List of Oceanian countries by GDP explained

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]

Countries in Oceania by gross domestic product! Location !! GDP (bil.) !! GDP per cap. !! PPP (bil.) !! PPP per cap.
1,685,665 62,596 1,779,967 66,098
5,970 6,490 16,101 17,505
260 2,052 311 2,457
293 6,443 277 6,085
492 4,670 435 4,129
155 11,910 148 11,352
247,535 47,223 288,484 55,034
322 18,209 308 17,448
32,890 2,624 44,885 3,581
996 4,889 1,403 6,888
1,794 2,367 1,867 2,464
581 5,842 745 7,491
67 6,113 66 6,076
1,263 3,658 1,030 2,983

See also

Notes and References

  1. Web site: A Beginner's Guide to Purchasing Power Parity Theory . . . 31 May 2014 . Moffatt, Mike.
  2. Web site: Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia . . Changes in Exchange Rates in Rapidly Development Countries: Theory, Practice, and Policy Issues . January 1999 . 1 June 2014 . . Isard, Peter . Symansky, Steven.
  3. Web site: IMF World Economic Outlook (WEO), October 2016: Subdued Demand: Symptoms and Remedies. www.imf.org. 2017-02-19.
  4. Web site: What is GDP and why is it so important? . . . 26 February 2009 . 30 May 2014.
  5. Web site: Purchasing Power Parity: Weights Matter . . . 28 March 2012 . 30 May 2014 . Callen, Tim.
  6. Web site: Gross Domestic Product: An Economy's All . . . 28 March 2012 . 31 May 2014 . Callen, Tim.
  7. Web site: Download World Economic Outlook database . Oct 2023 . imf.org . 1 Mar 2024.