Australia is the largest economy in Oceania, comprising over 85% of the continent's gross domestic product (nominal).
Gross domestic product (GDP) is the market value 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 US Central Intelligence Agency (CIA).
[1] 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.
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.