Overview
The gross domestic product (GDP) of Oceanian nations is typically reported in nominal terms (current US dollars) and compiled annually by international financial institutions such as the International Monetary Fund (IMF) and the World Bank. The table below summarizes the most recent estimates available from the IMF World Economic Outlook (April 2024). Figures are rounded to the nearest 0.1 billion US $ and reflect the 2023 calendar year where data are available.
| Rank | Country | GDP (Nominal, 2023) | Source |
|---|---|---|---|
| 1 | Australia | ≈ 1,700 billion US $ | IMF WEO 2024 |
| 2 | New Zealand | ≈ 250 billion US $ | IMF WEO 2024 |
| 3 | Papua New Guinea | ≈ 15 billion US $ | IMF WEO 2024 |
| 4 | Fiji | ≈ 5 billion US $ | IMF WEO 2024 |
| 5 | Solomon Islands | ≈ 1.5 billion US $ | IMF WEO 2024 |
| 6 | Vanuatu | ≈ 0.9 billion US $ | IMF WEO 2024 |
| 7 | Samoa | ≈ 0.9 billion US $ | IMF WEO 2024 |
| 8 | Tonga | ≈ 0.5 billion US $ | IMF WEO 2024 |
| 9 | Kiribati | ≈ 0.3 billion US $ | IMF WEO 2024 |
| 10 | Federated States of Micronesia | ≈ 0.5 billion US $ | IMF WEO 2024 |
| 11 | Marshall Islands | ≈ 0.2 billion US $ | IMF WEO 2024 |
| 12 | Palau | ≈ 0.3 billion US $ | IMF WEO 2024 |
| 13 | Nauru | ≈ 0.1 billion US $ | IMF WEO 2024 |
Key points
- Australia dominates the regional economy, accounting for more than 90 % of Oceania’s total nominal GDP.
- New Zealand is the second‑largest economy, with a GDP roughly one‑seventh that of Australia.
- The remaining Pacific island nations have economies measured in single‑digit billions of US dollars, reflecting their small populations and limited industrial bases.
- GDP estimates for the smaller island states are subject to greater uncertainty due to limited statistical capacity and reliance on external aid and tourism.
Data considerations
- All values are nominal (not adjusted for purchasing‑power parity).
- The IMF updates its outlook annually; revisions may occur as newer national accounts are published.
- Some Pacific island economies experience significant year‑to‑year volatility because of exposure to external shocks (e.g., natural disasters, fluctuations in tourism demand).
References
- International Monetary Fund, World Economic Outlook Database, April 2024. (Accessed July 2026.)
- World Bank, World Development Indicators (used where IMF data are unavailable).
Note: The figures presented are estimates derived from the cited IMF database and are intended for comparative purposes rather than precise accounting.
