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

Updated on by Georank team

Papua New Guinea has a GDP of $31.8B compared to $191B for Ukraine, ranking 110/197 and 57/197 by economy size, respectively.

Papua New Guinea has $16.6B in government debt (52.1% of GDP), compared to $171B (89.7% of GDP) in Ukraine.

Papua New Guinea vs Ukraine GDP by year

Papua New Guinea
Ukraine
1x
Year GDP, current $
Papua New Guinea Ukraine
2024 $31,800,428,266 $190,741,262,415
2023 $30,816,367,067 $181,221,517,869
2022 $31,653,185,953 $161,989,520,721
2021 $26,109,413,521 $199,765,859,571
2020 $23,848,447,850 $156,617,722,013
2019 $24,750,626,030 $153,883,047,510
2018 $24,109,780,708 $130,891,088,294
2017 $22,742,699,138 $112,090,505,082
2016 $20,758,876,953 $93,355,869,404
2015 $21,723,437,010 $91,030,967,789
2014 $23,210,823,987 $133,503,871,862
2013 $21,261,338,065 $190,498,811,460
2012 $21,295,168,666 $182,591,753,828
2011 $17,985,138,066 $169,333,835,202
2010 $14,250,786,675 $141,209,170,427
2009 $11,619,456,449 $121,552,153,444
2008 $11,670,892,801 $188,110,390,660
2007 $9,545,028,944 $148,733,861,386
2006 $8,354,911,041 $111,884,752,475
2005 $4,865,892,972 $89,238,865,119
2004 $3,927,157,867 $67,220,154,164
2003 $3,536,411,824 $52,010,355,753
2002 $2,999,511,040 $43,956,163,612
2001 $3,081,024,212 $39,309,580,983
2000 $3,521,339,699 $32,375,083,935
1999 $3,477,038,204 $31,580,639,554
1998 $3,789,443,015 $41,882,523,345
1997 $4,936,615,299 $50,151,531,592
1996 $5,155,311,077 $44,558,831,005
1995 $4,636,057,476 $48,213,856,469
1994 $5,502,786,070 $52,549,580,265
1993 $4,974,550,286 $65,648,559,903
1992 $4,377,980,510 $73,945,908,384
1991 $3,787,394,958 $77,350,733,982
1990 $3,219,729,083 $81,393,558,423
1989 $3,546,472,566 $82,709,161,099
1988 $3,656,177,881 $74,703,517,903
1987 $3,143,851,794 $64,087,694,038
1986 $2,647,995,602 -
1985 $2,423,339,172 -
1984 $2,552,662,617 -
1983 $2,562,351,551 -
1982 $2,368,719,683 -
1981 $2,498,190,847 -
1980 $2,545,808,456 -
1979 $2,293,760,511 -
1978 $1,947,878,831 -
1977 $1,640,746,619 -
1976 $1,511,843,235 -
1975 $1,356,603,608 -
1974 $1,467,417,672 -
1973 $1,299,079,410 -
1972 $858,761,926 -
1971 $717,750,278 -
1970 $645,568,215 -
1969 $551,263,864 -
1968 $485,184,190 -
1967 $441,728,183 -
1966 $390,992,063 -
1965 $344,176,055 -
1964 $305,312,049 -
1963 $275,968,044 -
1962 $261,184,042 -
1961 $244,832,039 -
1960 $230,496,037 -

