385 POPULATION Total population a thousand; as of 1 July 96.4 97.4 99.1 99.8 100.1 100.4 100.8 101.1 Population density persons per square kilometer 121 122 124 125 125 126 126 126 Population annual change, % 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.3 LABOR FORCE b thousand; calendar year 32.0......... 36.5......... Employed 30.7......... 34.6......... Agriculture 11.7..................... Manufacturing 4.7..................... Mining........................ Others 14.3..................... Unemployed 1.3......... 1.9......... Unemployment rate, % 4.1......... 5.2......... NATIONAL ACCOUNTS Thousand Pa anga; fiscal year ending 30 June At Current Factor Cost GDP by industrial origin 126681 170849 217504 271286 300597 326080 350336 388382 Agriculture 44019 51735 64677 74864 88180 94995 99041 100567 Mining 578 1207 850 1051 1242 1400 1698 1708 Manufacturing 7543 7100 11677 12269 14068 14544 13752 12516 Electricity, gas, and water 1951 3437 3655 4891 5270 5971 8007 9694 Construction 7158 19710 21206 24155 24722 25124 27304 30409 Trade 17754 26126 31576 39777 45988 55439 59343 59726 Transport and communications 11573 13828 18178 19273 20901 19943 20231 21522 Finance 10976 14894 23665 31119 33465 39131 44919 49930 Public administration... 20114 27011 46390 48020 49767 52271 75324 Others c 25129 17945 22623 26478 28684 31704 35533 39393 Less: Imputed bank service charges... 5247 7614 8980 9943 11938 11764 12407 Indirect taxes less subsidies 23482 35493 41581 55747 65921 63799 72342 90157 GDP at current market prices 147156 206342 259085 327033 366518 389879 422678 478539 Net factor income from abroad 3811 2489 413 8818 8402 3914-9103 13393 GNI at current market prices 150967 208831 259498 335851 374920 393793 413575 491932 Structure of Output % of GDP at current prices Agriculture 34.7 30.3 29.7 27.6 29.3 29.1 28.3 25.9 Industry 13.6 18.4 17.2 15.6 15.1 14.4 14.5 14.0 Services 51.7 54.4 56.6 60.1 58.9 60.1 60.6 63.3 At Current Market Prices Expenditure on GDP 147156 206342 259085 327033 366518 389879 422678 478539 Private consumption d 137740 197138 244380 343048 385985 399144 457988 496980 Government consumption 28152 39232 39166 67266 69629 72162 75793 109220 Gross fixed capital formation 26504 41813 47966 61326 64422 67310 75003 81161 Increase in stocks 710-331 2409 3235 2916 2915 3041 3027 Exports of goods and services 49842 18016 21373 58674 70746 81377 83973 78079 Less: Imports of goods and services 95792 89526 96209 206516 227179 233029 273121 289927 Structure of Demand % of GDP at current prices Private consumption 93.6 95.5 94.3 104.9 105.3 102.4 108.4 103.9 Government consumption 19.1 19.0 15.1 20.6 19.0 18.5 17.9 22.8 Gross domestic capital formation 18.5 20.1 19.4 19.7 18.4 18.0 18.5 17.6 Exports of goods and services 33.9 8.7 8.2 17.9 19.3 20.9 19.9 16.3 Imports of goods and services 65.1 43.4 37.1 63.1 62.0 59.8 64.6 60.6 At Constant 1984/85 I 2000/01 Factor Cost GDP by industrial origin 76171 I 209000 225819 247452 255110 257967 252267 260322 Agriculture 26402 I 64546 63937 65367 70000 70207 67643 66615 Mining 319 I 1955 861 1004 1080 1175 1372 1271 Manufacturing 4154 I 8712 11389 12655 12269 12711 10759 9216 Electricity, gas, and water 1347 I 3683 4503 4768 5262 5605 5839 6069 Construction 4930 I 23163 21618 22884 23216 22639 22141 21905 Trade 9776 I 33010 33868 36166 37780 40751 39661 37221 Transport and communications 6373 I 13171 17618 19067 21869 23071 22143 21702 Finance 6727 I 18720 25384 27040 27492 28764 30021 31116 Public administration I 26716 31063 42179 39449 36582 34935 46941
