Economy of Fiji

Economy - overview
Fiji, endowed with forest, mineral, and fish resources, is one of the most developed of the Pacific island economies though still with a large subsistence sector. Sugar exports, remittances from Fijians working abroad, and a growing tourist industry - with 400,000 to 500,000 tourists annually - are the major sources of foreign exchange. Fiji's sugar has special access to European Union markets but will be harmed by the EU's decision to cut sugar subsidies. Sugar processing makes up one-third of industrial activity but is not efficient. Fiji's tourism industry was damaged by the December 2006 coup and is facing an uncertain recovery time. In 2007 tourist arrivals were down almost 6%, with substantial job losses in the service sector, and GDP dipped. The coup has created a difficult business climate. The EU has suspended all aid until the interim government takes steps toward new elections. Long-term problems include low investment, uncertain land ownership rights, and the government's inability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have decreased significantly. Fiji's current account deficit peaked at 23% of GDP in 2006, and has been improving since that year.
GDP (purchasing power parity)
$4.186 billion (2011 est.)
$4.112 billion (2009 est.)
data are in 2011 US dollars
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GDP (official exchange rate)
$3.546 billion (2011 est.)
GDP - real growth rate
2% (2011 est.)
-1.3% (2009 est.)
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GDP - per capita (PPP)
$4,700 (2011 est.)
$4,700 (2009 est.)
data are in 2011 US dollars
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GDP - composition by sector
agriculture:
12%
industry:
20.2%
services:
67.7% (2011 est.)
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Labor force
335,000 (2007 est.)
rank:
162
Labor force - by occupation
agriculture:
70%
industry and services:
30% (2001 est.)
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Unemployment rate
7.6% (1999)
rank:
88
Population below poverty line
31% (2009 est.)
Household income or consumption by percentage share
lowest 10%:
2.6%
highest 10%:
34.9%
Budget
revenues:
$948 million
expenditures:
$1.06 billion (2011 est.)
Taxes and other revenues
26.7% of GDP (2011 est.)
rank:
117
Budget surplus (+) or deficit (-)
-3.1% of GDP (2011 est.)
rank:
103
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Public debt
48.8% of GDP
54.5% of GDP
Inflation rate (consumer prices)
8.7% (2011 est.)
5.5% (2010 est.)
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Central bank discount rate
1.75% (31 December 2010 est.)
3% (31 December 2009 est.)
Commercial bank prime lending rate
7.47% (31 December 2011 est.)
7.5% (31 December 2010 est.)
Stock of narrow money
$1.099 billion (31 December 2011 est.)
$780.3 million (31 December 2010 est.)
Stock of broad money
$2.495 billion (31 December 2011 est.)
$1.89 billion (31 December 2010 est.)
Stock of domestic credit
$1.758 billion (31 December 2011 est.)
$1.783 billion (31 December 2010 est.)
Market value of publicly traded shares
$1.372 billion (31 December 2011)
$1.607 billion (31 December 2009)
Agriculture - products
sugarcane, coconuts, cassava (manioc), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish
Industries
tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries
Industrial production growth rate
NA%
Electricity - production
970 million kWh (2009 est.)
rank:
145
Electricity - consumption
865.8 million kWh (2008 est.)
rank:
147
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production
0 bbl/day (2010 est.)
rank:
172
Oil - consumption
15,000 bbl/day (2010 est.)
rank:
140
Oil - exports
1,857 bbl/day (2009 est.)
rank:
112
Oil - imports
18,850 bbl/day (2009 est.)
rank:
114
Oil - proved reserves
0 bbl (1 January 2011 est.)
rank:
130
Natural gas - production
0 cu m (2009 est.)
rank:
180
Natural gas - consumption
0 cu m (2009 est.)
rank:
176
Natural gas - exports
0 cu m (2009 est.)
rank:
97
Natural gas - imports
0 cu m (2009 est.)
rank:
191
Natural gas - proved reserves
0 cu m (1 January 2011 est.)
rank:
176
Current account balance
-$428.8 million (2011 est.)
-$416 million (2010 est.)
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Exports
$901.5 million (2011 est.)
$819.5 million (2010 est.)
Exports - commodities
sugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partners
Australia 14.3%, US 11%, Japan 6.3%, UK 5.9%, Samoa 5.8%, Tonga 5.1% (2011)
Imports
$1.762 billion (2011 est.)
$1.602 billion
Imports - commodities
manufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partners
Singapore 34.1%, Australia 16.3%, NZ 14.1%, China 8.9% (2011)
Reserves of foreign exchange and gold
$833.5 million (31 December 2011 est.)
$720.6 million
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Debt - external
$258.7 million (31 December 2011 est.)
$251 million
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Stock of direct foreign investment - at home
$NA
Stock of direct foreign investment - abroad
$NA
Exchange rates
1.9183 (2010 est.)
Fiscal year
calendar year
Data source 1: All Above textual data, maps and flags were extracted from The World Factbook which was prepared by the Central Intelligence Agency and made available on the following link: The World Factbook. Lebanese Economy Forum is not sponsered or affiliated, in any way, by the US Central Intelligence Agency
Data source 2: Plots and Charts are constructed using the world bank public data catalog which can be viewed by visiting the following link: World Bank Data Catalog. Lebanese Economy Forum is not sponsored or affiliated, in any way, by the worldbank

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