Australia is the largest economy in Oceania, comprising over 85% of the continent's gross domestic product (nominal).
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Countries in Oceania are sorted by nominal GDP estimates based on 2017 data from The World Factbook by the Central Intelligence Agency.
The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency.[1] Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population.[2] Therefore, these figures should be used with caution.
Some countries/regions may have citizens which are[3] on average wealthy. These countries/regions could appear in this list as having a small GDP. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.[4]
Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP.[5] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.[6]
Oceanian countries by GDP
Data are from the IMF and are for the year 2024.[7]
| Location | GDP (bil.) |
GDP per cap. |
PPP (bil.) |
PPP per cap. |
|---|---|---|---|---|
 Australia |
1,685,665 | 62,596 | 1,779,967 | 66,098 |
 Fiji |
5,970 | 6,490 | 16,101 | 17,505 |
 Kiribati |
260 | 2,052 | 311 | 2,457 |
 Marshall Islands |
293 | 6,443 | 277 | 6,085 |
 Micronesia |
492 | 4,670 | 435 | 4,129 |
 Nauru |
155 | 11,910 | 148 | 11,352 |
 New Zealand |
247,535 | 47,223 | 288,484 | 55,034 |
 Palau |
322 | 18,209 | 308 | 17,448 |
 Papua New Guinea |
32,890 | 2,624 | 44,885 | 3,581 |
 Samoa |
996 | 4,889 | 1,403 | 6,888 |
 Solomon Islands |
1,794 | 2,367 | 1,867 | 2,464 |
 Tonga |
581 | 5,842 | 745 | 7,491 |
 Tuvalu |
67 | 6,113 | 66 | 6,076 |
 Vanuatu |
1,263 | 3,658 | 1,030 | 2,983 |
See also
- List of countries by GDP (PPP)
- List of countries by GDP (PPP) per capita
- List of countries by GDP (nominal)
- List of countries by GDP (nominal) per capita
Notes
References
- ^ Moffatt, Mike. "A Beginner's Guide to Purchasing Power Parity Theory". About.com. IAC/InterActiveCorp. Retrieved 31 May 2014.
- ^ Ito, Takatoshi; Isard, Peter; Symansky, Steven (January 1999). "Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia" (PDF). Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, and Policy Issues. National Bureau of Economic Research. Retrieved 1 June 2014.
- ^ "IMF World Economic Outlook (WEO), October 2016: Subdued Demand: Symptoms and Remedies". www.imf.org. Retrieved 2017-02-19.
- ^ "What is GDP and why is it so important?". Investopedia. IAC/InterActiveCorp. 26 February 2009. Retrieved 30 May 2014.
- ^ Callen, Tim (28 March 2012). "Purchasing Power Parity: Weights Matter". Finance & Development. International Monetary Fund. Retrieved 30 May 2014.
- ^ Callen, Tim (28 March 2012). "Gross Domestic Product: An Economy's All". Finance & Development. International Monetary Fund. Retrieved 31 May 2014.
- ^ "Download World Economic Outlook database". imf.org. Oct 2023. Retrieved 1 Mar 2024.
This page was last edited on 1 March 2024, at 08:56