Fiji Economy 2001

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: 235,000

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)

Currency code: 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

NOTE: The information regarding Fiji on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Fiji Economy 2001 information contained here. All suggestions for corrections of any errors about Fiji Economy 2001 should be addressed to the CIA.