386 Key Indicators of Developing Asian and Pacific Countries Others c 16143 I 21932 23745 24487 24861 25237 25615 25999 Less: Imputed bank service charges I 6608 8167-8165 -8168-8775 -7862-7732 Indirect taxes less subsidies 13868 I 39930 43143 44847 46235 46752 45719 47179 GDP at 1984/85 I 2000/01 market prices 90039 I 248930 268962 292299 301345 304719 297986 307501 Growth of Output annual change, % GDP 2.0 4.5 5.4 1.4 3.1 1.1-2.2 3.2 Agriculture 3.9-1.0 5.5 1.1 7.1 0.3-3.7-1.5 Industry 0.3 20.4-0.4 6.3 1.2 0.7-4.8-4.1 Services 1.8 3.5 6.9 0.1 1.7 2.0-1.3 7.0 Investment Financing at current prices Gross domestic capital formation 27214 41482 50375 64561 67338 70225 78044 84187 Gross national saving 27214 1449 53874 50731 40833 58881 30661 50098 Gross domestic saving -18736-30028 -24461-83281 -89095-81427 -111104-127661 Net factor income from abroad 3811 2489 413 8818 8402 3914-9103 13393 Net current transfers e 42139 28988 77922 125194 121526 136394 150868 164366 Savings and Investment % of GDP at current prices Gross domestic saving -12.7-14.6-9.4-25.5-24.3-20.9-26.3-26.7 Gross national saving 18.5 0.7 20.8 15.5 11.1 15.1 7.3 10.5 Gross domestic capital formation 18.5 20.1 19.4 19.7 18.4 18.0 18.5 17.6 At Current Market Prices, Pa anga Per capita GDP 1527 2118 2615 3278 3662 3882 4194 4732 Per capita GNI 1566 2144 2619 3367 3746 3921 4104 4865 PRODUCTION thousand metric tons; calendar year Agriculture, crop year 1. Coconut 25 40 58 58 58 58...... 2. Copra 2 2 4 2 2......... 3. Bananas 2 1 1 1 1 1...... Production Index period average Agriculture, 1999 2001 = 100 98.6 97.1 99.3 103.5 102.2 102.3 102.3... ENERGY annual values Electricity, Mn kwh Production 24 30 32 38 34 48 51 54 Consumption 24 30 32 38 34 41 44 47 PRICE INDEXES period averages Consumer, Nov. 1995 I Nov. 2002 = 100 81.3 I 67.0 80.8 95.4 101.9 113.9 125.2 134.3 Food I 60.5 75.2 97.1 106.4 115.9 122.9 125.4 Implicit GDP deflator, 1984/85 I 2000/01 = 100 163.4 I 82.9 96.3 111.9 121.6 127.9 141.8 155.6 Price Indexes annual change, % Consumer price index 10.9 0.4 6.2 10.7 6.8 11.8 9.9 7.3 Food price index...... 0.4 18.8 9.6 8.9 6.0 2.0 Implicit GDP deflator 7.8-3.4 0.2 11.9 8.7 5.2 10.9 9.7 MONEY AND BANKING f Thousand Pa anga; as of 30 June Money supply (M1) 14955 22837 27820 42365 51629 65823 68729 55702 Currency in circulation 5626 7422 8040 11924 12879 15199 14894 17123 Demand deposits 9329 15415 19780 30441 38750 50624 53835 38579 Quasi-money 24809 42171 69370 90306 98866 112655 131361 173195 Money supply (M2) 39764 65008 97190 132670 150495 178479 200090 228893 Foreign assets (net) 33106 31573 26853 33525 31307 85551 77172 72551 Domestic credit 30722 50401 89183 130203 151331 131826 165513 213467 Claims on government sector -6524-1518 783 3815 13832 346-19883 -19075 Claims on private sector 35503 53498 86469 125196 138626 133357 189859 233843 Claims on other financial institutions 1743-1579 1931 1192-1127 -1877-4463 -1301 Other items -24064-16966 -18846-31058 -32143-38898 -42595-57125 Money supply (M2) annual change, % 9.3 17.0 8.3 7.8 13.4 18.6 12.1 14.4 M2 % of GDP 27.0 31.5 37.5 40.6 41.1 45.8 47.3 47.8
