Westpac’s latest PNG Economic Update and Outlook says PNG’s growth outlook remains strong, supported by ongoing activity in agriculture, industry and services.
The report forecasts real GDP growth of around 4.6 per cent in 2026, following estimated growth of 5.5 per cent in 2025.
Although global conditions remain uncertain, Westpac says PNG’s domestic economy is still showing good momentum, especially in provincial centers and non-resource sectors.
Retail, industrial activity and services across the Highlands and other regional centers are being supported by internal migration, urbanization and stronger local demand.
Import activity has also remained firm, with Westpac’s PNG Ports Imports Indicator showing annual import growth reaching around 26 per cent in early May before easing to around 15 per cent in early June.
Westpac says the strength in imports points to continued consumer demand and capital investment, even with some temporary shipping disruptions.
Mining and energy activity also remain important, with Papua LNG still seen as a major medium-term growth driver, the bank said.