Economy

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. 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):
$5.079 billion (2007 est.)
GDP (official exchange rate):
$4.969 billion (2007 est.)
GDP - real growth rate:
3.9% (2007 est.)
GDP - per capita (PPP):
$5,500 (2007 est.)
GDP - composition by sector:
agriculture: 8.9%
industry: 13.5%
services: 77.6% (2004 est.)
Labor force:
117,500 (2006 est.)
Labor force - by occupation:
agriculture: 70%
industry and services: 30% (2001 est.)
Unemployment rate:
7.6% (1999)
Population below poverty line:
25.5% (FY90/91)
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3% (2005)
Budget:
revenues: $1.363 billion
expenditures: $1.376 billion (2006)
Agriculture - products:
sugarcane, coconuts, cassava (tapioca), 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:
1.046 billion kWh (2005)
Electricity - production by source:
fossil fuel: 18.5%
hydro: 81.5%
nuclear: 0%
other: 0% (2001)
Electricity - consumption:
735.6 million kWh (2006)
Electricity - exports:
0 kWh (2005)
Electricity - imports:
0 kWh (2005)
Oil - production:
0 bbl/day (2005 est.)
Oil - consumption:
9,000 bbl/day (2005 est.)
Oil - exports:
2,268 bbl/day (2004)
Oil - imports:
10,870 bbl/day (2004)
Oil - proved reserves:
0 bbl (1 January 2006 est.)
Natural gas - production:
0 cu m (2005 est.)
Natural gas - consumption:
0 cu m (2005 est.)
Natural gas - exports:
0 cu m (2005 est.)
Natural gas - imports:
0 cu m (2005)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$465.8 million (2006 est.)
Exports:
$1.202 billion f.o.b. (2006)
Exports - commodities:
sugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partners:
US 16.8%, Australia 13.9%, UK 13.5%, Japan 5.3%, Samoa 4.7%, Tonga 4.1% (2006)
Imports:
$3.12 billion c.i.f. (2006)
Imports - commodities:
manufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partners:
Singapore 28.8%, Australia 23.3%, NZ 16.8%, China 4.7% (2006)
Economic aid - recipient:
$63.96 million (2005)
Debt - external:
$127 million (2004 est.)
Stock of direct foreign investment - at home:
$NA
Stock of direct foreign investment - abroad:
$NA
Market value of publicly traded shares:
$586.7 million (2005)
Currency (code):
Fijian dollar (FJD)
Currency code:
FJD
Exchange rates:
Fijian dollars per US dollar - NA (2007), 1.7313 (2006), 1.691 (2005), 1.7331 (2004), 1.8958 (2003)
Fiscal year:
calendar year