Papua New Guinea
Papua New Guinea has seen tremendous growth in the past few years with Real GDP increasing by 5.8% in 2014 and 5.5% in 2013. Papua New Guinea’s growth is a reflection of the impact of global commodity prices influencing its domestic economy and the influx of foreign investment dollars into large infrastructure projects in the extractive industries. While Papua New Guinea’s economy is expected to grow at a rate of 19.6% through 2015. Growth will be directly tied to commodity prices and its ability to extract resources, which include gold, copper, silver, natural gas, timber, and oil. Agriculture accounts for 32% of GDP and supports 75% of the population. Cash crops include coffee,palm oil, cocoa, copra, tea, rubber, and sugar; 40% of the country is covered with exploitable timber. Papua New Guinea’s looks to invest in its underdeveloped tourism sector in attempts to diversity its economy.
Papua New Guinea - GDP Growth Rate (%)
The Port Moresby Stock Exchange (POMSoX) is the principle stock exchange of Papua New Guinea and formally opened on the 4th June 1999. The launch of the Stock Exchange Steering Committee in 1994 formalized the process to create POMSoX after numerous studies and investigations have been undertaken and papers presented by economic commentators, government advisors and organizations, all exploring the viability of a Stock Exchange in the Papua New Guinea economy. POMSoX is closely aligned to the Australian Stock Exchange (ASX). The ASX has licensed to POMSoX its Business and Listing Rules and POMSoX procedures are a mirror image of the ASX.
POMSoX currently lists 15 companies and has a total market capitalization of USD 21.8 billion as of May 2017. However, excluding 7 dual listings, such as Newcrest Mining and Oil Search, the market cap is USD 1.7 billion as of May 2017 compromising of 8 listed local stocks of which USD 1.4 billion is Bank South Pacific (BSP), one of the leading banks in Papua New Guinea, Cook Islands, Fiji, Samoa, Solomon Islands, Tonga and Vanuatu.
Port Moresby Stock Exchange website: www.pomsox.com.pg
Bank South Pacific website: www.bsp.com.pg