Short facts about the economy in Fiji
| 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 and a growing
tourist industry are the major sources of foreign exchange. Sugar processing
makes up one-third of industrial activity. Roughly 300,000 tourists visit each
year, including thousands of Americans following the start of regularly
scheduled non-stop air service from Los Angeles. Fiji's growth slowed in 1997
because the sugar industry suffered from low world prices and rent disputes
between farmers and landowners. Drought in 1998 further damaged the sugar
industry, but its recovery in 1999 contributed to robust GDP growth. Long-term
problems include low investment and uncertain property rights. The political
turmoil in Fiji has had a severe impact with the economy shrinking by 8% in 1999
and over 7,000 people losing their jobs. The interim government's 2001 budget is
an attempt to attract foreign investment and restart economic activity. The
government's ability to manage the budget and fulfill predictions of 4% growth
for 2001 will depend on a return to stability, a regaining of investor
confidence, and the absence of international sanctions (which could cripple
Fiji's sugar and textile industry). |
| GDP: |
purchasing power parity - $5.9 billion
(1999 est.) |
| GDP - real
growth rate: |
-8% (1999
est.) |
| GDP - per
capita: |
purchasing power parity - $7,300 (1999
est.) |
| GDP -
composition by sector: |
agriculture: 16%
industry: 30%
services: 54% (1999
est.) |
| Population
below poverty line: |
NA% |
| Household
income or consumption by percentage share: |
lowest 10%: NA%
highest 10%:
NA% |
| Inflation
rate (consumer prices): |
0% (1999
est.) |
| Labor force
- by occupation: |
subsistence agriculture 67%, wage
earners 18%, salary earners 15% (1987) |
| Unemployment
rate: |
6% (1997
est.) |
| Budget: |
revenues: $610 million
expenditures: $501 million, including capital
expenditures of $NA (1999 est.) |
| Industries: |
tourism, sugar, clothing, copra, gold,
silver, lumber, small cottage industries |
| Industrial
production growth rate: |
2.9%
(1995) |
| Electricity
- production: |
510 million kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 17.65%
hydro: 82.35%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
474.3 million kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
0 kWh
(1999) |
| Agriculture
- products: |
sugarcane, coconuts, cassava (tapioca),
rice, sweet potatoes, bananas; cattle, pigs, horses, goats;
fish |
| Exports: |
$537 million (f.o.b.,
1999) |
| Exports -
commodities: |
sugar, garments, gold, timber,
fish |
| Exports -
partners: |
Australia 33.1%, US 14.8%, UK 13.8%,
other Pacific island countries 8.8%, NZ 4.5%, Japan 4.5%
(1999) |
| Imports: |
$653 million (f.o.b.,
1999) |
| Imports -
commodities: |
manufactured goods, machinery and
transport equipment, petroleum products, food,
chemicals |
| Imports -
partners: |
Australia 41.9%, US 14%, NZ 13.3%,
Japan 4.8%, Taiwan 1.9% (1999) |
| Debt -
external: |
$193 million
(1998) |
| Economic aid
- recipient: |
$40.3 million
(1995) |
| Currency: |
Fijian dollar
(FJD) |
| Exchange
rates: |
Fijian dollars per US dollar - 2.1814
(January 2001), 2.1286 (2000), 1.9696 (1999), 1.9868 (1998), 1.4437 (1997),
1.4033 (1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