387 Interest Rates percent p.a.; period averages On deposits Savings deposits 6.3 4.3 3.2 3.1 3.2 3.2 3.2 3.2 Time: 6 months 7.0 4.8 5.4 5.5 5.5 6.2 5.9 6.8 12 months g 8.0 5.4 6.0 6.0 6.0 6.7 6.3 7.2 On loans and discounts Commercial bills... 9.0 9.0 9.0 9.0......... Export credit 13.0 9.0 9.0 9.0 9.0......... Other commercial bills 13.0 9.0 9.0 9.0 9.0......... GOVERNMENT FINANCE Thousand Pa anga; fiscal year ending 30 June Central Government Total revenue and grants 56798 71750 71300 95240 99290 111210 121400 172446 * Total revenue 51277 67250 70220 93210 96420 106020 116010 146499 * Current revenue 40900 58200 70210 93210 96400 106020 116010 146467 * Taxes 27440 35200 52590 74530 80750 86140 98390 125764 * Non-taxes 13460 23000 17620 18680 15650 19880 17620 20703 * Capital receipts 10377 9050 10 20 32 * Grants 5521 4500 1080 2030 2870 5190 5390 25946 * Total expenditure and net lending 72240 99980 110510 107530 111310 165181 * Total expenditure 55708 69200 73900 99390 101010 108470 112370 166031 * Current expenditure 44457 55500 70550 89230 91320 100670 104730 154405 * Capital expenditure 11251 13700 3350 10160 9690 7800 7640 11626 * Net lending -1660 590 9500-940 -1060-850 * Current surplus/deficit -3557 2700-340 3980 5080 5350 11280-7938 * Capital account surplus/deficit -874-4650 -3340-10160 -9670-7800 -7640-11594 * Overall budgetary surplus/deficit h 1090 2550-940 -4740-11220 3680 10090-15730 Financing Domestic borrowing 37 2310 1800-6800 -10700-10165 * Foreign borrowing 575 6700-1650 13010 5720 10300 2000 2900 * Use of cash balances i -1702-11560 1760-8340 5550-14000 -12100-8465 * Government Finance % of GDP Total revenue 34.8 32.6 27.1 28.5 26.3 27.2 27.4 30.6 Total expenditure 37.9 33.5 28.5 30.4 27.6 27.8 26.6 34.7 Overall budgetary surplus/deficit 0.7 1.2-0.4-1.4-3.1 0.9 2.4-3.3 Expenditure by Function, j Central Government Total 44458 55504 114397 105087 General public services 17807 15742 46647 28691 514780 52876 Defence 1935 3169 3250 4314 4805 3928 Education 5873 9882 14757 16467 18047 19013 Health 4152 6667 15855 10251 13378 36230 Social security and welfare 628 1362 5300 6603 8643 7539 Housing and community amenities 4574 6959 10286 Economic services 8556 11526 21513 34187 36056 47312 Agriculture 1947 2609 7828 Industry 846... 2644 Electricity, gas, and water Transport and communications 5093 6102 7395 Other economic services 671 2815 3646 Others 5507 7156 7075 EXTERNAL TRADE Thousand Pa anga; calendar year Exports, fob 15299 18024 16065 30432 34522 30556 19759 Imports, cif 78989 98079 123144 195130 199214 206380 234512 Trade balance -63691-80055 -107079-164698 -164692-175824 -214753 External Trade annual change, % Exports 25.6 1.6-19.6 111.7 13.4-11.5-35.3 Imports 15.6 7.5 5.7 25.8 2.1 3.6 13.6 Trade balance -13.4-9.0-11.0-17.0 0.0-6.8-22.1
388 Key Indicators of Developing Asian and Pacific Countries Exports, by HSC Animal and animal products 12542 10016 6686 5165 Vegetable products 17233 23762 21422 12258 Animal or vegetable fats Prepared foodstuffs 449 260 Mineral products 18 6 Chemical products 362 182 225 207 Plastics and rubber Hides and skins Wood and wood products 248 405 1506 1320 Wood pulp products 1 Textiles and textile articles 1 1 Footwear, headgear Articles of stone, plaster, cement, asbestos Pearls, precious or semi-precious stones, metals Base metals and articles thereof 2 