.9 - $46 -
1967 $189 - $44 -
1966 $171.1 - $35.4 -
1965 $153.9 - $43.5 -
1964 $139.5 - $39 -
1963 $128.9 - $39.3 -
1962 $124.7 - $39.2 -
1961 $119.7 - $39.3 -
1960 $115.5 - $39.4 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

Papua New Guinea's GDP per capita is $3,007, ranking 140/197, compared to $1,000 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Papua New Guinea ranks 159th at $4,875, while Rwanda ranks 168th at $3,711.

Economic indicators

Papua New Guinea Rwanda
Gross domestic product
$31.8B
2024
$14.3B
2024
GDP rank
110/197
2024
144/197
2024
GDP growth
3.8%
2023-2024
8.89%
2023-2024
GDP per capita
$3,007
2024
$1,000
2024
GDP per capita rank
140/197
2024
178/197
2024
GDP per capita, PPP
$4,875
2024
$3,711
2024
GDP per capita PPP rank
159/197
2024
168/197
2024
Government debt
$16.6B
2024
$9.58B
2024
Debt-to-GDP ratio
52.1%
2024
67.2%
2024
Government debt per person
$1,566
2024
$672
2024
Government debt per person rank
129/185
2024
157/185
2024
Average annual personal income after taxes
$2,362
2026
$2,194
2026
Market capitalization of domestic companies
$1.68B
2017
$2.75B
2024
Income share by richest 10%
31%
2009
33.4%
2023
Income share by poorest 10%
1.9%
2009
3.1%
2023
Government expenditure, % of GDP
20.4%
2024
28.8%
2024
Consumer prices inflation
0.6%
2023-2024
1.77%
2023-2024
Central bank interest rate
5%
2025
6.75%
2025
Unemployment rate
2.69%
2022
11.3%
2024
Population
11002753
14975051

Spending and national debt comparison by year

Papua New Guinea
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Papua New Guinea Rwanda
Government spending Government debt Government spending Government debt
2024 20.4% 52.1% 28.8% 67.2%
2023 22.3% 53.9% 27% 63.4%
2022 21.9% 48.2% 29.7% 60.9%
2021 22% 52.6% 31.6% 67.3%
2020 23.5% 48.7% 33.5% 68.7%
2019 21.3% 38.2% 28.2% 53.6%
2018 20.3% 36.7% 26.4% 49.2%
2017 18.4% 32.5% 25.1% 45.6%
2016 20.9% 33.7% 25.1% 41.1%
2015 22.8% 29.9% 26.6% 33.1%
2014 27.1% 26.9% 27.5% 29.1%
2013 27.6% 24.9% 26.2% 26.7%
2012 22.4% 19.1% 24.6% 19.1%
2011 19.7% 16.3% 24.7% 18.7%
2010 18.4% 17.3% 23.8% 18.8%
2009 24.7% 21.7% 22.3% 18.5%
2008 19.8% 21.6% 22.5% 18.3%
2007 18% 22.2% 22.4% 22.1%
2006 19.4% 26% 20.6% 22.5%
2005 20.6% 31.6% 19.9% 58.9%
2004 19.4% 37.2% 17.9% 80.9%
2003 18.7% 40.4% 18.5% 79.5%
2002 20.8% 48.4% 20.5% 92%
2001 21.6% 47.7% 19.1% 84%
2000 20.5% 42.3% 18.2% 86%
1999 21.4% 41.8% 22.4% 78.4%
1998 20% 45.7% 16.4% 70.1%
1997 20.6% 43.9% 17% 72.2%
1996 17.6% 37.8% 19.5% 83.4%
1995 17.1% 36.6% 18% 100.8%
1994 19.3% 40.1% 13.3% -
1993 23.5% 30% 20.3% -
1992 22.8% 30.4% 21.5% -
1991 22.4% - - -
1990 24.5% - - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

In 2024, Papua New Guinea's government spending was $6.48B, accounting for 20.4% of its GDP, while Rwanda spent $4.1B, or 28.8% of GDP.

Debt-to-GDP ratio is 52.1% in Papua New Guinea and 67.2% in Rwanda, ranking 100/185 and 65/185, respectively.

Government deficit by year

Deficit/surplus
Papua New Guinea

Rwanda
1x
Year Deficit/surplus, % of GDP
Papua New Guinea Rwanda
2024 -3.23% -6.57%
2023 -4.34% -5.04%
2022 -5.25% -5.74%
2021 -6.84% -7%
2020 -8.85% -9.54%
2019 -4.98% -5.08%
2018 -2.58% -2.57%
2017 -2.47% -2.52%
2016 -4.75% -2.27%
2015 -4.55% -2.68%
2014 -6.27% -3.92%
2013 -6.87% -1.27%
2012 -1.19% -2.38%
2011 2.22% -0.86%
2010 3.06% -0.64%
2009 -5.48% 0.26%
2008 2.73% 0.83%
2007 6.9% -1.56%
2006 5.34% -0.03%
2005 2.85% 1.12%
2004 2.03% 2.27%
2003 0.19% -1.23%
2002 -1.75% -2.03%
2001 -1.33% -1.8%
2000 0.3% -0.22%
1999 -1.94% -4.41%
1998 -0.16% -2.59%
1997 0.67% -2.22%
1996 2.05% -5.01%
1995 1.08% -2.04%
1994 -1.01% -9.54%
1993 -4.9% -6.6%
1992 -4.33% -7.21%
1991 -0.62% -
1990 -2.04% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

In 2024, Papua New Guinea's government deficit, the difference between spending and revenue, was $1.03B, equivalent to 3.23% of GDP. This compares to Rwanda's deficit of $936M, or 6.57% of GDP.

