< Economy of Fiji

 

Economy of Fiji

 


Main Crops: Sugarcane, coconuts, cassava (tapioca), rice, sweet potatoes, bananas; cattle, pigs, horses, goats; fish.

Natural Resources:
Timber, fish, gold, copper, offshore oil potential

Major Industries: Sugar, tourism, copra, gold, silver, clothing, lumber, small cottage industries

 

Fiji, endowed with forest, mineral, and fish resources, is one of the most developed and connected of the Pacific island economies. Earnings from the tourism industry, with an estimated 842,884 tourists visiting in 2017, and remittances from Fijian’s working abroad are the country’s largest foreign exchange earners.

Bottled water exports to the US is Fiji’s largest domestic export. Fiji's sugar sector remains a significant industry and a major export, but crops and one of the sugar mills suffered damage during Cyclone Winston in 2016. Fiji’s trade imbalance continues to widen with increased imports and sluggish performance of domestic exports.

The return to parliamentary democracy and successful elections in September 2014 improved investor confidence, but increasing bureaucratic regulation, new taxes, and lack of consultation with relevant stakeholders brought four consecutive years of decline for Fiji on the World Bank Ease of Doing Business index. Private sector investment in 2017 approached 20% of GDP, compared to 13% in 2013.


 

 

1990 2000 2010 2020
GNI, Atlas method (current US$) (billions) 1.31 1.81 3.14 4.39
GNI per capita, Atlas method (current US$) 1,790 2,230 3,650 4,890
GNI, PPP (current international $) (billions) 2.95 4.83 6.59 10.16
GNI per capita, PPP (current international $) 4,050 5,950 7,670 11,340
GDP (current US$) (billions) 1.34 1.68 3.14 4.53
GDP growth (annual %) 5.8 -1.7 3 -15.7
Inflation, GDP deflator (annual %) 6.7 -4.7 4.2 -1.8
Agriculture, forestry, and fishing, value added (% of GDP) 18 15 9 9
Industry (including construction), value added (% of GDP) 21 20 17 18
Exports of goods and services (% of GDP) 62 65 57 27
Imports of goods and services (% of GDP) 67 71 64 43
Gross capital formation (% of GDP) 14 17 19 16
Revenue, excluding grants (% of GDP) 26.8 .. 24.4 24.9
Net lending (+) / net borrowing (-) (% of GDP) 0.9 .. -2.4 -3.7
States and markets
Time required to start a business (days) .. 31 44 40
Domestic credit provided by financial sector (% of GDP) .. 71.9 131.7 171
Tax revenue (% of GDP) 22.8 .. 21.8 22.7
Military expenditure (% of GDP) 2.1 1.8 1.5 1.8
Mobile cellular subscriptions (per 100 people) 0 6.8 81.2 117.8
Individuals using the Internet (% of population) 0 1.5 20 50
High-technology exports (% of manufactured exports) .. .. 4 22
Statistical Capacity Score (Overall Average) (scale 0 - 100) .. .. 53 57
Global links
Merchandise trade (% of GDP) 94 84 84 56
Net barter terms of trade index (2000 = 100) 142 100 108 110
External debt stocks, total (DOD, current US$) (millions) 318 195 1,107 1,518
Total debt service (% of exports of goods, services and primary income) 9.2 2.6 3.1 21.3
Net migration (thousands) -34 -59 -52 -31
Personal remittances, received (current US$) (millions) 22 43 176 355
Foreign direct investment, net inflows (BoP, current US$) (millions) -30 1 178 239
Net official development assistance received (current US$) (millions) 49.2 29.4 75.8 139.1