List of Oceanian countries by GDP (nominal)

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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]

Country Nominal GDP[7][a]
(2017 CIA estimates in millions of US$)
GDP (nominal) per capita[8]
(2017 IMF estimates in Int$)
GDP (PPP)[9]
(2017 CIA estimates in millions of Int$)
GDP (PPP) per capita[10]

(2017 CIA estimates in Int$)

 Australia 1,390,000 56,135 1,235,000 49,900
 Federated States of Micronesia 329 3,218 347 3,033
 Fiji 5,054 5,761 8,647 9,900
 Kiribati 186 1,625 224 1,900
 Marshall Islands 199 3,623 189 3,400
 Nauru 114 8,575 159 12,200
 New Zealand 200,800 41,629 185,700 38,500
 Palau 321 17,570 301 16,700
 Papua New Guinea 21,810 2,689 30,840 3,800
 Samoa 844 4,283 1,130 5,700
 Solomon Islands 1,273 2,074 1,317 2,100
 Tonga 437 4,176 587 5,600
 Tuvalu 40 3,618 42 3,800
 Vanuatu 837 2,976 787 2,800

See also[edit]

Notes[edit]

  1. ^ Calculated according to that year's exchange rate.

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. ^ "FIELD LISTING :: GDP (OFFICIAL EXCHANGE RATE)". Central Intelligence Agency. Central Intelligence Agency. Retrieved 12 April 2018.
  8. ^ World Economic Outlook Database-October 2017, International Monetary Fund. Accessed on 18 January 2018.
  9. ^ Field listing - GDP (PPP exchange rate), CIA World Factbook
  10. ^ "COUNTRY COMPARISON :: GDP - PER CAPITA (PPP)". Central Intelligence Agency. Central Intelligence Agency. Retrieved 12 April 2018.