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

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

GDP per capita in Papua New Guinea vs Ukraine by year

Papua New Guinea
GDP per capita

GDP per capita, PPP
Ukraine
GDP per capita

GDP per capita, PPP
1x
Year Current $
Papua New Guinea Ukraine
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,007 $4,875 $5,038 $18,550
2023 $2,966 $4,668 $4,803 $17,665
2022 $3,102 $4,420 $3,946 $14,770
2021 $2,608 $3,977 $4,510 $17,846
2020 $2,430 $3,900 $3,505 $15,541
2019 $2,576 $4,060 $3,423 $14,217
2018 $2,566 $3,910 $2,895 $12,555
2017 $2,478 $3,923 $2,467 $11,536
2016 $2,316 $3,813 $2,047 $10,865
2015 $2,485 $3,670 $1,988 $9,922
2014 $2,723 $3,500 $2,904 $10,494
2013 $2,561 $3,110 $4,130 $10,904
2012 $2,635 $3,026 $3,951 $9,552
2011 $2,288 $2,919 $3,657 $9,127
2010 $1,867 $2,912 $3,040 $8,453
2009 $1,569 $2,692 $2,607 $7,995
2008 $1,625 $2,583 $4,018 $9,324
2007 $1,371 $2,622 $3,160 $8,900
2006 $1,238 $2,444 $2,366 $7,971
2005 $744 $2,322 $1,875 $7,142
2004 $621 $2,187 $1,401 $6,663
2003 $577 $2,142 $1,076 $5,764
2002 $506 $2,125 $903 $5,123
2001 $538 $2,168 $800 $4,747
2000 $636 $2,196 $653 $4,228
1999 $650 $2,280 $632 $3,871
1998 $733 $2,285 $831 $3,794
1997 $990 $2,432 $987 $3,794
1996 $1,071 $2,578 $870 $3,812
1995 $998 $2,436 $933 $4,124
1994 $1,228 $2,558 $1,009 $4,565
1993 $1,151 $2,451 $1,254 $5,766
1992 $1,051 $2,100 $1,413 $6,568
1991 $942 $1,869 $1,483 $7,148
1990 $826 $1,703 $1,564 $7,591
1989 $934 - $1,593 -
1988 $985 - $1,444 -
1987 $865 - $1,244 -
1986 $745 - - -
1985 $697 - - -
1984 $750 - - -
1983 $769 - - -
1982 $726 - - -
1981 $781 - - -
1980 $813 - - -
1979 $748 - - -
1978 $648 - - -
1977 $558 - - -
1976 $525 - - -
1975 $482 - - -
1974 $533 - - -
1973 $483 - - -
1972 $327 - - -
1971 $279.7 - - -
1970 $257.6 - - -
1969 $225.3 - - -
1968 $202.9 - - -
1967 $189 - - -
1966 $171.1 - - -
1965 $153.9 - - -
1964 $139.5 - - -
1963 $128.9 - - -
1962 $124.7 - - -
1961 $119.7 - - -
1960 $115.5 - - -

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

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

Papua New Guinea's GDP per capita is $3,007, ranking 140/197, compared to $5,038 in Ukraine, ranking 120/197. Adjusted for purchasing power (GDP per capita PPP), Papua New Guinea ranks 159th at $4,875, while Ukraine ranks 101st at $18,550.

Economic indicators

Papua New Guinea Ukraine
Gross domestic product
$31.8B
2024
$191B
2024
GDP rank
110/197
2024
57/197
2024
GDP growth
3.8%
2023-2024
2.91%
2023-2024
GDP per capita
$3,007
2024
$5,038
2024
GDP per capita rank
140/197
2024
120/197
2024
GDP per capita, PPP
$4,875
2024
$18,550
2024
GDP per capita PPP rank
159/197
2024
101/197
2024
Government debt
$16.6B
2024
$171B
2024
Debt-to-GDP ratio
52.1%
2024
89.7%
2024
Government debt per person
$1,566
2024
$4,520
2024
Government debt per person rank
129/185
2024
86/185
2024
Average annual personal income after taxes
$2,362
2026
$5,370
2026
Market capitalization of domestic companies
$1.68B
2017
$4.42B
2018
Number of billionaires n/a
7
2025
Income share by richest 10%
31%
2009
21.7%
2020
Income share by poorest 10%
1.9%
2009
4.3%
2020
Government expenditure, % of GDP
20.4%
2024
71.3%
2024
Consumer prices inflation
0.6%
2023-2024
6.5%
2023-2024
Central bank interest rate
5%
2025
15.5%
2025
Unemployment rate
2.69%
2022
9.83%
2021
Population
11002753
40125599

