The economy of Oceania comprises more than 14 separate countries and their associated economies. The world economy can be evaluated in various ways depending on the model used and this valuation can then be represented in various ways (for example in 2006 US dollars) The economy of Africa consists of the Trade, Industry, and resources of the peoples of Africa. Economic development Ancient and medieval times Asia was relatively rich in the ancient times Economic development Pre-1945 Industrial growth Prior to World War II, Europe's major financial and industrial states were the United Kingdom, The economy of North America comprises more than 514 million people in 23 sovereign states and 15 dependent territories Economic development As of early 2007 South America is experiencing great economic development with Venezuela, Colombia, Argentina, Uruguay

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. The Americas are the lands of the Western hemisphere or New World, consisting of the Continents of North America and South America 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. For a topic outline on this subject see List of basic Australia topics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island Western Europe at its most general meaning means 'all the countries in the West of Europe '

A panorama of Sydney, Australia's most populous city and the largest of Oceania's only 2 World Cities. In its most general sense a panorama is any wide view of a physical space Sydney (ˈsɪdniː is the most populous city in Australia, with a Metropolitan area population of approximately 4

A panorama of Auckland and the most populous city in New Zealand, the second of two world cities in Oceania. In its most general sense a panorama is any wide view of a physical space The Auckland metropolitan area or Greater Auckland, in the North Island of New Zealand, is the largest and most populous urban area in the country New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island

Economic development

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.

Regional variation

to be completed

Oceania

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. The Pacific Ocean is the largest of the Earth 's Oceanic divisions For a topic outline on this subject see List of basic Australia topics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island The United States of America —commonly referred to as the

Australia and New Zealand's trading arrangements are known as Closer Economic Relations. Closer Economic Relations ( CER) is a Free trade agreement between the governments of New Zealand and Australia. 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 East Asia Summit (EAS is a forum held annually by leaders of 16 countries in the East Asian region

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

Economic sectors

Fishing and Agriculture

The overwhelming majority of people in the Pacific (not including Australia and New Zealand) work in the primary sector. The CFP franc (called the franc in everyday use is the Currency used in the French overseas possessions of French Polynesia, New Caledonia The Pacific Ocean is the largest of the Earth 's Oceanic divisions For a topic outline on this subject see List of basic Australia topics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island Many nations are still quintessentially agricultural; for example, 80% of the population of Vanuatu and 70% of the population of Fiji works in agriculture. Vanuatu, officially the Republic of Vanuatu ( French: République de Vanuatu, Bislama: Ripablik blong Vanuatu) is an Island Fiji (Matanitu ko Viti फ़िजी officially the Republic of the Fiji Islands (Matanitu Tu-Vaka-i-koya ko Viti फ़िजी द्वीप समूह गणराज्य Agriculture refers to the production of goods through the growing of plants and fungi and the raising of domesticated Animals The study of 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. Copra is the dried meat or kernel of the Coconut. The name copra is derived from the Malayalam word kopra for dried coconut The Coconut Palm ( Cocos nucifera) is a member of the Family Arecaceae (palm family Lumber or timber is Wood in any of its stages from felling through readiness for use as structural Material for Construction, or Beef is the Culinary name for Meat from Bovines especially domestic Cattle (cows Palm oil is an edible plant oil derived from the Fruit of the Arecaceae Elaeis Oil palm. Cocoa is the dried and fully fermented fatty seed of the cacao tree from which Chocolate is made Sugar is a class of edible Crystalline substances mainly Sucrose, Lactose, and Fructose. Ginger is commonly used as a cooking spice throughout the world The Tropics are centered on the Equator and limited in Latitude by the Tropic of Cancer in the northern hemisphere at approximately 23°26' (23 The Pacific Ocean is the largest of the Earth 's Oceanic divisions Old growth logging is exploited on larger islands, including the Solomons and Papua New Guinea. Ancient Woodland Old growth forest, (also termed primary forest, ancient forest, virgin forest, primeval forest, frontier The Solomon Islands is a country in Melanesia, east of Papua New Guinea, consisting of nearly one thousand islands Papua New Guinea (or ˈpæpjuːə in Tok Pisin: Papua Niugini) officially the Independent State of Papua New Guinea, is a country in Oceania

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. For the computer security term see Phishing. Fishing is the activity of catching Fish. For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" The Pacific Ocean is the largest of the Earth 's Oceanic divisions For the computer security term see Phishing. Fishing is the activity of catching Fish. For a topic outline on this subject see List of basic Japan topics.

Natural Resources, such as lead, zinc, nickel and gold, are mined across the West of the region, in the Solomon Islands and Australia. Natural Resources is a Soul album released by Motown girl group Martha Reeves and the Vandellas in 1970 on the Gordy ( Motown) label Characteristics Lead has a dull luster and is a dense, Ductile, very soft highly Zinc (ˈzɪŋk from Zink is a Metallic Chemical element with the symbol Zn and Atomic number 30 Nickel (ˈnɪkəl is a metallic Chemical element with the symbol Ni and Atomic number 28 Gold (ˈɡoʊld is a Chemical element with the symbol Au (from its Latin name aurum) and Atomic number 79 This article refers to the cardinal direction for other uses see West (disambiguation. The Solomon Islands is a country in Melanesia, east of Papua New Guinea, consisting of nearly one thousand islands For a topic outline on this subject see List of basic Australia topics.

Manufacturing

The Manufacturing of clothing is a major industry in some parts of the Pacific, especially Fiji, although this is decreasing. Endowed with Forest, Mineral, and Fish resources Fiji is one of the most developed of the Pacific island economies, though it remains

Investing and banking

Very little of the economy is in this area, save in the larger countries; Australia and New Zealand. An economic system is a System that involves the production, distribution and consumption of goods and services between For a topic outline on this subject see List of basic Australia topics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island

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. For a topic outline on this subject see List of basic Australia topics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island For a topic outline on this subject see List of basic Japan topics. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The United States of America —commonly referred to as the Fiji currently draws almost half a million tourists each year; more than a quarter from Australia. Endowed with Forest, Mineral, and Fish resources Fiji is one of the most developed of the Pacific island economies, though it remains For a topic outline on this subject see List of basic Australia topics. 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. The Pacific Ocean is the largest of the Earth 's Oceanic divisions Aid (from the french word aide, also known as international aid, overseas aid, or foreign aid, especially in the United States) is Development aid or development cooperation (also development assistance, technical assistance, international aid, overseas aid 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). The Solomon Islands is a country in Melanesia, east of Papua New Guinea, consisting of nearly one thousand islands For a topic outline on this subject see List of basic Australia topics. New Zealand is an Island country in the south-western Pacific Ocean comprising two main landmasses (the North Island and the South Island The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in For a topic outline on this subject see List of basic Japan topics. REPUBLIC OF CHINA ARTICLE GUIDELINES Taiwan ( Taiwanese: Tâi-oân/Tāi-oân (historically 大灣/台員/大員/台圓/大圓/台窩灣 is an Island in East Asia.

Global trade relations

Economy by country

See also

• Oceania