| 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. 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):
|
$4.08 billion (2011 est.)
$4.08 billion (2010 est.)
$4.08 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$4,600 (2011 est.)
$4,600 (2010 est.)
$4,600 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$3.4 billion (2011 est.) |
GDP - real growth rate:
|
1.5% (2011 est.)
0.3% (2010 est.)
-1.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 16.1%
industry: 24.2%
services: 59.7% (2011 est.) |
Investment (gross fixed):
|
20.7% of GDP (2011 est.) |
Population below poverty line:
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25.5% (FY90/91) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
8.6% (2011 est.)
5.5% (2010 est.) |
Central bank discount rate:
|
1.75% (31 December 2010 est.)
3% (31 December 2009 est.) |
Commercial bank prime lending rate:
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7.5% (31 December 2011 est.)
7.5% (31 December 2010 est.) |
Stock of money:
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$738.6 million (31 December 2008)
$1.042 billion (31 December 2007) |
Stock of money - per capita:
|
837 USD per capita |
Stock of quasi money:
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$1.012 billion (31 December 2008)
$1.088 billion (31 December 2007) |
Stock of quasi money - per capita:
|
1,146 USD per capita |
Stock of domestic credit:
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$1.737 billion (31 December 2011 est.)
$1.778 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
1,967 USD per capita |
Stock of narrow money:
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$917.9 million (31 December 2011 est.)
$788.9 million (31 December 2010 est.) |
Stock of broad money:
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$1.901 billion (31 December 2011 est.)
$1.911 billion (31 December 2010 est.) |
Labor force:
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335,000 (2007 est.) |
Labor force participation rate:
|
37.93 % 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) |
Unemployment, youth ages 15-24:
|
total: 14.8%
male: 11.92%
female: 20.11% (2006) |
Budget:
|
revenues: $915.9 million
expenditures: $969.8 million (2011 est.) |
Budget revenues per capita:
|
1,038 USD per capita |
Taxes and other revenues:
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26.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-1.6% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries |
Industrial production growth rate:
|
NA% |
Electricity - production:
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970 million kWh (2009 est.) |
Electricity - production per capita:
|
1,099 kWh per capita |
Electricity - consumption:
|
865.8 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
981 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
15,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
6.20 bbl/year per capita |
Oil - exports:
|
1,857 bbl/day (2009 est.) |
Oil - imports:
|
18,850 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
sugarcane, coconuts, cassava (tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish |
Current account balance:
|
-$507 million (2007 est.)
-$237.8 million (2009 est.) |
Current account balance - per capita:
|
-574 USD per capita |
Exports:
|
$625.3 million (2009 est.)
$625.3 million (2009 est.) |
Exports per capita:
|
709 USD per capita |
Exports - commodities:
|
sugar, garments, gold, timber, fish, molasses, coconut oil |
Exports - partners:
|
US 15.7%, Australia 14.6%, Japan 6.1%, Samoa 5.7%, Tonga 5% (2010) |
Imports:
|
$1.3 billion (2009 est.)
$1.3 billion (2009 est.) |
Imports per capita:
|
1,473 USD per capita |
Imports - commodities:
|
manufactured goods, machinery and transport equipment, petroleum products, food, chemicals |
Imports - partners:
|
Singapore 31.1%, Australia 19.1%, NZ 15.1%, China 8.6% (2010) |
Reserves of foreign exchange and gold:
|
$717 million (31 December 2010 est.)
|
Reserves of foreign exchange and gold - per capita:
|
812 USD per capita |
Debt - external:
|
$127 million (2004 est.) |
Debt - external - per capita:
|
144 USD per capita |
Stock of direct foreign investment - at home:
|
$NA |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
$NA |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
$1.404 billion (31 December 2010)
$1.607 billion (31 December 2009)
$568.2 million (31 December 2008) |
Market value of publicly traded shares - per capita:
|
1,590 USD per capita |
Currency (code):
|
Fijian dollar (FJD) |
Exchange rates:
|
Fijian dollars (FJD) per US dollar -
1.856 (2011 est.)
1.92 (2010 est.) |
Fiscal year:
|
calendar year |
|
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