Spending and national debt comparison by year

Papua New Guinea
Spending

Debt
Ukraine
Spending

Debt
1x
Year % of GDP
Papua New Guinea Ukraine
Government spending Government debt Government spending Government debt
2024 20.4% 52.1% 71.3% 89.7%
2023 22.3% 53.9% 73.4% 81.2%
2022 21.9% 48.2% 65.4% 77.7%
2021 22% 52.6% 40.5% 48.9%
2020 23.5% 48.7% 45.6% 60.5%
2019 21.3% 38.2% 41.5% 50.5%
2018 20.3% 36.7% 41.9% 60.4%
2017 18.4% 32.5% 41.7% 71.6%
2016 20.9% 33.7% 40.8% 79.5%
2015 22.8% 29.9% 43% 79.3%
2014 27.1% 26.9% 44.8% 70.3%
2013 27.6% 24.9% 48.1% 40.5%
2012 22.4% 19.1% 49% 37.5%
2011 19.7% 16.3% 45.7% 36.9%
2010 18.4% 17.3% 49.2% 40.6%
2009 24.7% 21.7% 48.6% 35.4%
2008 19.8% 21.6% 47.1% 20.4%
2007 18% 22.2% 43.7% 12.3%
2006 19.4% 26% 44.6% 14.8%
2005 20.6% 31.6% 44.2% 17.7%
2004 19.4% 37.2% 41.6% 24.8%
2003 18.7% 40.4% 38.9% 29.4%
2002 20.8% 48.4% 37.9% 33.6%
2001 21.6% 47.7% 36.7% 36.7%
2000 20.5% 42.3% 35.5% 43.8%
1999 21.4% 41.8% 25.8% 59%
1998 20% 45.7% 37.1% 46.5%
1997 20.6% 43.9% 40.8% 28.9%
1996 17.6% 37.8% 36.9% 24.4%
1995 17.1% 36.6% 41.3% 30.2%
1994 19.3% 40.1% - -
1993 23.5% 30% - -
1992 22.8% 30.4% - -
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 (1992–1996, retrieved 2026-02-20).

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

In 2024, Papua New Guinea's government spending was $6.48B, accounting for 20.4% of its GDP, while Ukraine spent $136B, or 71.3% of GDP.

Debt-to-GDP ratio is 52.1% in Papua New Guinea and 89.7% in Ukraine, ranking 100/185 and 33/185, respectively.

Government deficit by year

Deficit/surplus
Papua New Guinea

Ukraine
1x
Year Deficit/surplus, % of GDP
Papua New Guinea Ukraine
2024 -3.23% -17.2%
2023 -4.34% -19.3%
2022 -5.25% -15.6%
2021 -6.84% -3.97%
2020 -8.85% -5.92%
2019 -4.98% -2.08%
2018 -2.58% -2.12%
2017 -2.47% -2.36%
2016 -4.75% -2.46%
2015 -4.55% -1.16%
2014 -6.27% -4.46%
2013 -6.87% -4.78%
2012 -1.19% -4.31%
2011 2.22% -2.76%
2010 3.06% -5.77%
2009 -5.48% -6.27%
2008 2.73% -3.14%
2007 6.9% -1.97%
2006 5.34% -1.36%
2005 2.85% -2.28%
2004 2.03% -4.41%
2003 0.19% -0.89%
2002 -1.75% -1.84%
2001 -1.33% -3.03%
2000 0.3% -3.19%
1999 -1.94% 4.95%
1998 -0.16% -2.69%
1997 0.67% -5.37%
1996 2.05% -3.09%
1995 1.08% -4.72%
1994 -1.01% -
1993 -4.9% -
1992 -4.33% -
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/ukraine | 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 Ukraine's deficit of $32.8B, or 17.2% of GDP.

Over the past 30 years, Papua New Guinea recorded a fiscal deficit in 18 of those years, while Ukraine ran a deficit in 29 years. On average, Papua New Guinea posted an annual deficit equal to 1.45% of GDP, compared to deficit of 4.45% of GDP for Ukraine.

Inflation comparison by year

Inflation
Papua New Guinea

Ukraine
1x
Year Consumer prices inflation
Papua New Guinea Ukraine
2024 0.6% 6.5%
2023 2.3% 12.9%
2022 5.25% 20.2%
2021 4.48% 9.4%
2020 4.87% 2.7%
2019 3.93% 7.9%
2018 4.37% 10.9%
2017 5.42% 14.4%
2016 6.67% 13.9%
2015 6% 48.7%
2014 5.22% 12.1%
2013 4.96% -0.3%
2012 4.54% 0.6%
2011 4.44% 8%
2010 6.01% 9.4%
2009 6.92% 15.9%
2008 10.8% 25.2%
2007 0.91% 12.8%
2006 2.37% 9.1%
2005 1.78% 13.5%
2004 2.16% 9%
2003 14.7% 5.2%
2002 11.8% 0.8%
2001 9.3% 12%
2000 15.6% 28.2%
1999 14.9% 22.7%
1998 13.6% 10.6%
1997 3.96% 15.9%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 28 years, Papua New Guinea has recorded an average annual inflation rate of 6.35%, compared with 12.8% in Ukraine. In 2024, inflation was 0.6% in Papua New Guinea and 6.5% in Ukraine.

