the second smallest in population

OCEANIA

The first settlers of Australia, New Guinea, and the large islands just to the east arrived more than 60,000 years ago.

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Australia and New Zealand are the only developed nations in the region, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world. Australia’s per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. New Zealand is also one of the most globalised economies and depends greatly on international trade.

The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific. New Zealand is the 53rd-largest national economy in the world measured by nominal gross domestic product (GDP) and 68th-largest in the world measured by purchasing power parity (PPP). In 2012, Australia was the 12th largest national economy by nominal GDP and the 19th-largest measured by PPP-adjusted GDP.

Mercer Quality of Living Survey ranks Sydney tenth in the world in terms of quality of living, making it one of the most livable cities. It is classified as an Alpha+ World City by GaWC.

Australia

A wealthy country, Australia has a¬†market economy, a high GDP per capita, and a relatively low rate of poverty. In terms of average wealth, Australia ranked second in the world after Switzerland from 2013 until 2018. In 2018, Australia overtook Switzerland and became the country with the highest average wealth. Australia’s poverty rate increased from 10.2% to 11.8%, from 2000/01 to 2013.

new zealand

New Zealand has an advanced market economy, ranked 16th in the 2018 Human Development Index and third in the 2018 Index of Economic Freedom. It is a high-income economy with a nominal gross domestic product (GDP) per capita of US$36,254.

New Zealand is heavily dependent on international trade, particularly in agricultural products.

Economy of Oceania

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 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.

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.¬†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 in Australia and¬†Solomon Islands. Oceania’s largest export markets include Japan, China, the United States, India, South Korea and the¬†European Union.

2010-present

Endowed with forest, mineral, and fish resources, Fiji is one of the most developed of the Pacific island economies.

Future

Oceania’s largest export markets include Japan, China, the United States, India, South Korea and the¬†European Union.

Economic development

Wealth

Tourists mostly come from Japan, the United Kingdom and the United States.