| Economy | Fiji |
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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):
|
$3.616 billion (2008 est.)
$3.573 billion (2007)
$3.825 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$3,900 (2008 est.)
$3,900 (2007 est.)
$4,200 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$3.783 billion (2008 est.) |
GDP - real growth rate:
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1.2% (2008 est.)
-6.6% (2007 est.)
3.4% (2006 est.) |
GDP - composition by sector:
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agriculture: 8.9%
industry: 13.5%
services: 77.6% (2004 est.) |
Investment (gross fixed):
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void |
Population below poverty line:
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25.5% (FY90/91) |
Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
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void |
Inflation rate (consumer prices):
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4.8% (2007) |
Central bank discount rate:
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9.25% (31 December 2007) |
Commercial bank prime lending rate:
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9.01% (31 December 2007) |
Stock of money:
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$1.042 billion (31 December 2007) |
Stock of money - per capita:
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1,103 USD per capita |
Stock of quasi money:
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$1.088 billion (31 December 2007) |
Stock of quasi money - per capita:
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1,152 USD per capita |
Stock of domestic credit:
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$1.948 billion (31 December 2007) |
Stock of domestic credit - per capita:
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2,062 USD per capita |
Labor force:
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117,500 (2006 est.) |
Labor force participation rate:
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12.44 % of population |
Labor force - by occupation:
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agriculture: 70%
industry and services: 30% (2001 est.) |
Unemployment rate:
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7.6% (1999) |
Budget:
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revenues: $1.363 billion
expenditures: $1.376 billion (2006) |
Budget revenues per capita:
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1,443 USD per capita |
Public debt:
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void |
Industries:
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tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries |
Industrial production growth rate:
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NA% |
Electricity - production:
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928 million kWh (2007 est.) |
Electricity - production per capita:
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983 kWh per capita |
Electricity - consumption:
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1.016 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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1,076 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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0 bbl/day (2007 est.) |
Oil - production per capita:
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void |
Oil - consumption:
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9,971 bbl/day (2006 est.) |
Oil - consumption - per capita:
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3.85 bbl/year per capita |
Oil - exports:
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2,848 bbl/day (2005) |
Oil - imports:
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10,900 bbl/day (2005) |
Oil - proved reserves:
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0 bbl (1 January 2006 est.) |
Natural gas - production:
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0 cu m (2007 est.) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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0 cu m (2007 est.) |
Natural gas - consumption - per capita:
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void |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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sugarcane, coconuts, cassava (tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish |
Current account balance:
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-$507 million (2007 est.) |
Current account balance - per capita:
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-536 USD per capita |
Exports:
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$1.202 billion f.o.b. (2006) |
Exports per capita:
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1,273 USD per capita |
Exports - commodities:
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sugar, garments, gold, timber, fish, molasses, coconut oil |
Exports - partners:
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US 17.3%, UK 11.3%, Australia 10%, Samoa 5.4%, Tonga 4.7%, NZ 4.5%, Japan 4.1% (2007) |
Imports:
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$3.12 billion c.i.f. (2006) |
Imports per capita:
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3,303 USD per capita |
Imports - commodities:
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manufactured goods, machinery and transport equipment, petroleum products, food, chemicals |
Imports - partners:
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Singapore 30.4%, Australia 21.6%, NZ 17.7%, China 4.5% (2007) |
Reserves of foreign exchange and gold:
|
void |
Reserves of foreign exchange and gold - per capita:
|
void |
Debt - external:
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$127 million (2004 est.) |
Debt - external - per capita:
|
135 USD per capita |
Stock of direct foreign investment - at home:
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$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
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$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
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$522.2 million (31 December 2007) |
Market value of publicly traded shares - per capita:
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553 USD per capita |
Economic aid - donor:
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void |
Economic aid - recipient:
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$63.96 million (2005) |
Economic aid - recipient per capita:
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68 USD per capita |
Currency (code):
|
Fijian dollar (FJD) |
Exchange rates:
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Fijian dollars (FJD) per US dollar - NA (2007), 1.7313 (2006), 1.691 (2005), 1.7331 (2004), 1.8958 (2003) |
Fiscal year:
|
calendar year |
|
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