List of Oceanian countries by GDP (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 2013 data from The World Factbook by the Central Intelligence Agency.[1]

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.[2] 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.[3] Therefore, these figures should be used with caution.

Some countries/regions may have citizens which are 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][8]
(2014 CIA estimate in millions USD)		 GDP (PPP)[9]
(IMF estimate in millions USD)		 GDP per capita[10]
(2014 CIA estimate in USD)
 Australia 1,444,000 1,100,449 46,400
 Federated States of Micronesia 331 3,000
 Fiji 4,212 7,292 8,200
 Kiribati 180 1,700
 Marshall Islands 178 3,300
 Nauru 60 5,000 (2005 est.)
 New Zealand 198,100 158,733 35,200
 Palau 272 16,300
 Papua New Guinea 16,060 18,105 2,400
 Samoa 826 995 5,200
 Solomon Islands 1,155 1,046 1,900
 Tonga 454 523 4,900
 Tuvalu 35 3,300
 Vanuatu 812 687 3,300

See also

References

  1. ↑ "GDP (Official Exchange Rate)". The World Factbook. Central Intelligence Agency. Retrieved 1 June 2014.
  2. ↑ Moffatt, Mike. "A Beginner's Guide to Purchasing Power Parity Theory". About.com. IAC/InterActiveCorp. Retrieved 31 May 2014.
  3. ↑ Ito, Takatoshi et. al. (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.
  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. ↑ "GDP (Official Exchange Rate)". CIA World Fact book. Archived from the original on September 12, 2015. Retrieved 14 Oct 2015.
  8. ↑ calculated according to that year's exchange rate
  9. ↑ "Report for Selected Countries and Subjects (PPP valuation of country GDP)". World Economic Outlook. International Monetary Fund. April 2014.
  10. ↑ "GDP - PER CAPITA (PPP)". CIA world factbook. Archived from the original on September 19, 2015. Retrieved 15 Oct 2015.
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