Top exports between countries

Papua New Guinea
Export category Export value
Raw agricultural goods $62K
Wood & paper products $31K
Machinery & equipment $1K
Ukraine
Export category Export value
Raw agricultural goods $115K
Chemicals & pharma $101K
Processed food, beverages & tobacco $32K
Animal & marine products $30K
Wood & paper products $15K
Textiles & consumer goods $11K
Metals $10K
Machinery & equipment $5K

Balance of trade

Papua New Guinea Ukraine
Current account balance
$4.77B
2024
-$15.1B
2024
Current account balance ranking
33/190
2024
179/190
2024
Current account balance, % of GDP
+15%
2024
-7.94%
2024
Goods imports
$4.69B
2024
$72.3B
2024
Goods exports
$13.4B
2024
$39.3B
2024
Service imports
$2.4B
2024
$22.9B
2024
Service exports
$75.2M
2024
$17.3B
2024
Imports of goods and services, % of GDP
58.9%
2004
48.3%
2024
Exports of goods and services, % of GDP
72.2%
2004
29.4%
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 Ukraine
Economic freedom 54.3 54.1
Economic freedom ranking 134/197 135/197
Property rights 45 21.6
Government integrity 30.8 35
Judicial effectiveness 41.1 28.2
Tax burden 70.9 83.7
Government spending 86.1 0
Fiscal health 65.3 3.9
Business freedom 34.2 57.4
Labor freedom 65.1 46.9
Monetary freedom 77.4 65.7
Trade freedom 80.2 73
Investment freedom 25 35
Financial freedom 30 30

Economic freedom comparison by year

Papua New Guinea
Ukraine
1x
Year Economic freedom index
Papua New Guinea Ukraine
2026 54.3 -
2025 52.5 -
2024 49.4 -
2023 51.7 -
2022 54.6 54.1
2021 58.9 56.2
2020 58.4 54.9
2019 58.4 52.3
2018 55.7 51.9
2017 50.9 48.1
2016 53.2 46.8
2015 53.1 46.9
2014 53.9 49.3
2013 53.6 46.3
2012 53.8 46.1
2011 52.6 45.8
2010 53.5 46.4
2009 54.8 48.8
2008 - 51
2007 - 51.5
2006 - 54.4
2005 - 55.8
2004 - 53.7
2003 - 51.1
2002 - 48.2
2001 57.2 48.5
2000 55.8 47.8
1999 56.3 43.7
1998 55.2 40.4
1997 56.7 43.5
1996 58.6 40.6
1995 - 39.9

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

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

The Economic Freedom Index for Papua New Guinea is 54.3, ranking 134/197, compared to 54.1 for Ukraine, ranking 135/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Papua New Guinea Ukraine
Services, % of GDP
41.5%
2024
60.6%
2024
Industry, % of GDP
37.2%
2024
19%
2024
Agriculture, forestry, and fishing, % of GDP
17.2%
2024
7.11%
2024
GNI, Atlas method
$30.7B
2024
$184B
2024
GNI per capita, PPP
$4,580
2024
$18,560
2024
Total reserves including gold
$3.9B
2023
$43.8B
2024
Total reserves ranking
107/177
2023
46/177
2024
Net foreign direct investment
$968M
2024
-$3.71B
2024
Net inflows of foreign direct investment
-$198M
2024
$4.02B
2024
Net outflows of foreign direct investment
$770M
2024
$305M
2024
Servicing debt to the IMF, % of GNI
19.7%
2024
5.42%
2024
Poverty at national poverty lines
39.9%
2009
23.2%
2020
Gross capital formation, % of GDP
20%
2004
18.6%
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/ukraine | 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 (2020–2023, retrieved 2026-02-08)
  6. International Monetary Fund (IMF) | Public Finances in Modern History (1992–1996, 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.