unbekannter Gast

Fiji: Economy#

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 declined to less than 12% of GDP in 2013.

Economic Facts#

GDP (purchasing power parity)$4.45 billion (2013 est.)
$4.319 billion (2012 est.)
$4.226 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3% (2013 est.)
2.2% (2012 est.)
1.9% (2011 est.)
GDP - per capita (PPP)$4,900 (2013 est.)
$4,800 (2012 est.)
$4,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 11.7%
industry: 18.1%
services: 70.2% (2013 est.)
Population below poverty line31% (2009 est.)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 34.9% (2009 est.)
Labor force - by occupationagriculture: 70%
industry and services: 30% (2001 est.)
Exports - commoditiessugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partnersUS 14.6%, Australia 13.2%, Japan 6.9%, Samoa 5.8%, Tonga 5.1% (2012)
Agriculture - productssugarcane, coconuts, cassava (manioc, tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish
Budgetrevenues: $1.084 billion
expenditures: $1.192 billion (2013 est.)
Imports - commoditiesmanufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partnersSingapore 32.8%, Australia 15.5%, NZ 14.5%, China 10.7% (2012)
Exchange ratesFijian dollars (FJD) per US dollar -
1.845 (2013 est.)
1.7899 (2012 est.)
1.9183 (2010 est.)
Exports$1.026 billion (2013 est.)
$932.4 million (2012 est.)
Debt - external$779.9 million (31 December 2013 est.)
$685.5 million (31 December 2012 est.)
Fiscal yearcalendar year
Imports$2.054 billion (2013 est.)
$1.867 billion (2012 est.)
Industrial production growth rate2.5% (2013 est.)
Industriestourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries
Inflation rate (consumer prices)3% (2013 est.)
4.4% (2012 est.)
Labor force335,000 (2007 est.)
Unemployment rate7.6% (1999)
Public debt56.2% of GDP (2013 est.)
53.5% of GDP (2012 est.)
Current account balance-$492.3 million (2013 est.)
-$425.1 million (2012 est.)
Reserves of foreign exchange and gold$963.7 million (31 December 2013 est.)
$921.4 million (31 December 2012 est.)
GDP (official exchange rate)$4.218 billion (2013 est.)
Stock of direct foreign investment - at home$3.17 billion (31 December 2013 est.)
$2.903 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$43.03 million (31 December 2013 est.)
$44.08 million (31 December 2012 est.)
Market value of publicly traded shares$452.5 million (31 December 2012 est.)
$392.2 million (31 December 2011)
$418.8 million (31 December 2010 est.)
Central bank discount rate1.75% (31 December 2010 est.)
3% (31 December 2009 est.)
Commercial bank prime lending rate6.2% (31 December 2013 est.)
7% (31 December 2012 est.)
Stock of domestic credit$2.168 billion (31 December 2013 est.)
$1.958 billion (31 December 2012 est.)
Stock of narrow money$1.549 billion (31 December 2013 est.)
$1.453 billion (31 December 2012 est.)
Stock of broad money$2.697 billion (31 December 2013 est.)
$2.578 billion (31 December 2012 est.)
Taxes and other revenues25.7% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.6% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 90.4%
government consumption: 16%
investment in fixed capital: 22.7%
investment in inventories: 0%
exports of goods and services: 39.7%
imports of goods and services: -68.8%
(2013 est.)