Fiji Economy - 2022

GEOGRAPHICAL NAMES 

Economic overview

Fiji, 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 842,884 tourists visiting in 2017, and remittances from Fijian’s working abroad are the country’s largest foreign exchange earners.

 

Bottled water exports to the US is Fiji’s largest domestic export. 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. 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.

Real GDP (purchasing power parity)

$9.86 billion (2020 est.)

$12.18 billion (2019 est.)

$12.23 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

3% (2017 est.)

0.7% (2016 est.)

3.8% (2015 est.)

Real GDP per capita

$11,000 (2020 est.)

$13,700 (2019 est.)

$13,800 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$4.891 billion (2017 est.)

Inflation rate (consumer prices)

3.4% (2017 est.)

3.9% (2016 est.)

Credit ratings

Moody's rating: Ba3 (2017)

Standard & Poors rating: BB- (2019)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 13.5% (2017 est.)

industry: 17.4% (2017 est.)

services: 69.1% (2017 est.)

GDP - composition, by end use

household consumption: 81.3% (2017 est.)

government consumption: 24.4% (2017 est.)

investment in fixed capital: 16.9% (2017 est.)

investment in inventories: 0% (2017 est.)

exports of goods and services: 29% (2017 est.)

imports of goods and services: -51.6% (2017 est.)

Agricultural products

sugar cane, cassava, taro, poultry, vegetables, coconuts, eggs, milk, ginger, sweet potatoes

Industries

tourism, sugar processing, clothing, copra, gold, silver, lumber

Industrial production growth rate

2.8% (2017 est.)

Labor force

353,100 (2017 est.)

Labor force - by occupation

agriculture: 44.2%

industry: 14.3%

services: 41.6% (2011)

Unemployment rate

4.5% (2017 est.)

5.5% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 15.4%

male: 11.9%

female: 22.4% (2016 est.)

Population below poverty line

29.9% (2019 est.)

Gini Index coefficient - distribution of family income

36.7 (2013 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 34.9% (2009 est.)

Budget

revenues: 1.454 billion (2017 est.)

expenditures: 1.648 billion (2017 est.)

Budget surplus (+) or deficit (-)

-4% (of GDP) (2017 est.)

Public debt

48.9% of GDP (2017 est.)

47.5% of GDP (2016 est.)

Taxes and other revenues

29.7% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$277 million (2017 est.)

-$131 million (2016 est.)

Exports

$1.23 billion (2020 est.) note: data are in current year dollars

$2.64 billion (2019 est.) note: data are in current year dollars

$2.67 billion (2018 est.) note: data are in current year dollars

Exports - partners

United States 29%, Australia 14%, New Zealand 7%, Japan 6%, Tonga 6% (2019)

Exports - commodities

water, refined petroleum, fish, raw sugar, gold (2019)

Imports

$1.97 billion (2020 est.) note: data are in current year dollars

$3.21 billion (2019 est.) note: data are in current year dollars

$3.1 billion (2018 est.) note: data are in current year dollars

Imports - partners

Singapore 18%, Australia 13%, China 13.8%, New Zealand 11%, France 11%, South Korea 8% (2017)

Imports - commodities

refined petroleum, aircraft, cars, wheat, broadcasting equipment (2019)

Reserves of foreign exchange and gold

$1.116 billion (31 December 2017 est.)

$908.6 million (31 December 2016 est.)

Debt - external

$1.022 billion (31 December 2017 est.)

$696.4 million (31 December 2016 est.)

Exchange rates

Fijian dollars (FJD) per US dollar -

2.05955 (2020 est.)

2.17345 (2019 est.)

2.1104 (2018 est.)

2.0976 (2014 est.)

1.8874 (2013 est.)

NOTE: The information regarding Fiji on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Fiji 2022 information contained here. All suggestions for corrections of any errors about Fiji 2022 should be addressed to the CIA or the source cited on each page.