Gross domestic product (GDP) is the
market value
Market value or OMV (Open Market Valuation) is the price at which an asset would trade in a competitive auction setting. Market value is often used interchangeably with ''open market value'', ''fair value'' or ''fair market value'', although the ...
of all final goods and services from a nation in a given year. Countries in Oceania are sorted by nominal GDP estimates based on 2017 data from ''
The World Factbook'' by the
Central Intelligence Agency.
The figures presented here do not take into account differences in the
cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the
exchange rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of ...
s of the country's
currency. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference to the standard of living of its population. Therefore, these figures should be used with caution.
Some countries/regions may have citizens which are
on average wealthy. These countries/regions could appear in this list as having a small GDP. This would be because the country/region listed has a small population, and therefore small total economy; the GDP is calculated as the population times market value of the goods and services produced per person in the country.
Comparisons of national wealth are also frequently made on the basis of
purchasing power parity
Purchasing power parity (PPP) is the measurement of prices in different countries that uses the prices of specific goods to compare the absolute purchasing power of the countries' currency, currencies. PPP is effectively the ratio of the price of ...
(PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in
international trade, and it also requires more estimation than nominal GDP. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.
See also
*
List of countries by GDP (PPP)
GDP (PPP) means gross domestic product based on purchasing power parity.
This article includes a list of countries by their forecast estimated GDP (PPP). Countries are sorted by GDP (PPP) forecast estimates from financial and statistical ...
Notes
References
{{GDP country lists
GDP
O
*GDP
Lists of countries in Oceania