List of Oceanian countries by GDP

Source International Monetary Fund World Economic Outlook (October-2023)
Date12 Feb 2024

Australia is the largest economy in Oceania, followed by New Zealand and Papua New Guinea. These three together hold a huge 99.4% share of the Oceanian economy. Tuvalu is the smallest economy in Oceania.

One economy of Oceania would have gdp above $1 trillion, and two would have an economy of above $100 billion. There would be no change in Oceanian nominal ranking in 2023. None of the Oceanian economies are in the list of top ten largest economies globally, and only one economy are within the top 50 world gdp ranking.

Out Of 14 economies, gdp (nominal) of 12 would increase, and two economies would decrease in 2023 compared to 2022. New Zealand ($7.4 bn) is the top contributor. The two decliners would be Australia and Nauru.

In ppp data, One economy of Oceania would have gdp above Int. $1 trillion, and four would have an economy of above Int. $100 billion. There would be only no change in ppp ranking in 2023. Only one Oceanian economy, Australia, is in the top 50 world gdp ranking.

None of the Oceanian economies would see a decrease in 2023 compared to 2022. Australia (Int. $90 bn), and New Zealand (Int. $13 bn) would be the top gainers.

Eight economies have higher GDP on a PPP basis, and six have higher on a nominal basis. Fiji has highest ppp to nominal ratio of 2.73, while Vanuatu have lowest figure of 0.87.

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GDP (Nominal)

Country/Economy GDP (billions of $) Share (%) Rank
20222023ChangeOceaniaWorld OceaniaWorld
Australia1,702.5541,687.713-14.84185.21.62114
Fiji4.9805.5110.5310.2780.005274158
Kiribati0.2240.2460.0220.01240.0002412193
Marshall Islands0.2610.2770.0160.01400.0002710191
Micronesia0.4240.4580.0340.02310.000449190
Nauru0.1520.150-0.0020.007580.0001413194
New Zealand242.024249.4157.39112.60.239253
Palau0.2460.2670.0210.01350.0002611192
Papua New Guinea31.53331.6920.1591.600.03033106
Samoa0.8330.9390.1060.04740.000907186
Solomon Islands1.5911.6900.0990.08530.001625180
Tonga0.4980.5470.0490.02760.000528189
Tuvalu0.0590.0630.0040.003180.0000614195
Vanuatu1.0731.1660.0930.05890.001126183
Oceania 1,986.452 1,980.134 -6.318 1.9
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GDP (PPP)

Country/Economy GDP (billions of Int. $) Share (%) Rank PPP/Nom
20222023ChangeOceaniaWorld OceaniaWorld
Australia1,629.3221,719.26289.94083.40.9831201.019
Fiji13.60015.1521.5520.7350.0086741562.749
Kiribati0.2790.2970.0180.01440.00017101911.207
Marshall Islands0.2460.2630.0170.01280.00015121930.949
Micronesia0.3880.4130.0250.02000.0002491900.902
Nauru0.1370.1430.0060.006940.00008131940.953
New Zealand266.296279.18312.88713.50.1602631.119
Palau0.2570.2680.0110.01300.00015111921.004
Papua New Guinea39.11141.7852.6742.030.023931361.318
Samoa1.1831.3250.1420.06430.0007661851.411
Solomon Islands1.6781.7830.1050.08650.0010251831.055
Tonga0.6680.7110.0430.03450.0004181891.300
Tuvalu0.0580.0630.0050.003060.00004141951.000
Vanuatu0.9330.9810.0480.04760.0005671870.841
Oceania 1,954.156 2,061.629 107.473 1.18 1.041