Source | International Monetary Fund World Economic Outlook (October-2023) |
Date | 12 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.
Country/Economy | GDP (billions of $) | Share (%) | Rank | ||||
---|---|---|---|---|---|---|---|
2023 | 2024 | Change | Oceania | World | Oceania | World | |
Australia | 1,741.882 | 1,790.348 | 48.466 | 85.6 | 1.63 | 1 | 13 |
Fiji | 5.497 | 5.801 | 0.304 | 0.277 | 0.00530 | 4 | 158 |
Kiribati | 0.279 | 0.311 | 0.032 | 0.0149 | 0.00028 | 10 | 191 |
Marshall Islands | 0.284 | 0.305 | 0.021 | 0.0146 | 0.00028 | 12 | 193 |
Micronesia | 0.460 | 0.484 | 0.024 | 0.0231 | 0.00044 | 9 | 190 |
Nauru | 0.154 | 0.161 | 0.007 | 0.00770 | 0.00015 | 13 | 194 |
New Zealand | 249.040 | 257.626 | 8.586 | 12.3 | 0.235 | 2 | 53 |
Palau | 0.267 | 0.308 | 0.041 | 0.0147 | 0.00028 | 11 | 192 |
Papua New Guinea | 30.998 | 31.716 | 0.718 | 1.52 | 0.0290 | 3 | 110 |
Samoa | 0.934 | 1.024 | 0.090 | 0.0490 | 0.00093 | 7 | 186 |
Solomon Islands | 1.631 | 1.707 | 0.076 | 0.0816 | 0.00156 | 5 | 180 |
Tonga | 0.547 | 0.581 | 0.034 | 0.0278 | 0.00053 | 8 | 189 |
Tuvalu | 0.062 | 0.066 | 0.004 | 0.00316 | 0.00006 | 14 | 195 |
Vanuatu | 1.169 | 1.289 | 0.120 | 0.0616 | 0.00118 | 6 | 183 |
Oceania | 2,033.204 | 2,091.727 | 58.523 | 1.91 |
Country/Economy | GDP (billions of Int. $) | Share (%) | Rank | PPP/Nom | ||||
---|---|---|---|---|---|---|---|---|
2023 | 2024 | Change | Oceania | World | Oceania | World | ||
Australia | 1,723.990 | 1,791.358 | 67.368 | 83.5 | 0.965 | 1 | 22 | 1.001 |
Fiji | 15.216 | 16.059 | 0.843 | 0.749 | 0.00865 | 4 | 155 | 2.768 |
Kiribati | 0.424 | 0.460 | 0.036 | 0.0215 | 0.00025 | 9 | 190 | 1.479 |
Marshall Islands | 0.272 | 0.287 | 0.015 | 0.0134 | 0.00015 | 12 | 193 | 0.941 |
Micronesia | 0.428 | 0.443 | 0.015 | 0.0207 | 0.00024 | 10 | 191 | 0.915 |
Nauru | 0.136 | 0.141 | 0.005 | 0.00658 | 0.00008 | 13 | 194 | 0.876 |
New Zealand | 275.967 | 285.582 | 9.615 | 13.3 | 0.154 | 2 | 64 | 1.109 |
Palau | 0.267 | 0.307 | 0.040 | 0.0143 | 0.00017 | 11 | 192 | 0.997 |
Papua New Guinea | 41.386 | 44.300 | 2.914 | 2.07 | 0.0239 | 3 | 135 | 1.397 |
Samoa | 1.317 | 1.421 | 0.104 | 0.0663 | 0.00077 | 6 | 185 | 1.388 |
Solomon Islands | 1.961 | 2.056 | 0.095 | 0.0959 | 0.00111 | 5 | 183 | 1.204 |
Tonga | 0.707 | 0.742 | 0.035 | 0.0346 | 0.00040 | 8 | 189 | 1.277 |
Tuvalu | 0.062 | 0.066 | 0.004 | 0.00308 | 0.00004 | 14 | 195 | 1.000 |
Vanuatu | 0.962 | 1.015 | 0.053 | 0.0473 | 0.00055 | 7 | 187 | 0.787 |
Oceania | 2,063.095 | 2,144.237 | 81.142 | 1.15 | 1.025 |