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Fiji:
Economy

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Economy - overview
Definition
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 400,000 to 500,000 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. Fiji's tourism industry was damaged by the December 2006 coup and is facing an uncertain recovery time. The coup has created a difficult business climate. Tourist arrivals for 2007 are estimated to be down almost 6%, with substantial job losses in the service sector. In July 2007 the Reserve Bank of Fiji announced the economy was expected to contract by 3.1% in 2007. Fiji's current account deficit reached 23% of GDP in 2006. The EU has suspended all aid until the interim government takes steps toward new elections. Long-term problems include low investment, uncertain land ownership rights, and the government's inability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have decreased significantly.
GDP (purchasing power parity)
Definition - World rank and map
$5.079 billion (2007 est.)
GDP (official exchange rate)
Definition
$4.969 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.9% (2007 est.)
GDP - per capita
Definition - World rank and map
$5,500 (2007 est.)
GDP - composition by sector
Definition
agriculture: 8.9%
industry: 13.5%
services: 77.6% (2004 est.)
Labor force
Definition
117,500 (2006 est.)
Labor force - by occupation
Definition
agriculture: 70%
industry and services: 30% (2001 est.)
Unemployment rate
Definition - World rank and map
7.6% (1999)
Population below poverty line
Definition
25.5% (FY90/91)
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
4.8% (2007)
Budget
Definition
revenues: $1.363 billion
expenditures: $1.376 billion (2006)
Agriculture - products
Definition
sugarcane, coconuts, cassava (tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish
Industries
Definition
tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries
Industrial production growth rate
Definition - World rank and map
NA%
Electricity - production
Definition - World rank and map
1.046 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
735.6 million kWh (2006)
Electricity - consumption per capita
Definition - World rank and map
789.5 kWh (2006)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
0 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
9,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
9.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
2,268 bbl/day (2004)
Oil - imports
Definition - World rank and map
10,870 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
0 bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
0 cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
-$507 million (2006 est.)
Exports
Definition - World rank and map
$1.202 billion f.o.b. (2006)
Exports - commodities
Definition
sugar, garments, gold, timber, fish, molasses, coconut oil
Exports - partners
Definition
US 16.6%, UK 13%, Australia 10.6%, Samoa 5.2%, Tonga 4.5%, NZ 4.4% (2006)
Imports
Definition - World rank and map
$3.12 billion c.i.f. (2006)
Imports - commodities
Definition
manufactured goods, machinery and transport equipment, petroleum products, food, chemicals
Imports - partners
Definition
Singapore 29.5%, Australia 21.5%, NZ 17.2%, China 4.1% (2006)
Debt - external
Definition - World rank and map
$127 million (2004 est.)
Stock of direct foreign investment - at home
Definition
$NA
Stock of direct foreign investment - abroad
Definition
$NA
Market value of publicly traded shares
Definition
$586.7 million (2005)
Economic aid - recipient
Definition
$63.96 million (2005)
Currency (code)
Definition
Fijian dollar (FJD)
Exchange rates
Definition
Fijian dollars per US dollar - NA (2007), 1.7313 (2006), 1.691 (2005), 1.7331 (2004), 1.8958 (2003)
Fiscal year
Definition
calendar year


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