Fiji Economy - 2006

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 300,000 to 400,000 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. Long-term problems include low investment, uncertain land ownership rights, and the government's ability to manage its budget. Yet, because of a tourist boom, short-run economic prospects are good, provided tensions do not again erupt between indigenous Fijians and Indo-Fijians. Overseas remittances from Fijians working in Kuwait and Iraq have increased significantly.

GDP (purchasing power parity):
$5.409 billion (2005 est.)

GDP (official exchange rate):
$1.944 billion (2005 est.)

GDP - real growth rate:
2% (2005 est.)

GDP - per capita (PPP):
$6,100 (2005 est.)

GDP - composition by sector:
agriculture: 16.6%
industry: 22.4%
services: 61% (2001 est.)

Labor force:
137,000 (1999)

Labor force - by occupation:
agriculture: 70%
industry and services: 30% (2001 est.)

Unemployment rate:
7.6% (1999)

Population below poverty line:
25.5% (1990-91)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
1.6% (2002 est.)

Budget:
revenues: $427.9 million
expenditures: $531.4 million; including capital expenditures of $NA (2000 est.)

Agriculture - products:
sugarcane, coconuts, cassava (tapioca), 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%

Electricity - production:
775.7 million kWh (2003)

Electricity - consumption:
721.4 million kWh (2003)

Electricity - exports:
0 kWh (2003)

Electricity - imports:
0 kWh (2003)

Oil - production:
0 bbl/day (2003 est.)

Oil - consumption:
10,000 bbl/day (2003 est.)

Oil - exports:
NA bbl/day

Oil - imports:
NA bbl/day

Natural gas - production:
0 cu m (2003 est.)

Natural gas - consumption:
0 cu m (2003 est.)

Exports:
$862 million f.o.b. (2004 est.)

Exports - commodities:
sugar, garments, gold, timber, fish, molasses, coconut oil

Exports - partners:
US 23.5%, Australia 18.6%, UK 12.3%, Samoa 6.3%, Japan 4% (2004)

Imports:
$1.235 billion c.i.f. (2004 est.)

Imports - commodities:
manufactured goods, machinery and transport equipment, petroleum products, food, chemicals

Imports - partners:
Australia 25.9%, Singapore 23.1%, NZ 21.1% (2004)

Debt - external:
$188.1 million (2001 est.)

Economic aid - recipient:
$40.3 million (1995)

Currency (code):
Fijian dollar (FJD)

Exchange rates:
Fijian dollars per US dollar - 1.691 (2005), 1.7331 (2004), 1.8958 (2003), 2.1869 (2002), 2.2766 (2001)