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Economy of Papua New Guinea vs Sri Lanka compared: GDP & Debt

Updated on by Georank team

Papua New Guinea has a GDP of $31.8B compared to $99B for Sri Lanka, ranking 110/197 and 72/197 by economy size, respectively.

Papua New Guinea has $16.6B in government debt (52.1% of GDP), compared to $99.8B (100.8% of GDP) in Sri Lanka.

Papua New Guinea vs Sri Lanka GDP by year

Papua New Guinea
Sri Lanka
1x
Year GDP, current $
Papua New Guinea Sri Lanka
2024 $31,800,428,266 $98,963,185,510
2023 $30,816,367,067 $83,716,142,582
2022 $31,653,185,953 $74,143,020,263
2021 $26,109,413,521 $88,556,698,938
2020 $23,848,447,850 $84,335,574,582
2019 $24,750,626,030 $88,998,706,297
2018 $24,109,780,708 $94,450,015,983
2017 $22,742,699,138 $94,369,350,286
2016 $20,758,876,953 $88,000,211,172
2015 $21,723,437,010 $85,090,301,052
2014 $23,210,823,987 $82,531,125,191
2013 $21,261,338,065 $76,976,203,829
2012 $21,295,168,666 $70,447,217,164
2011 $17,985,138,066 $67,753,285,897
2010 $14,250,786,675 $58,636,049,434
2009 $11,619,456,449 $42,066,224,093
2008 $11,670,892,801 $40,713,826,215
2007 $9,545,028,944 $32,350,238,760
2006 $8,354,911,041 $28,267,410,543
2005 $4,865,892,972 $24,405,791,045
2004 $3,927,157,867 $20,662,525,941
2003 $3,536,411,824 $18,881,765,437
2002 $2,999,511,040 $16,536,535,647
2001 $3,081,024,212 $15,749,753,805
2000 $3,521,339,699 $16,595,882,819
1999 $3,477,038,204 $15,711,933,513
1998 $3,789,443,015 $15,760,736,956
1997 $4,936,615,299 $15,091,913,884
1996 $5,155,311,077 $13,897,738,375
1995 $4,636,057,476 $13,029,697,561
1994 $5,502,786,070 $11,717,604,209
1993 $4,974,550,286 $10,338,679,636
1992 $4,377,980,510 $9,703,011,636
1991 $3,787,394,958 $9,000,362,582
1990 $3,219,729,083 $8,032,551,173
1989 $3,546,472,566 $6,987,267,684
1988 $3,656,177,881 $6,978,371,581
1987 $3,143,851,794 $6,682,167,120
1986 $2,647,995,602 $6,405,210,564
1985 $2,423,339,172 $5,978,460,972
1984 $2,552,662,617 $6,043,474,843
1983 $2,562,351,551 $5,167,913,302
1982 $2,368,719,683 $4,768,765,017
1981 $2,498,190,847 $4,415,844,156
1980 $2,545,808,456 $4,024,621,900
1979 $2,293,760,511 $3,364,611,432
1978 $1,947,878,831 $2,733,183,857
1977 $1,640,746,619 $4,104,509,583
1976 $1,511,843,235 $3,591,319,857
1975 $1,356,603,608 $3,791,298,146
1974 $1,467,417,672 $3,574,586,466
1973 $1,299,079,410 $2,875,625,000
1972 $858,761,926 $2,553,936,348
1971 $717,750,278 $2,369,308,600
1970 $645,568,215 $2,296,470,588
1969 $551,263,864 $1,965,546,218
1968 $485,184,190 $1,801,344,538
1967 $441,728,183 $1,859,465,021
1966 $390,992,063 $1,751,470,588
1965 $344,176,055 $1,698,319,328
1964 $305,312,049 $1,309,747,899
1963 $275,968,044 $1,240,672,269
1962 $261,184,042 $1,434,156,379
1961 $244,832,039 $1,444,327,731
1960 $230,496,037 $1,409,873,950

