The Oceanian economy, comprising 14 economies, in 2021 is projected around US$1.90 trillion in nominal terms, $294 billion more than 2020, calculated by taking figures from the IMF. The GDP of South America is equivalent to Canada's GDP, the 9th largest economy in the world. Oceania is the smallest continental economy, accounting for 2.02% of the world GDP in nominal terms and 1.19% in ppp terms.

Oceanian gdp is mainly distributed in Australia and New Zealand ($1.86 tn), accounting for up to 98% of the continent's gdp. Shares of other regions are Melanesia (1.67%), Polynesia (0.07%), and Micronesia (0.06%).

As per the UN, South America's share of the world economy was maximum (2.41%) in 2012 and was minimum (1.37%) in 2001. In constant 2015 prices, which gives a better idea about expansion over the years, the Oceanian economy has expanded from $386 bn in 1970 to $1.589 tn in 2019 or 4.12x.

The Highest increment in Oceanian wealth was seen in 2011 when it has grown by $47 bn approx at constant 2015 prices, while the highest reduction of $9 bn was in 1982. The figure moved in the downward direction in two years. At current prices, the maximum increment was in the year 2010 of $313 bn, while the biggest decline was in 2015 ($245 bn). The figure moved in the downward direction in twelve years.

Grouping of continents and subregions are as per United Nations Statistics Division.

  • GDP
  • Share (%)

Oceanian subregions by gdp (IMF)

Subregion GDP (Nominal) (billions of $) Share (%) GDP (PPP) (billions of Int. $) Share (%)
20202021Net changeOceaniaWorld 20202021Net changeOceaniaWorld
Australia and New Zealand1,568.6591,860.872292.21398.191.981,543.7431,642.12698.38396.931.16
Melanesia30.32231.6781.3561.670.0346.45149.0682.6172.900.03
Polynesia1.3661.317-0.0490.070.001.8171.745-0.0720.100.00
Micronesia1.2101.2280.0180.060.001.2101.195-0.0150.070.00
Oceania 1,601.557 1,895.095 293.538 2.02 1,593.221 1,694.134 100.913 1.19

Oceanian subregions by gdp (UN)

Subregion GDP (billions of $) Share (%) in Oceania Share (%) in World
197020002019 197020002019197020002019
Australia and New Zealand51.65463.221,586.9895.9796.6896.851.511.381.81
Melanesia1.7711.0142.563.292.302.600.050.030.05
Polynesia0.334.307.800.610.900.480.010.010.01
Micronesia0.070.591.260.130.120.080.000.000.00
Oceania 54 479 1,639 1.57 1.42 1.87

Estimates by UN

Year GDP (billions of $) Share (%)
CurrentConstant (2015)
197053.820385.6501.57
197160.790400.8801.62
197271.880413.0201.66
1973102.390432.0701.94
1974121.180441.9102.03
1975127.810449.8401.91
1976136.580463.6101.89
1977137.220464.0301.69
1978160.900480.7301.67
1979179.200494.3101.62
1980205.500508.4801.66
1981235.560525.9901.87
1982225.220517.4401.80
1983225.240539.9301.75
1984238.400567.4301.80
1985214.010588.1801.58
1986231.260603.7101.48
1987276.510629.1101.56
1988346.220652.4101.75
1989376.900673.2101.82
1990382.530671.7601.66
1991387.730673.8401.61
1992384.100699.0701.49
1993379.530729.9801.44
1994433.580759.2701.55
1995473.320788.5401.52
1996523.630819.1301.65
1997524.790853.1201.66
1998463.640891.3601.47
1999503.250927.5801.54
2000479.120945.4401.42
2001459.240982.1601.37
2002513.5701,013.7601.48
2003662.1201,055.4301.70
2004803.5501,089.0401.83
2005900.4001,120.2901.89
2006956.7401,161.1901.85
20071,153.9101,204.2001.98
20081,224.9301,221.7101.92
20091,169.1301,246.8401.93
20101,482.4901,276.5202.24
20111,757.5701,323.8102.39
20121,811.8701,357.8802.41
20131,780.0501,391.6202.30
20141,714.6501,427.3302.16
20151,470.0301,470.0301.96
20161,543.1601,507.2102.03
20171,670.4601,553.7402.06
20181,718.1601,588.1102.00
20191,638.6001,589.1801.87