Economy

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 250 000 tourists visit each year. Political uncertainty and drought however contribute to substantial fluctuations in earnings from tourism and sugar and to the immigration of skilled workers. Fiji's growth slowed in 1997 because the sugar industry suffered from low world prices and rent disputes between farmers and landowners.

GDP: purchasing power parity—$5.1 billion (1996 est.)

GDP—real growth rate: 3% (1997)

GDP—per capita: purchasing power parity—$6 500 (1996 est.)

GDP—composition by sector:

agriculture: 21%

industry: 18%

services: 61% (1995 est.)

Inflation rate—consumer price index: 3% (1997 est.)

Labor force:

total: 235 000

by occupation: subsistence agriculture 67% wage earners 18% salary earners 15% (1987)

Unemployment rate: 6% (1997 est.)

Budget:

revenues: $540.65 million

expenditures: $742.65 million including capital expenditures of $NA (1997 est.)

Industries: sugar tourism copra gold silver clothing lumber small cottage industries

Industrial production growth rate: 2.9% (1995)

Electricity—capacity: 200 000 kW (1995)

Electricity—production: 545 million kWh (1995)

Electricity—consumption per capita: 705 kWh (1995)

Agriculture—products: sugarcane coconuts cassava (tapioca) rice sweet potatoes bananas; cattle pigs horses goats; fish catch 13 796 tons (1991)

Exports:

total value: $639 million (f.o.b. 1996)

commodities: sugar 32% clothing gold processed fish lumber

partners: EU 26% Australia 15% other Pacific island countries 11% Japan 6%

Imports:

total value: $947 million (c.i.f. 1996)

commodities: machinery and transport equipment petroleum products food consumer goods chemicals

partners: Australia 30% NZ 17% Japan 13% EU 6% US 6%

Debt—external: $333.8 million (1996 est.)

Economic aid:

recipient: ODA $14.35 million from Australia (FY96/97 est.); $3.5 million from New Zealand (FY95/96)

Currency: 1 Fijian dollar (F$) = 100 cents

Exchange rates: Fijian dollars (F$) per US$1—1.9064 (January 1998) 1.4437 (1997) 1.4033 (1996) 1.4063 (1995) 1.4641 (1994) 1.5418 (1993)

Fiscal year: calendar year