Oceania

Fiji Business

Business

According to Countryaah, Fiji has an agricultural-dominated market economy. The most dominant forage crop is sugar cane, which accounts for 80 percent of total agricultural production.

Other important agricultural products are coconuts, cassava and unpeeled rice. The country’s economy weakened dramatically in connection with the military coup in 1987 and the exit from the Commonwealth, which was a direct consequence of this. Fiji then sought new markets for its foreign trade, and during the 1990s the economy was more oriented towards Asian countries such as China, Taiwan, South Korea and Japan. The most important branch of the manufacturing industry is food production (sugar, copra). In mineral production, gold is of the greatest importance. Water energy is the most important source of energy. However, a considerable proportion of Fiji’s imports consist of petroleum products. Tourism is a major source of income and gives the country a significant inflow of foreign currency.

Gross Domestic Product (GDP) of Fiji

Economy

Inflation rate 3.40%
Unemployment rate 4.5%
Gross domestic product (GDP) $ 8,629,000,000
GDP growth rate 3.00%
GDP per capita $ 9,800
GDP by sector
Agriculture 13.50%
Industry 17.40%
Service 69.10%
State budget
Revenue 720.5 million
Expenditure 728.3 million
Proportion of the population below the national poverty line 31%
Distribution of household income
Top 10% 34.9
Lower 10% 2.6
Industrial production growth rate 1.50%
Investment volume
National debt 48.90% of GDP
Foreign exchange reserves $ 966,800,000
Tourism 2014
Visitors 693,000
Revenue $ 971,000,000