CEO Survey suggests PNG business is less bullish, but still planning to invest

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The PNG 100 CEO Survey breakfast revealed trends in business confidence among PNG’s business leaders. Photo credit: Godfree Kaptigau.

The 2024 results of Papua New Guinea’s annual business confidence survey, the PNG 100 CEO Survey, are out.

Since 2012, the data collected by the PNG 100 CEO Survey has revealed trends in business confidence among PNG’s business leaders. Analysis of the survey data by Westpac has led to the creation of PNG’s first business confidence indices, which are now tracked annually against other key metrics on PNG’s economy.

So, how confident are businesses as we enter 2024?

Profit performance in 2023: the reality

The 2024 survey asked CEOs how profits had performed in 2023 compared to their expectations. The responses suggest 2023 was disappointing for many, with 46 per cent saying that profits had fallen short of expectations.

This is almost double the number recorded in last year’s survey, when only 24 per cent said the same thing.

On the positive side, 36 per cent of respondents said profits were higher in 2023 than expected but this was down from 49 per cent last year.

Meanwhile, 19 per cent said profits had met expectations.