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Fiji Economy Profile 2018

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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 2017 approached 20% of GDP, compared to 13% in 2013.
GDP (purchasing power parity)$8.647 billion (2017 est.)
$8.33 billion (2016 est.)
$8.299 billion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$5.054 billion (2016 est.)
GDP - real growth rate3.8% (2017 est.)
0.4% (2016 est.)
3.8% (2015 est.)
GDP - per capita (PPP)$9,900 (2017 est.)
$9,500 (2016 est.)
$9,500 (2015 est.)
note: data are in 2017 dollars
Gross national saving10.6% of GDP (2017 est.)
9.7% of GDP (2016 est.)
16.9% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 71.6%
government consumption: 16%
investment in fixed capital: 18.4%
investment in inventories: 0%
exports of goods and services: 44.2%
imports of goods and services: -50.3% (2017 est.)
GDP - composition by sectoragriculture: 10.6%
industry: 17.9%
services: 71.5% (2017 est.)
Population below poverty line31% (2009 est.)
Labor force353,100 (2017 est.)
Labor force - by occupationagriculture: 70%
industry and services: 30% (2001 est.)
Unemployment rate5.5% (2017 est.)
5.5% (2016 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: $1.446 billion
expenditures: $1.687 billion (2017 est.)
Taxes and other revenues28.6% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-4.8% of GDP (2017 est.)
Public debt50.4% of GDP (2017 est.)
49.6% of GDP (2016 est.)
Inflation rate (consumer prices)3.8% (2017 est.)
3.9% (2016 est.)
Central bank discount rate1.75% (31 December 2010)
3% (31 December 2009)
Commercial bank prime lending rate6% (31 December 2017 est.)
5.85% (31 December 2016 est.)
Stock of narrow money$2.138 billion (31 December 2017 est.)
$1.994 billion (31 December 2016 est.)
Stock of broad money$3.693 billion (31 December 2017 est.)
$3.486 billion (31 December 2016 est.)
Stock of domestic credit$3.663 billion (31 December 2017 est.)
$3.295 billion (31 December 2016 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 processing, clothing, copra, gold, silver, lumber, small cottage industries
Industrial production growth rate2.8% (2017 est.)
Current Account Balance-$254 million (2017 est.)
-$236 million (2016 est.)
Exports$758.6 million (2017 est.)
$709 million (2016 est.)
Exports - commoditiessugar, garments, gold, timber, fish, molasses, coconut oil, mineral water
Exports - partnersUS 21.8%, Australia 18.1%, NZ 8.5%, China 6.2%, Tonga 5.1%, Vanuatu 5.1%, UK 4.5%, Kiribati 4.1% (2016)
Imports$1.918 billion (2017 est.)
$1.844 billion (2016 est.)
Imports - commoditiesmanufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partnersNZ 17.1%, Australia 17%, Singapore 15.1%, China 15%, Japan 6.7% (2016)
Reserves of foreign exchange and gold$966.8 million (31 December 2017 est.)
$908.6 million (31 December 2016 est.)
Debt - external$750.4 million (31 December 2017 est.)
$696.4 million (31 December 2016 est.)
Stock of direct foreign investment - at home$4.342 billion (31 December 2017 est.)
$4.022 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad$117.1 million (31 December 2017 est.)
$115.1 million (31 December 2016 est.)
Exchange ratesFijian dollars (FJD) per US dollar -
2.075 (2017 est.)
2.0947 (2016 est.)
2.0947 (2015 est.)
2.0976 (2014 est.)
1.8874 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018