Jump to content

List of Oceanian countries by GDP

Edit links
From Wikipedia, the free encyclopedia

Australia is the largest economy in Oceania, comprising over 85% of the continent's gross domestic product (nominal).
  1. Australia (85.9%)
  2. New Zealand (12%)
  3. Papua New Guinea (1.5%)
  4. Other (0.60%)

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 US Central Intelligence Agency (CIA).

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]

Oceania countries by GDP

[edit]

The following data is obtained for the IMF World Economic Outlook for the year 2024.[7]

Countries in Oceania by Gross Domestic Product (USD millions) and Purchasing Power Parity (International Dollars millions)
Location GDP GDP per capita PPP PPP per capita
 Australia 1,802,006 65,966 1,897,885 69,475
 New Zealand 252,236 47,072 283,908 52,983
 Papua New Guinea 31,896 2,544 44,419 3,542
 Fiji 5,773 6,257 14,766 16,003
 Solomon Islands 1,730 2,209 2,057 2,627
 Vanuatu 1,169 3,387 994 2,878
 Samoa 1,068 5,048 1,480 6,998
 Tonga 545 5,483 777 7,811
 Micronesia 484 5,120 443 4,689
 Palau 316 17,978 303 17,207
 Kiribati 312 2,455 459 3,612
 Marshall Islands 279 6,850 272 6,688
 Nauru 160 12,285 141 10,829
 Tuvalu 73 7,190 66 6,480

See also

[edit]

Notes

[edit]

References

[edit]
  1. ^ Moffatt, Mike. "A Beginner's Guide to Purchasing Power Parity Theory". About.com. IAC/InterActiveCorp. Retrieved 31 May 2014.
  2. ^ 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.
  3. ^ "IMF World Economic Outlook (WEO), October 2016: Subdued Demand: Symptoms and Remedies". www.imf.org. Retrieved 2017-02-19.
  4. ^ "What is GDP and why is it so important?". Investopedia. IAC/InterActiveCorp. 26 February 2009. Retrieved 30 May 2014.
  5. ^ Callen, Tim (28 March 2012). "Purchasing Power Parity: Weights Matter". Finance & Development. International Monetary Fund. Retrieved 30 May 2014.
  6. ^ Callen, Tim (28 March 2012). "Gross Domestic Product: An Economy's All". Finance & Development. International Monetary Fund. Retrieved 31 May 2014.
  7. ^ "World Economic Outlook database: October 2024". imf.org. October 2024. Retrieved 11 March 2025.
Retrieved from "https://en.wikipedia.org/w/index.php?title=List_of_Oceanian_countries_by_GDP&oldid=1280008854"