Economy - overview:
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 792,300 tourists visiting in 2016, and remittances from Fijian’s working abroad are the country’s largest foreign exchange earners.
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. The sector also faces the complete withdrawal of European Union preferential prices in 2017. 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.
GDP (purchasing power parity):
$8.647 billion (2017 est.)
$8.33 billion (2016 est.)
$8.299 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 163
GDP (official exchange rate):
$5.054 billion (2017 est.)
GDP - real growth rate:
3.8% (2017 est.)
0.4% (2016 est.)
3.8% (2015 est.)
country comparison to the world: 82
GDP - per capita (PPP):
$9,900 (2017 est.)
$9,500 (2016 est.)
$9,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 138
Gross national saving:
10.6% of GDP (2017 est.)
9.7% of GDP (2016 est.)
16.9% of GDP (2015 est.)
country comparison to the world: 154
GDP - composition, by end use:
household consumption: 71.6%
government consumption: 16%
investment in fixed capital: 18.4%
investment in inventories: 0%
exports of goods and services: 44.2%
imports of goods and services: -50.3% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 10.6%
industry: 17.9%
services: 71.5% (2017 est.)
Agriculture - products:
sugarcane, copra, ginger, tropical fruits, vegetables; beef, pork, chicken; fish
Industries:
tourism, sugar processing, clothing, copra, gold, silver, lumber
Industrial production growth rate:
2.8% (2017 est.)
country comparison to the world: 105
Labor force:
353,100 (2017 est.)
country comparison to the world: 161
Labor force - by occupation:
agriculture: 44%
industry: 14%
services: 42% (2011 est.)
Unemployment rate:
5.5% (2017 est.)
5.5% (2016 est.)
country comparison to the world: 75
Population below poverty line:
31% (2009 est.)
Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 34.9% (2009 est.)
Budget:
revenues: $1.446 billion
expenditures: $1.687 billion (2017 est.)
Taxes and other revenues:
28.6% of GDP (2017 est.)
country comparison to the world: 91
Budget surplus (+) or deficit (-):
-4.8% of GDP (2017 est.)
country comparison to the world: 158
Public debt:
50.4% of GDP (2017 est.)
49.6% of GDP (2016 est.)
country comparison to the world: 102
Fiscal year:
calendar year
Inflation rate (consumer prices):
3.8% (2017 est.)
3.9% (2016 est.)
country comparison to the world: 149
Central bank discount rate:
1.75% (31 December 2010 est.)
3% (31 December 2009 est.)
country comparison to the world: 119
Commercial bank prime lending rate:
6% (31 December 2017 est.)
5.85% (31 December 2016 est.)
country comparison to the world: 126
Stock of narrow money:
$2.138 billion (31 December 2017 est.)
$1.994 billion (31 December 2016 est.)
country comparison to the world: 133
Stock of broad money:
$3.693 billion (31 December 2017 est.)
$3.486 billion (31 December 2016 est.)
country comparison to the world: 140
Stock of domestic credit:
$3.663 billion (31 December 2017 est.)
$3.295 billion (31 December 2016 est.)
country comparison to the world: 134
Market value of publicly traded shares:
$452.5 million (31 December 2012 est.)
$392.2 million (31 December 2011 est.)
$418.8 million (31 December 2010 est.)
country comparison to the world: 114
Current account balance:
$-254 million (2017 est.)
$-236 million (2016 est.)
country comparison to the world: 92
Exports:
$758.6 million (2017 est.)
$709 million (2016 est.)
country comparison to the world: 168
Exports - commodities:
fuel, including oil, fish, beverages, gems, sugar, garments, gold, timber, fish, molasses, coconut oil, mineral water
Exports - partners:
US 21.8%, Australia 18.1%, NZ 8.5%, China 6.2%, Tonga 5.1%, Vanuatu 5.1%, UK 4.5%, Kiribati 4.1% (2016)
Imports:
$1.918 billion (2017 est.)
$1.844 billion (2016 est.)
country comparison to the world: 161
Imports - commodities:
manufactured goods, machinery and transport equipment, petroleum products, food and beverages, chemicals, tobacco
Imports - partners:
NZ 17.1%, Australia 17%, Singapore 15.1%, China 15%, Japan 6.7% (2016)
Reserves of foreign exchange and gold:
$966.8 million (31 December 2017 est.)
$908.6 million (31 December 2016 est.)
country comparison to the world: 127
Debt - external:
$750.4 million (31 December 2017 est.)
$696.4 million (31 December 2016 est.)
country comparison to the world: 171
Stock of direct foreign investment - at home:
$4.342 billion (31 December 2017 est.)
$4.022 billion (31 December 2016 est.)
country comparison to the world: 106
Stock of direct foreign investment - abroad:
$117.1 million (31 December 2017 est.)
$115.1 million (31 December 2016 est.)
country comparison to the world: 105
Exchange rates:
Fijian dollars (FJD) per US dollar -
2.08 (2017 est.)
2.09 (2016 est.)
2.09 (2015 est.)
2.1 (2014 est.)
1.89 (2013 est.)