Page last updated on February 13, 2013
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 declined to 12.5% of GDP in 2012.
GDP (purchasing power parity):
$4.307 billion (2012 est.)
country comparison to the world: 172
$4.221 billion (2011 est.)
$4.135 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$3.946 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2% (2012 est.)
country comparison to the world: 141
2.1% (2011 est.)
-0.2% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$4,800 (2012 est.)
country comparison to the world: 158
$4,700 (2011 est.)
$4,600 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 11%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
19.7%
services:
69.3% (2012 est.)
Labor force:
335,000 (2007 est.)
country comparison to the world: 162
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry and services:
30% (2001 est.)
Unemployment rate:
7.6% (1999)
country comparison to the world: 88
[see also: Unemployment rate country ranks ]
Population below poverty line:
31% (2009 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.6%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
34.9%
Budget:
revenues: $1.004 billion
[see also: Budget revenues country ranks ]
expenditures:
$1.172 billion (2012 est.)
Taxes and other revenues:
25.5% of GDP (2012 est.)
country comparison to the world: 122
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-4.2% of GDP (2012 est.)
country comparison to the world: 137
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
47.9% of GDP (2012 est.)
country comparison to the world: 68
53.9% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
4.7% (2012 est.)
country comparison to the world: 135
8.5% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
1.75% (31 December 2010 est.)
country comparison to the world: 106
3% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
7.1% (31 December 2012 est.)
country comparison to the world: 124
7.47% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$794.6 million (31 December 2012 est.)
country comparison to the world: 155
$781.7 million (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$2.495 billion (31 December 2011 est.)
country comparison to the world: 147
$2.24 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$1.786 billion (31 December 2012 est.)
country comparison to the world: 140
$1.758 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$1.372 billion (31 December 2011)
country comparison to the world: 102
$1.404 billion (31 December 2010)
$1.607 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
Agriculture - products:
sugarcane, coconuts, cassava (manioc), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish
Industries:
tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries
Industrial production growth rate:
NA%
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$493.4 million (2012 est.)
country comparison to the world: 97
-$428.8 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$991.6 million (2012 est.)
country comparison to the world: 158
$901.5 million (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
sugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partners:
Australia 14.3%, US 11%, Japan 6.4%, UK 5.9%, Samoa 5.8%, Tonga 5.1% (2011)
Imports:
$1.938 billion (2012 est.)
country comparison to the world: 162
