Economy of Oceania
| Statistics | |
|---|---|
| Population | estimated 38 million (2014) |
| GDP | PPP: US$1.67 trillion (2014) |
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GDP per capita
|
PPP: $22,647 |
| During 2003 unless otherwise stated. Most numbers are from the UNDP from 2002, some numbers exclude certain countries for lack of information.
All values, unless otherwise stated, are in US dollars. |
|
The economy of Oceania comprises more than 14 separate countries and their associated economies.
On a total scale the region has approximately 34,700,201 inhabitants who are spread among 30,000 islands in the South Pacific bordered between Asia and the Americas. This region has a diverse mix of economies from the highly developed and globally competitive financial market of Australia to the much less developed economies that belong to many of its island neighbours. New Zealand is the only other 1st world nation in the region, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world.
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The smallest Pacific nations rely on trade with Australia, New Zealand and the United States for exporting goods and for accessing other products.
Australia and New Zealand's trading arrangements are known as Closer Economic Relations. Australia and New Zealand, along with other countries, are members of Asia-Pacific Economic Cooperation (APEC) and the East Asia Summit (EAS), which may become trade blocs in the future particularly EAS.
Below is a list of the currencies of Oceania, with exchange rates between each currency and both the Euro and US Dollars as of 28 October 2007. Australian figures are accurate as of 19 April 2012.
Table correct as of 28 February 2008, Australian figures correct as of 19 April 2012
The overwhelming majority of people living in the Pacific islands work in the service industry which includes tourism, education and financial services. Oceania's largest export markets include Japan, China, the United States and South Korea. The majority of people living in Australia and to a lesser extent, New Zealand work in mining, electrical and manufacturing sectors also.
The manufacturing of clothing is a major industry in some parts of the Pacific, especially Fiji, although this is decreasing.
Australia boasts the largest amount of manufacturing in the region. Producing cars, electrical equipment, machinery and clothes.
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