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Asia and Oceania
Fiji |
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Last reviewed: 11 September 2009 |
Country information
Economy
Basic economic facts
GDP per head per head of population: FJD $3442
Major industries: Tourism, sugar, mineral water, mining, copra, electricity, fish, sugar, garments, timber, building and construction.
Major trading partners: Australia, New Zealand, USA, Europe, Japan, Tonga, Singapore, Thailand, China (June 2009).
Exchange rate: £1 = F$ 3.25 (September 2009)
For 2009, Fiji's fiscal deficit is envisaged at 3.0 percent of GDP ($192.8 million). This is based on a 12.1 percent annual increase in expenditure which is expected to more than offset a 6.0 percent rise in annual revenue. The higher deficit for 2009, relative to the previous year, is based on Government's decision to spur economic activity through high capital spending. Total revenue is budgeted at $1,522.4 million. Taxes are expected to rise. Government is expected to inject more funds towards capital investment in 2009. Government debt is estimated to be 47.8% of GDP in 2008. Total Government debt is expected to increase to 47.9% of GDP in 2009. Government has set a debt target of 45 percent of GDP for the medium term (by 2011). In December 2008, inflation rate stood at 6.6 percent compared with 9.8 percent in the September quarter. Labour market conditions were subdued on 2008. Personal remittances fell by 19.0 percent to $178.3 million in the first eleven months of July 2009 stood at $924 million.
The Reserve Bank of Fiji devalued the Fiji dollar by 20% on 15 April 2009 in a bid to boost tourism earnings and export revenue.
Aid and development
Fiji receives development assistance from the European Union, Australia and New Zealand, though some of this aid has been curtailed or suspended following the 2006 military coup and the April 2009 abrogation of the Constitution.
