| Date - Field | Fiji - Economy - overview |
2008 January
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 300,000 to 400,000 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 increased significantly. |
2007 January
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 300,000 to 400,000 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 2006 coup and is facing an uncertain recovery time. Long-term problems include low investment, uncertain land ownership rights, and the government's ability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have increased significantly. |
2006 January
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 and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity, but is inefficient. Long-term problems include low investment, uncertain land ownership rights, and the government's ability to manage its budget. Yet short-run economic prospects are good, provided tensions do not again erupt between indigenous Fijians and Indo-Fijians. Overseas remittances from Fijians working in Kuwait and Iraq have increased significantly. |
2005 January
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 and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity, but is inefficient. Long-term problems include low investment, uncertain land ownership rights, and the government's ability to manage its budget. Yet short-run economic prospects are good, provided tensions do not again erupt between indigenous Fijians and Indo-Fijians. Overseas remittances from Fijians working in Kuwait and Iraq have increased significantly. |
2004 January
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 and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity. Long-term problems include low investment, uncertain land ownership rights, and the government's ability to manage its budget. Yet short-run economic prospects are good, provided tensions do not again erupt between indigenous Fijians and Indo-Fijians. |
2003 January
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 and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity. Long-term problems include low investment, uncertain land ownership rights, and the government's ability to manage its budget. |
2002 January
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 and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity. Long-term problems include low investment and uncertain property rights. The political turmoil in Fiji has had a severe impact with the economy shrinking by 2.8% in 2000 and growing by only 1% in 2001. The Fiji Visitor's Bureau expects visitor arrivals to reach pre-coup levels during 2002. The government's ability to manage its budget - which is expected to run a net deficit of 6% in 2002 - will depend upon a return of political stability and investor confidence. |
2001 January
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 and a growing tourist industry are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity. Roughly 300,000 tourists visit each year, including thousands of Americans following the start of regularly scheduled non-stop air service from Los Angeles. Fiji's growth slowed in 1997 because the sugar industry suffered from low world prices and rent disputes between farmers and landowners. Drought in 1998 further damaged the sugar industry, but its recovery in 1999 contributed to robust GDP growth. Long-term problems include low investment and uncertain property rights. The political turmoil in Fiji has had a severe impact with the economy shrinking by 8% in 1999 and over 7,000 people losing their jobs. The interim government's 2001 budget is an attempt to attract foreign investment and restart economic activity. The government's ability to manage the budget and fulfill predictions of 4% growth for 2001 will depend on a return to stability, a regaining of investor confidence, and the absence of international sanctions (which could cripple Fiji's sugar and textile industry). |
2000 January
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 and a growing tourist industry are the major sources of foreign exchange. Sugar processing makes up one-third of industrial activity. Roughly 300,000 tourists visit each year, including thousands of Americans following the start of regularly scheduled non-stop air service from Los Angeles. Fiji's growth slowed in 1997 because the sugar industry suffered from low world prices and rent disputes between farmers and landowners. Drought in 1998 further damaged the sugar industry, but its recovery in 1999 contributed to robust GDP growth. Long-term problems include low investment and uncertain property rights. |
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This page was last updated on 22 July, 2008 |
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