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Economy of Fiji information


Economy of Fiji
Suva
CurrencyFijian Dollar (FJD, FJ$)
Trade organisations
WTO
Country group
  • Developing/Emerging[1]
  • Upper-middle income economy[2]
Statistics
Population913,174 (2023 est.)
GDP
  • Increase $4.859 billion (nominal, 2023 est.)[3]
  • Decrease $10.054 billion (PPP, 2020 est.)[3]
GDP rank
  • 156th (nominal, 2020)
  • 151st (PPP, 2020)
GDP growth
  • 3.5% (2018) 1.0% (2019e)
  • −4.3% (2020f) 1.9% (2021f)[4]
GDP per capita
  • Increase $5,321 (nominal, 2023)[5]
  • Increase $11,685 (PPP, 2018)[5]
Inflation (CPI)
-2.20%[6]
Population below poverty line
31% (2009 est.)
Human Development Index
  • Decrease 0.730 high (2021)[7] (99th)
  • N/A IHDI (2021)[8]
Labour force
353,100 (2017 est.)
Labour force by occupation
  • Agriculture: 44.2%
  • Industry: 14.3%
  • Services: 41.6%
  • (2011 est.)
Main industries
Tourism, sugar processing, clothing, copra, gold, silver, lumber
External
Exports
  • $815.3 million (2021 est.)
Export goods
Fuel, including oil, fish, beverages, gems, sugar, garments, gold, timber, fish, molasses, coconut oil, mineral water
Main export partners
  • Economy of Fiji United States 20.8%
  • Economy of Fiji Australia 14.9%
  • Economy of Fiji New Zealand 7.7%
  • Economy of Fiji Tonga 5.0%
  • Economy of Fiji Vanuatu 4.6%
  • Economy of Fiji China 4.5%
  • Economy of Fiji Spain 4.3%
  • Economy of Fiji United Kingdom 4.3%
  • Economy of Fiji Kiribati 4.1%
Imports
  • $2.116 billion (2021 est.)
Import goods
Manufactured goods, machinery and transport equipment, petroleum products, food and beverages, chemicals, tobacco
Main import partners
  • Economy of Fiji Australia 19.2%
  • Economy of Fiji New Zealand 17.2%
  • Economy of Fiji Singapore 17.0%
  • Economy of Fiji China 13.8%
Current account
  • -$344 million (June. 2020)[9]
  • -$277 million (2017 est.)
  • -$131 million (2016 est.)
Public finances
Government debt
Negative increase 48.9% of GDP (2017 est.)
Revenues1.454 billion (2017 est.)
Expenses1.648 billion (2017 est.)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Fiji is one of the most developed among the Pacific islands. Nevertheless, Fiji is a developing country endowed with forest, mineral and fish resources. The country has a large agriculture sector heavily based on subsistence agriculture. Sugar exports and the tourism industry are the main sources of foreign exchange. There are also light manufacturing and mining sectors.

Fiji Village quoted Energy Minister Lekh Ram Vayeshnoi on 22 September 2006, who confirmed that the Southern Cross Management Company Limited had applied for a license to drill for petroleum in Fiji's waters. The application was later revoked after exploratory reports indicated that Fijian oil reserves were severely overstated. Accepted estimates now range between 500 - 600 million barrels of Brent crude oil, with a total market value of approximately $4.7 billion over 20 years.

Fiji has a population of 905,949 people. The country's tallest building is the 14-story Reserve Bank of Fiji Building in Suva. Fiji is a member of the WTO.

  1. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information October 2020". IMF.org. International Monetary Fund. Retrieved 25 October 2020.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 25 October 2020.
  3. ^ a b "Report for Selected Countries and Subjects". IMF. Retrieved 2021-01-18.
  4. ^ "Global Economic Prospects, June 2020". openknowledge.worldbank.org. World Bank. p. 74. Retrieved 10 June 2020.
  5. ^ a b "World Economic Outlook Database, October 2019". IMF.org. International Monetary Fund. Retrieved 20 October 2019.
  6. ^ "CONSUMER PRICE INDEX - October 2020 - Fiji Bureau of Statistics". www.statsfiji.gov.fj. Retrieved 2020-11-06.
  7. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 23 November 2022.
  8. ^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 23 November 2022.
  9. ^ "Balance of Payments - Fiji Bureau of Statistics". www.statsfiji.gov.fj. Retrieved 2020-11-06.

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