Fiji:
Economy

Pages for other countries and territories

Other pages in this profile of Fiji:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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. The coup has created a difficult business climate. Tourist arrivals for 2007 are estimated to be down almost 6%, with substantial job losses in the service sector. In July 2007 the Reserve Bank of Fiji announced the economy was expected to contract by 3.1% in 2007. Fiji's current account deficit reached 23% of GDP in 2006. 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.
GDP (purchasing power parity)	Definition - World rank and map $5.079 billion (2007 est.)
GDP (official exchange rate)	Definition $4.969 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 3.9% (2007 est.)
GDP - per capita	Definition - World rank and map $5,500 (2007 est.)
GDP - composition by sector	Definition agriculture: 8.9% industry: 13.5% services: 77.6% (2004 est.)
Labor force	Definition 117,500 (2006 est.)
Labor force - by occupation	Definition agriculture: 70% industry and services: 30% (2001 est.)
Unemployment rate	Definition - World rank and map 7.6% (1999)
Population below poverty line	Definition 25.5% (FY90/91)
Household income or consumption by percentage share	Definition lowest 10%: NA% highest 10%: NA%
Inflation rate (consumer prices)	Definition - World rank and map 4.8% (2007)
Budget	Definition revenues: $1.363 billion expenditures: $1.376 billion (2006)
Agriculture - products	Definition sugarcane, coconuts, cassava (tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish
Industries	Definition tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries
Industrial production growth rate	Definition - World rank and map NA%
Electricity - production	Definition - World rank and map 1.046 billion kWh (2005)
Electricity - consumption	Definition - World rank and map 735.6 million kWh (2006)
Electricity - consumption per capita	Definition - World rank and map 789.5 kWh (2006)
Electricity - exports	Definition 0 kWh (2005)
Electricity - imports	Definition 0 kWh (2005)
Oil - production	Definition - World rank and map 0 bbl/day (2005 est.)
Oil - consumption	Definition - World rank and map 9,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 9.7 bbl/day (2005 est.)
Oil - exports	Definition - World rank and map 2,268 bbl/day (2004)
Oil - imports	Definition - World rank and map 10,870 bbl/day (2004)
Oil - proved reserves	Definition - World rank and map 0 bbl (1 January 2006 est.)
Natural gas - production	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - consumption per capita	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2005 est.)
Natural gas - imports	Definition - World rank and map 0 cu m (2005)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$507 million (2006 est.)
Exports	Definition - World rank and map $1.202 billion f.o.b. (2006)
Exports - commodities	Definition sugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partners	Definition US 16.6%, UK 13%, Australia 10.6%, Samoa 5.2%, Tonga 4.5%, NZ 4.4% (2006)
Imports	Definition - World rank and map $3.12 billion c.i.f. (2006)
Imports - commodities	Definition manufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partners	Definition Singapore 29.5%, Australia 21.5%, NZ 17.2%, China 4.1% (2006)
Debt - external	Definition - World rank and map $127 million (2004 est.)
Stock of direct foreign investment - at home	Definition $NA
Stock of direct foreign investment - abroad	Definition $NA
Market value of publicly traded shares	Definition $586.7 million (2005)
Economic aid - recipient	Definition $63.96 million (2005)
Currency (code)	Definition Fijian dollar (FJD)
Exchange rates	Definition Fijian dollars per US dollar - NA (2007), 1.7313 (2006), 1.691 (2005), 1.7331 (2004), 1.8958 (2003)
Fiscal year	Definition calendar year

Fiji: Economy

Fiji:
Economy