View source for Economy of Oceania

{{Use dmy dates|date=August 2021}}
{{Refimprove|date=August 2009}}
{{Short description|none}}
{{Infobox economy
| continent = Oceania
| population = estimated 38 million (2014)<ref name="stats">{{cite web |url=http://www.internetworldstats.com/stats6.htm |title= Internet Usage and Population in Oceania |access-date=15 January 2010}}</ref>
| gdp = [[List of countries by GDP (PPP)|PPP]]: [[International dollar|US$]]1.67 trillion (2014)
| per capita = [[List of countries by GDP (PPP) per capita|PPP]]: [[International dollar|$]]22,647
| footnote = During 2003 unless otherwise stated. Most numbers are from the [[UNDP]] from 2002, some numbers exclude certain countries for lack of information.
}}
{{World economy}}
[[File:Sydney skyline from the north aerial 2010.jpg|thumb|right|250px|The skyline of the [[Sydney central business district]] in Australia. Sydney is the most populous city in Oceania and is one of Oceania's only two Alpha [[World City#Studies|world cities]].]]
[[File:Auckland Skyline as seen from Devonport 20100128 3.jpg|thumb|right|250px|The skyline of the [[Auckland Central Business District]] in New Zealand. Auckland is the fifth populous city in Oceania and most populous city in New Zealand.]]
[[File:Port Moresby Town2 Mschlauch.jpg|thumb|right|250px|The downtown area of [[Port Moresby]], the capital of Papua New Guinea. Port Moresby is the most populous Oceanian city outside of Australia and New Zealand.]]

The '''economy of Oceania''' comprises more than 14 separate countries and their associated economies.

On a total scale, [[Oceania]] has approximately 34,700,201<ref name="stats"/> inhabitants who are spread among 30,000 islands {{Citation needed|date=July 2009}} in the [[Oceania|South Pacific]] bordered between [[Asia]] and the [[Americas]]. This region has a diverse mix of economies from the highly developed and globally competitive financial markets of [[Australia]] and New Zealand to the much less developed economies that belong to many of its island neighbours.

==Trade blocs==
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.

{{Expand section|date=June 2008}}

== Currency ==

The below table summarizes the official currencies of Oceania. Several territories are [[dollarized]] or use a currency with a [[fixed exchange rate]].

{| class="wikitable sortable"
|-
! {{nobr|Country/territory}}
! Currency
! [[Central bank]]
! Notes
|-
| ''{{ASM}}''
| [[US Dollar]]
| [[Federal Reserve]]
| US territory
|-
| {{AUS}}
| data-sort-value=AUD1|[[Australian Dollar]]
| data-sort-value=AUD1|[[Reserve Bank of Australia]]
|
|-
| ''{{COK}}''
| data-sort-value=NZD2|[[New Zealand Dollar]]
| data-sort-value=NZD2|[[Reserve Bank of New Zealand]]
| Dollarized
|-
| {{flagdeco|Chile|easter}} ''[[Easter Island]]''
| [[Chilean Peso]]
| [[Central Bank of Chile]]
| Chilean territory
|-
| {{FJI}}
| [[Fijian dollar|Fiji Dollar]]
| [[Reserve Bank of Fiji]]
|
|-
| ''{{PYF}}''
| [[CFP franc|Pacific Franc]]
| [[Institut d'émission d'Outre-Mer]]
| Pegged to [[Euro]]
|-
| ''{{GUM}}''
| [[US Dollar]]
| [[Federal Reserve]]
| US territory
|-
| ''{{flag|Hawaii}}''
| [[US Dollar]]
| [[Federal Reserve]]
| US state
|-
| {{KIR}}
| data-sort-value=AUD2|[[Australian Dollar]]
| data-sort-value=AUD2|[[Reserve Bank of Australia]]
| Dollarized
|-
| {{MHL}}
| [[US Dollar]]
| [[Federal Reserve]]
| Dollarized
|-
| data-sort-value=Micronesia|{{flagdeco|Micronesia}} [[FS Micronesia]]
| [[US Dollar]]
| [[Federal Reserve]]
| Dollarized
|-
| {{NRU}}
| data-sort-value=AUD2|[[Australian Dollar]]
| data-sort-value=AUD2|[[Reserve Bank of Australia]]
| Dollarized
|-
| ''{{NCL}}''
| [[CFP franc|Pacific Franc]]
| [[Institut d'émission d'Outre-Mer]]
| Pegged to [[Euro]]
|-
| {{NZL}}
| data-sort-value=NZD1|[[New Zealand Dollar]]
| data-sort-value=NZD1|[[Reserve Bank of New Zealand]]
|
|-
| ''{{NIU}}''
| data-sort-value=NZD2|[[New Zealand Dollar]]
| data-sort-value=NZD2|[[Reserve Bank of New Zealand]]
| Dollarized
|-
| ''{{NFK}}''
| data-sort-value=AUD3|[[Australian Dollar]]
| data-sort-value=AUD3|[[Reserve Bank of Australia]]
| Australian territory
|-
| {{nobr|{{flagdeco|Northern Marianas}} ''[[Northern Mariana Islands]]''}}
| [[US Dollar]]
| [[Federal Reserve]]
| US territory
|-
| {{PLW}}
| [[US Dollar]]
| [[Federal Reserve]]
| Dollarized
|-
| {{PNG}}
| [[Kina (currency)|Kina]]
| [[Bank of Papua New Guinea]]
|
|-
| ''{{PCN}}''
| data-sort-value=NZD2|[[New Zealand Dollar]]
| data-sort-value=NZD2|[[Reserve Bank of New Zealand]]
| Dollarized
|-
| {{WSM}}
| [[Samoan tala|Tala]]
| [[Central Bank of Samoa]]
|
|-
| {{SLB}}
| {{nobr|[[Solomon Islands dollar]]}}
| {{nobr|[[Central Bank of Solomon Islands]]}}
|
|-
| ''{{TKL}}''
| data-sort-value=NZD2|[[New Zealand Dollar]]
| data-sort-value=NZD2|[[Reserve Bank of New Zealand]]
| Dollarized
|-
| {{TON}}
| [[Pa'anga]]
| [[National Reserve Bank of Tonga]]
| Pegged to<br/>currency basket
|-
| {{TUV}}
| data-sort-value=AUD2|[[Australian Dollar]]
| data-sort-value=AUD2|[[Reserve Bank of Australia]]
| Dollarized
|-
| {{VUT}}
| [[Vatu]]
| [[Reserve Bank of Vanuatu]]
|
|-
| ''{{WLF}}''
| [[CFP franc|Pacific Franc]]
| [[Institut d'émission d'Outre-Mer]]
| Pegged to [[Euro]]
|}