Over the past 33 years, Papua New Guinea recorded a fiscal deficit in 21 of those years, while Rwanda ran a deficit in 29 years. On average, Papua New Guinea posted an annual deficit equal to 1.63% of GDP, compared to deficit of 3.03% of GDP for Rwanda.

Inflation comparison by year

Inflation
Papua New Guinea

Rwanda
1x
Year Consumer prices inflation
Papua New Guinea Rwanda
2024 0.6% 1.77%
2023 2.3% 19.8%
2022 5.25% 17.7%
2021 4.48% -0.39%
2020 4.87% 9.85%
2019 3.93% 3.35%
2018 4.37% -0.31%
2017 5.42% 8.28%
2016 6.67% 7.17%
2015 6% 2.53%
2014 5.22% 2.35%
2013 4.96% 5.92%
2012 4.54% 10.3%
2011 4.44% 3.08%
2010 6.01% -0.25%
2009 6.92% 12.9%
2008 10.8% 15.4%
2007 0.91% 9.08%
2006 2.37% 8.88%
2005 1.78% 9.01%
2004 2.16% 12.3%
2003 14.7% 7.45%
2002 11.8% 1.99%
2001 9.3% 3.34%
2000 15.6% 3.9%
1999 14.9% -2.41%
1998 13.6% 6.21%
1997 3.96% 12%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

Over the past 28 years, Papua New Guinea has recorded an average annual inflation rate of 6.35%, compared with 6.83% in Rwanda. In 2024, inflation was 0.6% in Papua New Guinea and 1.77% in Rwanda.

Balance of trade

Papua New Guinea Rwanda
Current account balance
$4.77B
2024
-$1.81B
2024
Current account balance ranking
33/190
2024
140/190
2024
Current account balance, % of GDP
+15%
2024
-12.7%
2024
Goods imports
$4.69B
2024
$5.55B
2024
Goods exports
$13.4B
2024
$3.2B
2024
Service imports
$2.4B
2024
$991M
2024
Service exports
$75.2M
2024
$1.08B
2024
Imports of goods and services, % of GDP
58.9%
2004
39.1%
2024
Exports of goods and services, % of GDP
72.2%
2004
30.8%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Papua New Guinea Rwanda
Economic freedom 54.3 56.5
Economic freedom ranking 134/197 121/197
Property rights 45 60.3
Government integrity 30.8 53.9
Judicial effectiveness 41.1 27.5
Tax burden 70.9 80.6
Government spending 86.1 75.7
Fiscal health 65.3 37.5
Business freedom 34.2 60.1
Labor freedom 65.1 49.1
Monetary freedom 77.4 72.3
Trade freedom 80.2 61.8
Investment freedom 25 60
Financial freedom 30 40

Economic freedom comparison by year

Papua New Guinea
Rwanda
1x
Year Economic freedom index
Papua New Guinea Rwanda
2026 54.3 56.5
2025 52.5 54.8
2024 49.4 51.6
2023 51.7 52.2
2022 54.6 57.1
2021 58.9 68.3
2020 58.4 70.9
2019 58.4 71.1
2018 55.7 69.1
2017 50.9 67.6
2016 53.2 63.1
2015 53.1 64.8
2014 53.9 64.7
2013 53.6 64.1
2012 53.8 64.9
2011 52.6 62.7
2010 53.5 59.1
2009 54.8 54.2
2008 - 54.2
2007 - 52.4
2006 - 52.8
2005 - 51.7
2004 - 53.3
2003 - 47.8
2002 - 50.4
2001 57.2 45.4
2000 55.8 42.3
1999 56.3 39.8
1998 55.2 39.1
1997 56.7 38.3
1996 58.6 -

Data sources: The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

The Economic Freedom Index for Papua New Guinea is 54.3, ranking 134/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Papua New Guinea Rwanda
Services, % of GDP
41.5%
2024
47.6%
2024
Industry, % of GDP
37.2%
2024
21%
2024
Agriculture, forestry, and fishing, % of GDP
17.2%
2024
24.6%
2024
GNI, Atlas method
$30.7B
2024
$14.8B
2024
GNI per capita, PPP
$4,580
2024
$3,620
2024
Total reserves including gold
$3.9B
2023
$2.41B
2024
Total reserves ranking
107/177
2023
123/177
2024
Net foreign direct investment
$968M
2024
-$560M
2024
Net inflows of foreign direct investment
-$198M
2024
$573M
2024
Net outflows of foreign direct investment
$770M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
19.7%
2024
3.09%
2024
Poverty at national poverty lines
39.9%
2009
27.4%
2023
Gross capital formation, % of GDP
20%
2004
25.9%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/papua-new-guinea/rwanda | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1996–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.