Formed by 14 countries, Oceania is the smallest continent on
Earth, occupying an area of approximately 8.5 million square
kilometers. The continental economy presents a great disparity,
a fact that can be analyzed through the difference in the Gross
Domestic Product (GDP) of the countries of this region.
Australia and New Zealand have a high degree of socioeconomic
development, being among the richest countries and with the best
quality of life on the planet. These two nations have strong
industrialization and highly mechanized agriculture. The other
countries have little economy, based on agriculture. Tourism is
developed in virtually all countries.
The diversified Australian industrial park boosts the
national economy, with emphasis on the segments of: chemistry,
metallurgy, steel, petrochemical, machinery and equipment,
etc. Mining is another important sector for raising financial
resources. This activity is developed through the extraction of
bauxite, gold, iron, lead and manganese.
New Zealand, the second richest nation on the continent, has
a high level of industrialization (food, processing,
metallurgical, steel, petrochemical, etc.). It also houses large
reserves of oil, coal and natural gas. Another highlight of the
national economy is the flocks of sheep, goats, cattle and pigs,
boosting the production of wool, meat and dairy products.
The other twelve nations (Fiji, Marshall Islands, Solomon
Islands, Kiribati, Micronesia, Nauru, Palau, Papua New Guinea,
Samoa, Tonga, Tuvalu and Vanuatu), unlike Australia and New
Zealand, have a low degree of industrialization and little
economy developed. The main activities to raise income are
tourism, agriculture, with subsistence plantations and export
monocultures, especially coconut, cocoa, coffee, cassava and
bananas, in addition to fishing. Visit the official website of
Abbreviationfinder.org to find abbreviations starting or
ending with Australia.