92 192 91 Machinery, mechanical appliances, and electrical equipment 1 Transportation equipment Instruments-measuring, musical Arms and ammunition Miscellaneous manufactured articles 20 17 Works of art 24 46 58 25 Exports, by principal commodity 1. Squash 4838 8405 5265 11986 13793 9237 8318 2. Fish 1278 4342 4966 11307 9439 5754 4024 3. Vanilla beans 2765 2802 580 2666 6130 913 335 Imports, by HSC Animal and animal products 18757 20062 23007 26254 Vegetable products 7758 8133 7993 7397 Animal or vegetable fats 1235 1247 1425 1300 Prepared foodstuffs 26037 25157 29227 30574 Mineral products 25696 38282 40865 54228 Chemical products 9866 9547 9250 10260 Plastics and rubber 2998 3400 4305 4230 Hides and skins 143 184 141 227 Wood and wood products 8778 9116 8180 9250 Wood pulp products 6157 6550 6343 8951 Textiles and textile articles 3296 3386 3788 4545 Footwear, headgear 597 699 881 980 Articles of stone, plaster, cement, asbestos 2558 2806 1918 2813 Pearls, precious or semi-precious stones, metals 376 128 49 260 Base metals and articles thereof 16808 11920 11138 11974 Machinery, mechanical appliances, and electrical equipment 23530 19887 23779 24435 Transportation equipment 13582 10178 13311 10396 Instruments-measuring, musical 478 513 733 1889 Arms and ammunition 26 6 5 6 Miscellaneous manufactured articles 3726 7589 6036 5038 Works of art 22726 20422 14006 19505 Direction of Trade Mn US dollars; calendar year Exports, total 12.72 14.65 17.64 27.75 31.05 33.88 19.34 21.08 1. Japan 3.82 7.01 8.68 10.83 9.61 12.54 8.09 6.50 2. United States 3.30 3.78 5.36 10.27 13.73 6.00 6.45 8.64 3. New Zealand 2.51 1.26 0.65 0.89 0.88 2.50 1.22 1.79 4. China, People s Republic of 0.01 0.05 6.34 0.01 5. Greece 0.96 2.56 6. Fiji Islands 0.20 0.24 0.31 0.37 0.47 0.61 0.70 0.82 7. India 0.75 0.81 0.18 0.08 0.09 8. Australia 1.91 0.71 0.35 0.36 0.38 0.38 0.48 0.54 9. Germany 0.31 0.82 0.01 0.32 0.20 0.02 10. American Samoa 0.48 0.16 0.20 0.25 0.32 0.37 0.44
389 Imports, total 66.93 77.32 82.70 86.63 101.33 121.71 127.79 137.61 1. New Zealand 20.09 29.43 19.84 26.59 42.69 45.25 42.69 38.44 2. Fiji Islands 8.13 5.82 14.95 17.92 22.68 29.78 34.03 39.93 3. Australia 13.38 21.48 8.49 11.39 11.13 11.16 13.38 10.56 4. United States 6.88 8.03 8.47 12.32 6.27 7.70 10.78 11.44 5. China, People s Republic of 0.90 1.80 5.31 2.25 10.90 3.23 4.12 6. Japan 4.03 4.49 12.52 1.91 1.99 2.75 3.04 2.02 7. Thailand 0.48 9.24 0.97 0.74 0.92 2.91 2.13 8. United Kingdom 0.70 3.11 1.35 1.90 0.94 4.58 6.47 9. Germany 0.31 0.08 0.34 2.12 3.18 0.95 1.79 10. Indonesia 0.07 0.97 1.04 1.04 2.65 1.96 2.47 Trade Index period average Terms of trade, 1990 = 100 100..................... BALANCE OF PAYMENTS Mn US dollars; fiscal year ending 30 June Merchandise exports, fob 9.0 17.1 10.9 17.8 17.6 13.9 16.1 15.2 Merchandise imports, fob -49.6-74.0-62.6-61.4-74.3-82.9-105.7-117.8 Trade balance -40.6-56.9-51.7-43.6-56.7-69.0-89.6-102.7 Other goods, services, and income 12.2 2.3 1.5-2.4-6.9-3.3-8.4-4.9 Credit 35.5 23.7 20.5 18.9 27.2 28.6 27.2 30.4 Debit -23.3-21.4-19.0-21.4-34.1-31.8-35.6-35.3 Unrequited transfers 41.1 32.4 40.4 53.3 58.8 80.0 92.2 89.1 Private 30.7 32.2 40.3 52.9 58.8 79.7 92.2 89.1 Official 10.4 0.2 0.1 0.4 0.3 Current balance 12.7-22.2-9.8 7.2-4.9 7.7-5.8-18.5 Direct investment 0.1 2.1 4.5............... Portfolio investment 13.7 1.5 