Economy of Oceania
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| Statistics | |
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| Population | estimated 38 million (2014) UNDP from 2002, some numbers exclude certain countries for lack of information. All values, unless otherwise stated, are in US dollars |
| World economy |
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The economy of Oceania comprises more than 14 separate countries and their associated economies.
On a total scale, Oceania has approximately 34,700,201[1] inhabitants who are spread among 30,000 islands [citation needed] 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 markets of Australia and New Zealand to the much less developed economies that belong to many of its island neighbours.
Trade blocs
The smallest
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.
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Currency
The below table summarizes the official currencies of Oceania. Several territories are
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 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. 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
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
Oceanian recipient states
In the
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
- ^ a b "Internet Usage and Population in Oceania". Retrieved 15 January 2010.