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

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

GDP per capita in Papua New Guinea vs Sri Lanka by year

Papua New Guinea
GDP per capita

GDP per capita, PPP
Sri Lanka
GDP per capita

GDP per capita, PPP
1x
Year Current $
Papua New Guinea Sri Lanka
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,007 $4,875 $4,516 $15,633
2023 $2,966 $4,668 $3,799 $14,456
2022 $3,102 $4,420 $3,343 $14,194
2021 $2,608 $3,977 $3,997 $14,316
2020 $2,430 $3,900 $3,848 $12,941
2019 $2,576 $4,060 $4,082 $14,113
2018 $2,566 $3,910 $4,359 $14,178
2017 $2,478 $3,923 $4,399 $13,610
2016 $2,316 $3,813 $4,149 $13,079
2015 $2,485 $3,670 $4,058 $12,227
2014 $2,723 $3,500 $3,972 $11,721
2013 $2,561 $3,110 $3,739 $11,253
2012 $2,635 $3,026 $3,328 $10,249
2011 $2,288 $2,919 $3,225 $9,076
2010 $1,867 $2,912 $2,808 $8,234
2009 $1,569 $2,692 $2,027 $7,576
2008 $1,625 $2,583 $1,974 $7,317
2007 $1,371 $2,622 $1,579 $6,820
2006 $1,238 $2,444 $1,389 $6,261
2005 $744 $2,322 $1,207 $5,679
2004 $621 $2,187 $1,029 $5,216
2003 $577 $2,142 $946 $4,850
2002 $506 $2,125 $835 $4,522
2001 $538 $2,168 $804 $4,328
2000 $636 $2,196 $860 $4,368
1999 $650 $2,280 $829 $4,103
1998 $733 $2,285 $848 $3,952
1997 $990 $2,432 $827 $3,804
1996 $1,071 $2,578 $776 $3,582
1995 $998 $2,436 $742 $3,454
1994 $1,228 $2,558 $678 $3,260
1993 $1,151 $2,451 $607 $3,067
1992 $1,051 $2,100 $580 $2,851
1991 $942 $1,869 $546 $2,713
1990 $826 $1,703 $491 $2,527
1989 $934 - $430 -
1988 $985 - $434 -
1987 $865 - $420 -
1986 $745 - $407 -
1985 $697 - $385 -
1984 $750 - $391 -
1983 $769 - $336 -
1982 $726 - $312 -
1981 $781 - $292.5 -
1980 $813 - $271.1 -
1979 $748 - $230.8 -
1978 $648 - $191 -
1977 $558 - $292.1 -
1976 $525 - $260.3 -
1975 $482 - $279.8 -
1974 $533 - $268.7 -
1973 $483 - $220.2 -
1972 $327 - $199.4 -
1971 $279.7 - $188.8 -
1970 $257.6 - $186.9 -
1969 $225.3 - $163.6 -
1968 $202.9 - $153.5 -
1967 $189 - $162.3 -
1966 $171.1 - $156.6 -
1965 $153.9 - $155.6 -
1964 $139.5 - $122.9 -
1963 $128.9 - $119.4 -
1962 $124.7 - $141.4 -
1961 $119.7 - $145.9 -
1960 $115.5 - $145.9 -

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

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

Papua New Guinea's GDP per capita is $3,007, ranking 140/197, compared to $4,516 in Sri Lanka, ranking 124/197. Adjusted for purchasing power (GDP per capita PPP), Papua New Guinea ranks 159th at $4,875, while Sri Lanka ranks 111th at $15,633.

Economic indicators

Papua New Guinea Sri Lanka
Gross domestic product
$31.8B
2024
$99B
2024
GDP rank
110/197
2024
72/197
2024
GDP growth
3.8%
2023-2024
5.01%
2023-2024
GDP per capita
$3,007
2024
$4,516
2024
GDP per capita rank
140/197
2024
124/197
2024
GDP per capita, PPP
$4,875
2024
$15,633
2024
GDP per capita PPP rank
159/197
2024
111/197
2024
Government debt
$16.6B
2024
$99.8B
2024
Debt-to-GDP ratio
52.1%
2024
100.8%
2024
Government debt per person
$1,566
2024
$4,554
2024
Government debt per person rank
129/185
2024
85/185
2024
Average annual personal income after taxes
$2,362
2026
$2,874
2026
Market capitalization of domestic companies
$1.68B
2017
$19.5B
2024
Income share by richest 10%
31%
2009
30.8%
2019
Income share by poorest 10%
1.9%
2009
3.1%
2019
Government expenditure, % of GDP
20.4%
2024
19.3%
2024
Consumer prices inflation
0.6%
2023-2024
-0.43%
2023-2024
Central bank interest rate
5%
2025
7.75%
2025
Unemployment rate
2.69%
2022
4.67%
2023
Population
11002753
22185425

