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Fiji Economy 1996

Overview:

Fiji's economy is primarily agricultural, with a large subsistence sector. Sugar exports and tourism are the major sources of foreign exchange. Industry contributes 13% to GDP, with sugar processing accounting for one-third of industrial activity. Roughly 250,000 tourists visit each year. Political uncertainty and drought, however, contribute to substantial fluctuations in earnings from tourism and sugar and to the emigration of skilled workers. In 1992, growth was approximately 3%, based on growth in tourism and a lessening of labor-management disputes in the sugar and gold-mining sectors. In 1993, the government's budgeted growth rate of 3% was not achieved because of a decline in non-sugar agricultural output and damage from Cyclone Kina. Growth in 1994 is estimated to be 5%, largely attributed to increased tourism and expansion in domestic production, particularly in the manufacturing sector.

National product:

GDP - purchasing power parity - $4.3 billion (1994 est.)

National product real growth rate:

5% (1994 est.)

National product per capita:

$5,650 (1994 est.)

Inflation rate (consumer prices):

1.5% (1994)

Unemployment rate:

5.4% (1992)

Budget:

revenues:

$485 million

expenditures:

$579 million, including capital expenditures of $58 million (1994)

Exports:

$405 million (f.o.b., 1993)

commodities:

sugar 40%, clothing, gold, processed fish, lumber

partners:

EC 26%, Australia 15%, Pacific Islands 11%, Japan 6%

Imports:

$634 million (c.i.f., 1993)

commodities:

machinery and transport equipment, petroleum products, food, consumer goods, chemicals

partners:

Australia 30%, NZ 17%, Japan 13%, EC 6%, US 6%

External debt:

$670 million (1994 est.)

Industrial production:

growth rate 0% (1993 est.); accounts for 13% of GDP

Electricity:

capacity:

200,000 kW

production:

480 million kWh

consumption per capita:

581 kWh (1993)

Industries:

sugar, tourism, copra, gold, silver, clothing, lumber, small cottage industries

Agriculture:

accounts for 23% of GDP; principal cash crop is sugarcane; coconuts, cassava, rice, sweet potatoes, bananas; small livestock sector includes cattle, pigs, horses, and goats; fish catch nearly 33,000 tons (1989)

Economic aid:

recipient:

Western (non-US) countries, ODA and OOF bilateral commitments (1980-89), $815 million

Currency:

1 Fijian dollar (F$) = 100 cents

Exchange rates:

Fijian dollars (F$) per US$1 - 1.4140 (January 1995), 1.4641 (1994), 1.5418 (1993), 1.5030 (1992), 1.4756 (1991), 1.4809 (1990)

Fiscal year:

calendar year

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