Economy of Fiji
| Statistics | |
|---|---|
| GDP | $8.37 billion(2016) |
| 97th (2017) | |
|
All values, unless otherwise stated, are in US dollars. |
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Endowed with [forest], mineral, and fish resources, Fiji is one of the most developed of the Pacific island economies, though it remains a developing country with a large subsistence agriculture sector. Agriculture accounts for 18% of gross domestic product, although it employed some 70% of the workforce as of 2001. Sugar exports and the growing tourist industry are the major sources of foreign exchange. Sugar cane processing makes up one-third of industrial activity. Coconuts, ginger, and copra are also significant.
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.
In September 2002, the government announced a 20-year development plan. Among other things, it aimed to give indigenous Fijians a greater stake in the economy. The plan envisages tax-relief to businesses owned or managed by ethnic Fijians, along with greater protection for indigenous land and fishery rights.
A major aim of the Fijian government is to achieve self-sufficiency in rice production. Cattle farming, fishing, and forestry (especially pine trees) are being encouraged to diversify the economy; the leading manufacturing industries involve the processing of primary products. On 14 April 2005, the Cabinet approved Prime Minister Laisenia Qarase's proposal to develop a biofuels industry. Under the plan, ethanol is to be developed as a complement to the sugar industry, with the hope of alleviating Fiji's dependence on imported fossil fuel such as petrol.
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