Fiji



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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): $5.255 billion (2005 est.)
GDP (official exchange rate): $2.81 billion (2005 est.)
GDP - real growth rate: 1.7% (2005 est.)
GDP - per capita (PPP): $5,900 (2005 est.)
GDP - composition by sector: agriculture: 8.9% industry: 13.5% services: 77.6% (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): 3% (2005)
Budget: revenues: $720.5 million expenditures: $728.3 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.)
Current account balance: $-465.8 million
Exports: $719.6 million f.o.b. (2005)
Exports - commodities: sugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partners: US 19.7%, Australia 17%, UK 12.3%, Japan 5.4%, Samoa 4.1% (2005)
Imports: $1.462 billion c.i.f. (2005)
Imports - commodities: manufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partners: Singapore 27.4%, Australia 23.6%, NZ 18.9%, Thailand 4.5% (2005)
Debt - external: $127 million (2004 est.)
Economic aid - recipient: $63.9 million (2004)
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)
Fiscal year: calendar year

NOTE: The economy information regarding Fiji on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Fiji Economy 2006 information contained here. All suggestions for corrections of any errors about Fiji Economy 2006 should be addressed to the CIA.