About Fiji and Key Financial Statistics









About Fiji and Key Financial Statistics



Overview of Economy:


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 692,630 tourists visiting in 2014, and remittances from Fijian’s working abroad are the country’s largest foreign exchange earners. Fiji's sugar remains a significant industry and a major export. The sugar industry reforms since 2010 have improved productivity and returns, but the industry faces the complete withdrawal of European Union preferential prices by 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 have boosted investor confidence. Private sector investment in 2014 reached 15% of GDP, compared to 13% in 2013.


Gross Domestic Product (In USD):

$7.404 billion (2014 est.)
$7.031 billion (2013 est.)
$6.72 billion (2012 est.)



Composition of Gross Domestic Product:


% Agricuture: 12.1

% Industry: 19.9

% Services: 68


Composition of Labor Force by Occupation:

% Agriculture: 70

% Industry and services: 30




Per Capita Income:

$8,400 (2014 est.)
$7,900 (2013 est.)
$7,600 (2012 est.)



Exports:

$1.152 billion (2014 est.)
$1.048 billion (2013 est.)



Key Export Commodities:

sugar, garments, gold, timber, fish, molasses, coconut oil



Export Partners:

US 11.8%, Australia 10%, UK 6.4%, Samoa 6.2%, Tonga 5.5% (2014)



Imports:

$2.403 billion (2014 est.)
$2.38 billion (2013 est.)



Key Import Commodities:

manufactured goods, machinery and transport equipment, petroleum products, food, chemicals



Import Partners:

Singapore 18.4%, South Korea 14%, NZ 13.7%, China 13.1%, Australia 12.9% (2014)



Inflation Rate (Consumer Price Index):

0.5% (2014 est.)
2.9% (2013 est.)




Exchange Rate to USD:

Fijian dollars (FJD) per US dollar -
1.8874 (2014 est.)
1.8874 (2013 est.)
1.79 (2012 est.)
1.7932 (2011 est.)
1.9183 (2010 est.)




Unemployment Rate:

8.8% (2014 est.)
8.7% (2013 est.)


S&P Rating:



Standard & Poor's Ratings:

  • AAA: The best quality borrowers, reliable and stable
  • AA: Quality borrowers, a bit higher risk than AAA
  • A: Economic situation can affect finance
  • BBB: Medium class borrowers, which are satisfactory at the moment
  • BB: More prone to changes in the economy
  • B: Financial situation varies noticeably
  • CCC: An obligor rated currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.






Ref 2012-2014: CIA World Factbook, Wikipedia, PWC, EY, Standard & Poors ratings