5.1............... Other short-term capital 1.6 0.0 1.9............... Other long-term capital 1.6 1.2 5.1 7.3 7.9 37.1 12.6 21.7 Net errors and omissions -1.6 4.3 2.4-8.2-4.2-18.9-10.7-2.7 Overall balance k -2.4-8.5-4.8 6.3-1.2 25.9-3.9 0.6 Monetary movements 2.4 8.5 4.8-6.3 1.2-25.9 3.9-0.6 Balance of Payments % of GDP Exports 7.8 10.5 7.4 11.9 10.3 7.0 7.4 6.4 Imports -43.1-45.6-42.5-41.2-43.5-41.9-48.6-49.9 Trade balance -35.3-35.0-35.1-29.2-33.2-34.9-41.2-43.5 Current account balance 11.0-13.7-6.7 4.9-2.9 3.9-2.7-7.8 Overall balance -2.1-5.2-3.3 4.2-0.7 13.1-1.8 0.2 INTERNATIONAL RESERVES Mn US dollars; as of end of period Total 31.3 28.7 24.6 25.1 39.8 55.3 46.9 48.0 Gold, national valuation Foreign exchange 30.0 26.9 22.3 22.5 36.9 52.2 44.0 44.9 Reserve position in the Fund 1.1 1.8 2.2 2.3 2.5 2.7 2.4 2.6 SDRs 0.2 0.1 0.1 0.3 0.3 0.4 0.4 0.5 EXCHANGE RATES Pa anga per US dollar End of period 1.2958 1.2703 1.9767 2.2287 2.0202 1.9117 2.0597 2.0000 Average of period 1.2800 1.2709 1.7585 2.1952 2.1459 1.9716 1.9430 2.0259 EXTERNAL INDEBTEDNESS Mn US dollars; as of end of year Total debt outstanding and disbursed 53.7 64.1 65.5 73.5 86.7 88.7 84.1 Long-term debt 44.5 62.8 65.1 72.6 85.6 87.5 83.2 Public and publicly guaranteed 44.5 62.8 65.1 72.6 85.6 87.5 83.2 Private non-guaranteed Short-term debt 9.2 1.3 0.5 1.0 1.1 1.2 0.9 Use of IMF credit External debt as % of GNI 46.1 39.0 44.4 50.5 51.9 46.6 Total long-term debt as % of total debt 82.8 97.9 99.3 98.7 98.7 98.6 99.0 Short-term debt as % of total debt 17.2 2.1 0.7 1.3 1.3 1.4 1.0 Debt service as % of exports of goods and services 2.9...... 2.5.........
390 Key Indicators of Developing Asian and Pacific Countries Debt service Mn US dollars; transactions during the year Principal repayments on long-term debt 1.0 2.4 3.4 2.1 1.9 2.2 2.9 3.6 Interest on long-term debt 0.5 0.7 0.8 0.6 0.7 0.7 1.1 1.3 Interest on short-term debt 0.4 0.1... Average terms of new commitments Interest (% p.a.) 0.9 4.5 1.1 0.8 0.8... Maturity (years) 39.7 35.9 29.6 39.8 39.9... Grace period (years) 10.2 8.9 9.1 10.3 10.4... Grant element (%) 79.5 45.2 71.2 80.7 80.8... Footnotes: Some footnotes apply only to the 18-year series available online. a Series has been revised from 1998 onward based on the average annual growth rate of 0.34% from the 1996 and 2006 census results. b Except for 1996 and 2003, where data were taken from censuses, labor data are based on sample surveys. c Includes data on public administration up to 1993. d Private consumption expenditure is a residual item with figures for statistical discrepancy included therein. e Before 1994, figures refer to foreign savings. f Comprised of the consolidated balance sheets of the National Reserve Bank of and the commercial banks. g Beginning 1996, figures refer to weighted averages. Unweighted averages were used previously. h Figures exclude non-budgetary surplus/deficit, hence the item refers to overall budgetary surplus/deficit. i From 1991 onward, data refer to the discrepancy between the overall surplus/deficit and the sum of the other financing items. This discrepancy arises since the n authorities do not compile financing data. j Refers to recurrent expenditures only. k Prior to 2001, the overall balance figures as reported by the source agency do not correspond to the sum of the credit and debit entries.