Australia is the largest economy in Oceania, comprising over 85% of the continent's gross domestic product (nominal).

  Australia (85.7%)
  New Zealand (12.4%)
  Papua New Guinea (1.3%)
  Other (0.6%)

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]

Nominal GDP and price-parity GDP figures are from the CIA, according to that year's exchange rate.[7][8][9]

Country Nominal
GDP		 GDP
per cap.		 GDP
(PPP)		 GDP
(PPP)
per cap.
 Australia1,390,00056,1351,235,00049,900
 Micronesia3293,2183473,033
 Fiji5,0545,7618,6479,900
 Kiribati1861,6252241,900
 Marshall Islands1993,6231893,400
 Nauru1148,57515912,200
 New Zealand200,80041,629185,70038,500
 Palau32117,57030116,700
 Papua New Guinea21,8102,68937,0003,800
 Samoa8444,2831,1305,700
 Solomon Islands1,2732,0741,3172,100
 Tonga4374,1765875,600
 Tuvalu403,618423,800
 Vanuatu8372,9767872,800

See also

Notes

    References

    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. ↑ "FIELD LISTING :: GDP (OFFICIAL EXCHANGE RATE)". Central Intelligence Agency. Central Intelligence Agency. Archived from the original on June 13, 2007. Retrieved 12 April 2018.
    8. ↑ Field listing - GDP (PPP exchange rate), CIA World Factbook
    9. ↑ "COUNTRY COMPARISON :: GDP - PER CAPITA (PPP)". Central Intelligence Agency. Central Intelligence Agency. Archived from the original on June 13, 2007. Retrieved 12 April 2018.
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