Economy of Oceania
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| Population: | 35,834,670 (2002) | |
| GDP (PPP) (2003): | $720 billion | |
| GDP (Currency): | ||
| GDP/capita (PPP) : | $22,647 | |
| GDP/capita (Currency) : | ||
| Annual growth of per capita GDP: |
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| Income of top 10%: | ||
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The economy of Oceania comprises more than 14 separate countries and their associated economies.
On a total scale the region has approximately 35,834,670 inhabitants who are spread among 30,000 islands 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 (1st) and New Zealand (2nd) boasting parity with much of Western Europe, to the much less developed economies that belong to many of their island neighbours.
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[edit] Economic development
[edit] Future
As the worlds regions become increasingly interlinked to form trade blocs the future which entails Oceania could lead to either increased unity or separatism. Future issues such as Global Warming, the Kyoto Agreement, and the subsequent possibility of the Carbon Trade could increase the regions viability to become a more centralised region. Greater unity and therefore sustained prosperity among Oceanian countries could be achieved through increased co-operation between nation states Economically, Politically and Socially. The implementation of these factors could perhaps provide the region with a similar framework to the European Union in its most fundamental form. Perhaps the formation of a common currency in the South Pacific, similar to that in Europe may be the first step in the right direction.
[edit] Regional variation
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[edit] Trade blocs
Many of the smaller 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.
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[edit] Currency
Below is a list of the currencies of Oceania, with exchange rates between each currency and both the Euro and US Dollars as of 28th October 2007.
Table correct as of 28th February 2008
[edit] Economic sectors
[edit] Fishing and Agriculture
The overwhelming majority of people in the Pacific (not including Australia and New Zealand) work in the primary sector. 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, sugar and ginger are also commonly grown across the tropics of the Pacific. Old growth logging is exploited on larger islands, including the Solomons and Papua New Guinea.
Fishing provides a major industry for many of the smaller nations in the Pacific, although many fishing areas are exploited by other larger countries, namely Japan.
Natural Resources, such as lead, zinc, nickel and gold, are mined across the West of the region, in the Solomon Islands and Australia.
[edit] Manufacturing
The Manufacturing of clothing is a major industry in some parts of the Pacific, especially Fiji, although this is decreasing.
[edit] Investing and banking
Very little of the economy is in this area, save in the larger countries; Australia and New Zealand.
[edit] Other
Recently 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 USA. Fiji currently draws almost half a million tourists each year; more than a quarter from Australia. This contributes $1 billion dollars or more since 1995 to Fiji's economy but the Government of Fiji islands underestimate these figures due to invisible economy inside tourism industry.
As well as this, many places in the Pacific still rely on foreign aid for development. 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).
[edit] Global trade relations
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[edit] Economy by country
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