A: Papua New Guinea lies on the geographical coordinates of 6° 0' 0" S, 147° 0' 0" E.
Latitude and Longitude of Papua New Guinea in other units:
|Latitude and Longitude to decimals||-6.0||147.0|
|Latitude and Longitude to degrees minutes seconds||6° 0' 0" S||147° 0' 0" E|
|Latitude/Longitude to UTM Reference|
|UTM Northing:9336795.432637466 Easting:500000.0 Zone:55M|
More detail about Papua New Guinea
Papua New Guinea Economy Dominated by Natural Resources
The economy of Papua New Guinea has a variety of contributors but these are generally divided into two sectors - the market and the subsistence sectors. They have a great source of natural resources in the land that includes minerals, oil, gas, fish, timber, as well as many commercial agricultural products. They also have small cash crops consisting of coffee, cocoa, and copra. About three quarters of the population of this country is dependent on the subsistence part of the economy. Foreign investors control most of the mineral, fish and timber industries.
While the service industry in Papua New Guinea is stable, the same cannot be said for manufacturing. This has been slow in the last few years. The tourism industry, while there is potential, has been left out of the equation for the most part until recently but there is much more work to be done.
The prices for commodities rose in their favor and there were more employment opportunities presented in the most recent years. The financial sector also grew due to its high liquidity. There was increased lending due to the decreased interest rates and the rate of inflation remained quite low.
As of 2006, over 80% of the revenues were brought in through their natural resources including copper, oil, gold, natural gas and other minerals. In 2009, the commercialization of the newly explored natural gas reserve started. The production facility is to be completed by some point in 2012. The agriculture sector which is still important to the revenue and economy of the country only accounts for 13% of the revenue. This can be expanded to some extent but the World Bank has withdrawn its support for this sector because there have been issues of overexploiting the land.
Since the other industries are being highly regulated, the major hopes for economic success for this area continue to be though its minerals and oil. They do have their plans made well in advance for these projects.