==Economic sectors==

===Service industry===
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.

===Manufacturing===
The manufacturing of clothing is a major industry in some parts of the Pacific, especially [[Economy of Fiji#Tourism|Fiji]], although this is generally decreasing.

Australia boasts the largest amount of manufacturing in the region, producing cars, electrical equipment, machinery and clothes.

===Tourism===
Tourism has become a large source of income for many in the Pacific; tourists come from Australia, New Zealand, Japan, the United Kingdom and the United States. [[Economy of Fiji#Tourism|Fiji]] currently draws almost half a million tourists each year; more than a quarter from Australia. This contributes $1 billion or more since 1995 to Fiji's economy but the government of Fiji underestimate these figures due in part to an invisible economy inside the tourism industry.

===Agriculture and fishing===
Agriculture and natural resources constitutes only 5% to 10% of Oceania's total jobs, but contributes substantially to export performance. The most populous two nations, Australia and New Zealand, are also the most developed and have majority service industries. This dilutes the data from the less developed Pacific Island nations who have major agricultural economies. Most of the Pacific countries (excluding Australia and New Zealand) the primary industry is agriculture. Many nations are still quintessentially agricultural; for example, 80% of the population of [[Vanuatu]] and 70% of the population of [[Fiji]] works in [[agriculture]]. The main produce from the pacific is [[copra]] or [[coconut]], but [[timber]], [[beef]], [[palm oil]], [[Cocoa bean|cocoa]], [[sugar]] and [[ginger]] are also commonly grown across the [[tropics]] of the [[Pacific]]. [[Fishing]] provides a major [[Industry (economics)|industry]] for many of the smaller nations in the [[Pacific Ocean|Pacific]], although many [[fishing]] areas are exploited by other larger countries, namely Japan. [[Natural Resources]], such as [[lead]], [[zinc]], [[nickel]] and [[gold]], are mined in Australia and the [[Solomon Islands]]. Oceania's largest export markets include Japan, China, the United States, India, South Korea and the [[European Union]].

===International aid and charity===

====Oceanian donor nations====
Oceania's most populous nations, Australia and New Zealand, are both highly developed nations and are large international aid donors. These two wealthy nations share the region with less developed nations which still rely on [[foreign aid]] for [[development aid|development]]. In the 2007/08 financial year Australia provided $3.155 billion worth of official development assistance, of which $2.731 billion will be managed by AusAID. Every week, each Australian puts in around $2.40 to pay for Australia's aid program, amounting to around 1% of the Australian Federal Government expenditure compared to the 42% spent on social security and welfare.

====Oceanian recipient states====
In the [[Solomon Islands]] 50% of government spending is paid for by international donors; namely Australia, New Zealand, the [[European Union]], Japan and the [[Republic of China]] ([[Taiwan]]).

==Global trade relations==
This region consists of many trading relations because of the small amount of land and limited resources they have. Many have trading economies and are transitioning to a developed economy and infrastructure.

==See also==
* [[List of Oceanian countries by GDP (nominal)]]

==References==
{{reflist}}

{{Oceania in topic|Economy of}}
{{Oceania topics}}
{{Currences by continent |state=expanded}}

{{DEFAULTSORT:Economy Of Oceania}}
[[Category:Economy of Oceania| ]]
[[Category:Economies by continent|Oceania]]