Fiji Economy - 2024

Economic overview

upper-middle income, tourism-based Pacific island economy; susceptible to ocean rises; key energy and infrastructure investments; post-pandemic tourism resurgence; improved debt standing; limited workforce

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.)

Unemployment rate

5.24% (2021 est.)
4.72% (2020 est.)
4.45% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 18.1% (2021 est.)

male: 14.1%

female: 25.9%

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.)

Remittances

11.26% of GDP (2021 est.)
7.94% of GDP (2020 est.)
5.39% of GDP (2019 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 34%, Australia 14%, China 7%, New Zealand 7%, Tonga 4% (2021)

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

New Zealand 18%, China 16%, Singapore 14%, Australia 13%, United States 9% (2021)

Imports - commodities

refined petroleum, aircraft, cars, dentistry devices, broadcasting equipment (2021)

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 -

Exchange rates:
2.071 (2021 est.)
2.169 (2020 est.)
2.16 (2019 est.)
2.087 (2018 est.)
2.067 (2017 est.)