<hdr>The World Factbook 1994: Pacific Ocean<nl>Economy</hdr><body>
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<item><hi format=bold>Overview:</hi> The Pacific Ocean is a major contributor to the world economy and particularly to those nations its waters directly touch. It provides low-cost sea transportation between East and West, extensive fishing grounds, offshore oil and gas fields, minerals, and sand and gravel for the construction industry. In 1985 over half (54%) of the world's fish catch came from the Pacific Ocean, which is the only ocean where the fish catch has increased every year since 1978. Exploitation of offshore oil and gas reserves is playing an ever-increasing role in the energy supplies of Australia, NZ, China, US, and Peru. The high cost of recovering offshore oil and gas, combined with the wide swings in world prices for oil since 1985, has slowed but not stopped new drillings.
<item><hi format=bold>Industries:</hi> fishing, oil and gas production
