Fiji Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

tourism-based Pacific island economy, susceptible to sea-level rises; new energy infrastructure investments; major foreign direct investment; COVID-19 crippled tourism sector; privatizing state-owned enterprises; military coups have destabilized labor force

Real GDP (purchasing power parity)

$9.578 billion (2021 est.)

$10.094 billion (2020 est.)

$12.162 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

-5.11% (2021 est.)

-17% (2020 est.)

-0.58% (2019 est.)

Real GDP per capita

$10,400 (2021 est.)

$11,000 (2020 est.)

$13,200 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$4.891 billion (2017 est.)

Inflation rate (consumer prices)

0.16% (2021 est.)

-2.6% (2020 est.)

1.77% (2019 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

-8.34% (2021 est.)

Labor force

372,200 (2021 est.)

Labor force - by occupation

agriculture: 44.2%

industry: 14.3%

services: 41.6% (2011)

Unemployment rate

5.24% (2021 est.)

4.72% (2020 est.)

4.45% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.1%

male: 14.1%

female: 25.9% (2021 est.)

Population below poverty line

29.9% (2019 est.)

Gini Index coefficient - distribution of family income

30.7 (2019 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%

highest 10%: 34.9% (2009 est.)

Budget

revenues: $885 million (2020 est.)

expenditures: $1.515 billion (2020 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

19.26% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$597.29 million (2021 est.)

-$575.635 million (2020 est.)

-$689.438 million (2019 est.)

Exports

$1.171 billion (2021 est.) note: data are in current year dollars

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

$2.636 billion (2019 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, fuel wood, gold, sugar, refined petroleum, fish (2021)

Imports

$2.344 billion (2021 est.) note: data are in current year dollars

$1.977 billion (2020 est.) note: data are in current year dollars

$3.206 billion (2019 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

$1.518 billion (31 December 2021 est.)

$1.082 billion (31 December 2020 est.)

$1.043 billion (31 December 2019 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 -

2.071 (2021 est.)

2.169 (2020 est.)

2.16 (2019 est.)

2.087 (2018 est.)

2.067 (2017 est.)

NOTE: The information regarding Fiji on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Fiji 2023 information contained here. All suggestions for corrections of any errors about Fiji 2023 should be addressed to the CIA or the source cited on each page.