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Fiji Economy Profile 2017

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Economy - overviewFiji, endowed with forest, mineral, and fish resources, is one of the most developed and connected of the Pacific island economies. Earnings from the tourism industry, with an estimated 792,300 tourists visiting in 2016, and remittances from Fijian’s working abroad are the country’s largest foreign exchange earners.

Fiji's sugar sector remains a significant industry and a major export, but crops and one of the sugar mills suffered damage during Cyclone Winston in 2016. The sector also faces the complete withdrawal of European Union preferential prices in 2017. Fiji’s trade imbalance continues to widen with increased imports and sluggish performance of domestic exports.

The return to parliamentary democracy and successful elections in September 2014 improved investor confidence, but increasing bureaucratic regulation, new taxes and lack of consultation with relevant stakeholders brought four consecutive years of decline for Fiji on the World Bank Ease of Doing Business index. Private sector investment in 2016 exceeded 20% of GDP, compared to 13% in 2013.
GDP (purchasing power parity)$8.374 billion (2016 est.)
$8.17 billion (2015 est.)
$7.833 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$4.556 billion (2016 est.)
GDP - real growth rate2.5% (2016 est.)
4.3% (2015 est.)
5.3% (2014 est.)
GDP - per capita (PPP)$9,400 (2016 est.)
$9,200 (2015 est.)
$8,800 (2014 est.)
note: data are in 2016 dollars
Gross national saving12.3% of GDP (2016 est.)
8.8% of GDP (2015 est.)
7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 72.5%
government consumption: 11%
investment in fixed capital: 20.5%
investment in inventories: 0%
exports of goods and services: 50.4%
imports of goods and services: -54.4% (2016 est.)
GDP - composition by sectoragriculture: 10.6%
industry: 18.4%
services: 71% (2016 est.)
Population below poverty line31% (2009 est.)
Labor force350.1 (2016 est.)
Labor force - by occupationagriculture: 70%
industry and services: 30% (2001 est.)
Unemployment rate8.8% (2014 est.)
8.7% (2013 est.)
Unemployment, youth ages 15-24total: 18.7%
male: 14.8%
female: 25.4% (2007 est.)
Household income or consumption by percentage sharelowest 10%: 2.6%
highest 10%: 34.9% (2009 est.)
Budgetrevenues: $1.232 billion
expenditures: $1.469 billion (2016 est.)
Taxes and other revenues27% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-5.2% of GDP (2016 est.)
Public debt50.2% of GDP (2016 est.)
48.6% of GDP (2015 est.)
Inflation rate (consumer prices)2.1% (2016 est.)
1.4% (2015 est.)
Central bank discount rate1.75% (31 December 2010)
3% (31 December 2009)
Commercial bank prime lending rate5.9% (31 December 2016 est.)
5.79% (31 December 2015 est.)
Stock of narrow money$2.083 billion (31 December 2016 est.)
$1.931 billion (31 December 2015 est.)
Stock of broad money$3.62 billion (31 December 2016 est.)
$3.325 billion (31 December 2015 est.)
Stock of domestic credit$3.365 billion (31 December 2016 est.)
$3.068 billion (31 December 2015 est.)
Market value of publicly traded shares$452.5 million (31 December 2012 est.)
$392.2 million (31 December 2011 est.)
$418.8 million (31 December 2010 est.)
Agriculture - productssugarcane, coconuts, cassava (manioc, tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish
Industriestourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries
Industrial production growth rate1.5% (2016 est.)
Current Account Balance-$139 million (2016 est.)
-$67 million (2015 est.)
Exports$986.3 million (2016 est.)
$1.233 billion (2015 est.)
Exports - commoditiessugar, garments, gold, timber, fish, molasses, coconut oil, mineral water
Exports - partnersUS 13.4%, Australia 10.2%, Samoa 6.7%, Tonga 5.9% (2015)
Imports$2.397 billion (2016 est.)
$2.283 billion (2015 est.)
Imports - commoditiesmanufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partnersChina 16.1%, South Korea 15.7%, NZ 14.2%, Australia 13.4%, Singapore 8.7%, France 7% (2015)
Reserves of foreign exchange and gold$884 million (31 December 2016 est.)
$918.8 million (31 December 2015 est.)
Debt - external$833.4 million (31 December 2016 est.)
$820.1 million (31 December 2015 est.)
Stock of direct foreign investment - at home$4.347 billion (31 December 2016 est.)
$4.047 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$192.6 million (31 December 2016 est.)
$189.6 million (31 December 2015 est.)
Exchange ratesFijian dollars (FJD) per US dollar -
2.11 (2016 est.)
2.0976 (2015 est.)
2.0976 (2014 est.)
1.8874 (2013 est.)
1.79 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017