Spending and national debt comparison by year

Papua New Guinea
Spending

Debt
Sri Lanka
Spending

Debt
1x
Year % of GDP
Papua New Guinea Sri Lanka
Government spending Government debt Government spending Government debt
2024 20.4% 52.1% 19.3% 100.8%
2023 22.3% 53.9% 19.5% 110.4%
2022 21.9% 48.2% 18.6% 115.9%
2021 22% 52.6% 20% 102.7%
2020 23.5% 48.7% 22.1% 96.9%
2019 21.3% 38.2% 19.5% 82.6%
2018 20.3% 36.7% 17.5% 83.6%
2017 18.4% 32.5% 17.9% 72.3%
2016 20.9% 33.7% 18.2% 75%
2015 22.8% 29.9% 19.3% 76.3%
2014 27.1% 26.9% 17.2% 69.6%
2013 27.6% 24.9% 16.6% 69.5%
2012 22.4% 19.1% 17.3% 67.5%
2011 19.7% 16.3% 19.1% 69.4%
2010 18.4% 17.3% 19.3% 68.7%
2009 24.7% 21.7% 21% 72.8%
2008 19.8% 21.6% 19.1% 68.8%
2007 18% 22.2% 19.9% 71.8%
2006 19.4% 26% 20.5% 74.3%
2005 20.6% 31.6% 20.1% 76.6%
2004 19.4% 37.2% 19.3% 86.5%
2003 18.7% 40.4% 19.3% 86.5%
2002 20.8% 48.4% 20.8% 96.3%
2001 21.6% 47.7% 22.4% 84.4%
2000 20.5% 42.3% 21.7% 79.2%
1999 21.4% 41.8% 20.5% 77.7%
1998 20% 45.7% 21.4% 74.2%
1997 20.6% 43.9% 21.4% 70.1%
1996 17.6% 37.8% 23.1% 76.2%
1995 17.1% 36.6% 24.8% 77.8%
1994 19.3% 40.1% 24.1% 77.9%
1993 23.5% 30% 23.2% 79.2%
1992 22.8% 30.4% 23% 77.9%
1991 22.4% - 26.4% 80.5%
1990 24.5% - 25.4% 78.9%

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/sri-lanka | CC BY

In 2024, Papua New Guinea's government spending was $6.48B, accounting for 20.4% of its GDP, while Sri Lanka spent $19.1B, or 19.3% of GDP.

Debt-to-GDP ratio is 52.1% in Papua New Guinea and 100.8% in Sri Lanka, ranking 100/185 and 23/185, respectively.

Government deficit by year

Deficit/surplus
Papua New Guinea

Sri Lanka
1x
Year Deficit/surplus, % of GDP
Papua New Guinea Sri Lanka
2024 -3.23% -5.64%
2023 -4.34% -8.32%
2022 -5.25% -10.2%
2021 -6.84% -11.7%
2020 -8.85% -13.4%
2019 -4.98% -7.52%
2018 -2.58% -4.96%
2017 -2.47% -5.1%
2016 -4.75% -5%
2015 -4.55% -6.64%
2014 -6.27% -5.99%
2013 -6.87% -5%
2012 -1.19% -5.44%
2011 2.22% -6.01%
2010 3.06% -6.73%
2009 -5.48% -8.33%
2008 2.73% -5.93%
2007 6.9% -5.81%
2006 5.34% -5.91%
2005 2.85% -5.93%
2004 2.03% -6.32%
2003 0.19% -6.15%
2002 -1.75% -6.9%
2001 -1.33% -8.48%
2000 0.3% -7.78%
1999 -1.94% -5.58%
1998 -0.16% -6.79%
1997 0.67% -5.71%
1996 2.05% -6.89%
1995 1.08% -7.11%
1994 -1.01% -7.41%
1993 -4.9% -5.77%
1992 -4.33% -4.95%
1991 -0.62% -7.97%
1990 -2.04% -6.39%

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

GeoRank.org/economy/papua-new-guinea/sri-lanka | 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 Sri Lanka's deficit of $5.58B, or 5.64% of GDP.

Over the past 35 years, Papua New Guinea recorded a fiscal deficit in 23 of those years, while Sri Lanka ran a deficit in 35 years. On average, Papua New Guinea posted an annual deficit equal to 1.61% of GDP, compared to deficit of 6.85% of GDP for Sri Lanka.

Inflation comparison by year

Inflation
Papua New Guinea

Sri Lanka
1x
Year Consumer prices inflation
Papua New Guinea Sri Lanka
2024 0.6% -0.43%
2023 2.3% 16.5%
2022 5.25% 49.7%
2021 4.48% 7.01%
2020 4.87% 6.15%
2019 3.93% 3.53%
2018 4.37% 2.14%
2017 5.42% 7.7%
2016 6.67% 3.96%
2015 6% 3.77%
2014 5.22% 3.18%
2013 4.96% 6.91%
2012 4.54% 7.54%
2011 4.44% 6.72%
2010 6.01% 6.22%
2009 6.92% 3.46%
2008 10.8% 22.6%
2007 0.91% 15.8%
2006 2.37% 10%
2005 1.78% 11.6%
2004 2.16% 7.58%
2003 14.7% 6.31%
2002 11.8% 9.55%
2001 9.3% 14.2%
2000 15.6% 6.18%
1999 14.9% 4.69%
1998 13.6% 9.36%
1997 3.96% 9.57%

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

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

Over the past 28 years, Papua New Guinea has recorded an average annual inflation rate of 6.35%, compared with 9.34% in Sri Lanka. In 2024, inflation was 0.6% in Papua New Guinea and -0.43% in Sri Lanka.

Top exports between countries

Papua New Guinea
Export category Export value
Processed food, beverages & tobacco $4.2M
Wood & paper products $71K
Machinery & equipment $1K
Miscellaneous $1K
Sri Lanka
Export category Export value
Processed food, beverages & tobacco $1.89M
Textiles & consumer goods $1.09M
Raw agricultural goods $213K
Machinery & equipment $186K
Wood & paper products $113K
Raw materials & minerals $73K
Metals $36K
Chemicals & pharma $25K
Miscellaneous $15K

Balance of trade

Papua New Guinea Sri Lanka
Current account balance
$4.77B
2024
$1.21B
2024
Current account balance ranking
33/190
2024
53/190
2024
Current account balance, % of GDP
+15%
2024
+1.22%
2024
Goods imports
$4.69B
2024
$18.8B
2024
Goods exports
$13.4B
2024
$12.8B
2024
Service imports
$2.4B
2024
$3.48B
2024
Service exports
$75.2M
2024
$6.91B
2024
Imports of goods and services, % of GDP
58.9%
2004
22.5%
2024
Exports of goods and services, % of GDP
72.2%
2004
19.9%
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 Sri Lanka
Economic freedom 54.3 50.3
Economic freedom ranking 134/197 162/197
Property rights 45 47.3
Government integrity 30.8 37.3
Judicial effectiveness 41.1 47.2
Tax burden 70.9 77
Government spending 86.1 89
Fiscal health 65.3 0
Business freedom 34.2 60.1
Labor freedom 65.1 54.3
Monetary freedom 77.4 65.9
Trade freedom 80.2 65.6
Investment freedom 25 30
Financial freedom 30 30

Economic freedom comparison by year

Papua New Guinea
Sri Lanka
1x
Year Economic freedom index
Papua New Guinea Sri Lanka
2026 54.3 50.3
2025 52.5 49.4
2024 49.4 49.2
2023 51.7 52.2
2022 54.6 53.3
2021 58.9 55.7
2020 58.4 57.4
2019 58.4 56.4
2018 55.7 57.8
2017 50.9 57.4
2016 53.2 59.9
2015 53.1 58.6
2014 53.9 60
2013 53.6 60.7
2012 53.8 58.3
2011 52.6 57.1
2010 53.5 54.6
2009 54.8 56
2008 - 58.4
2007 - 59.4
2006 - 58.7
2005 - 61
2004 - 61.6
2003 - 62.5
2002 - 64
2001 57.2 66
2000 55.8 63.2
1999 56.3 64
1998 55.2 64.6
1997 56.7 65.5
1996 58.6 62.5
1995 - 60.6

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Papua New Guinea is 54.3, ranking 134/197, compared to 50.3 for Sri Lanka, ranking 162/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Papua New Guinea Sri Lanka
Services, % of GDP
41.5%
2024
57.5%
2024
Industry, % of GDP
37.2%
2024
25.5%
2024
Agriculture, forestry, and fishing, % of GDP
17.2%
2024
8.3%
2024
GNI, Atlas method
$30.7B
2024
$84.6B
2024
GNI per capita, PPP
$4,580
2024
$15,240
2024
Total reserves including gold
$3.9B
2023
$6.09B
2024
Total reserves ranking
107/177
2023
92/177
2024
Net foreign direct investment
$968M
2024
-$651M
2024
Net inflows of foreign direct investment
-$198M
2024
$761M
2024
Net outflows of foreign direct investment
$770M
2024
$110M
2024
Servicing debt to the IMF, % of GNI
19.7%
2024
4.98%
2024
Poverty at national poverty lines
39.9%
2009
14.3%
2019
Gross capital formation, % of GDP
20%
2004
27%
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/sri-lanka | 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 (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. TradeMap (2020–2024, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1993, retrieved 2026-02-20)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.