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Fiji Fiji

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Fiji – Quick View
ECR score6.52 (Mar 2011)
ECR rank183 (Mar 2011)
Economic
GDP (2010)USD 2.75 billion
GNI per capita PPP (2009)USD 4,530
FDI inflow (2009)USD 238 million
Inflation (2010)5.5%
Central bank assets (2010)USD 883.3 million
Unemployment rate (2009)8.7%
Government surplus (2010)USD 0.73 million
Tax revenue (2010)USD 512.37 million
Political
Government typeParliamentary democracy
Recent political crisisNA
Economic freedom score (2011)86th
Freedom of information score149th
Corruption perception indexNA
Structural
Birth rate21.4 per ‘000
Population balanceUnder 19 years – 38.5%
Population balanceAbove 60 years – 7.5%
Life expectancy yearsMale – 66.6 years
Life expectancy yearsFemale – 71.1 years
Mortality rate7.5 per ‘000
Literacy rate 200892.9%
Internet access 200913.4%

[Top] Economic Overview

Gross domestic product (GDP)

The GDP at current prices in 2010 was estimated at FJD 5.29 billion. GDP is projected to be FJD 5.46 billion and FJD 5.67 billion in 2011 and 2012 respectively.

The annual growth rate in 2010 is estimated at 11.1%, compared to -2.1% in 2009.

Fiji GDP and GDP Growth Rate

(Source: National Statistics, Reserve Bank)

The GDP per capita at current prices was registered at FJD 5,654.5 in 2009, declining 2.6% from the previous year. GDP per capita is estimated at FJD 6,243.7 and FJD 6,399.7 in 2010 and 2011 respectively.

Gross national income (GNI)

Gross National Income per capita at PPP amounted to USD 4,530 in 2009, a decrease of 1.9%, compared to 2008.

(Source: World Bank)

Income tax rate

Individual income is progressively taxed up to 31% in Fiji.

Income tax slabs for Fiji residents

Taxable Income (FJD)

Tax payable

0 - 15,000

Nil

15,001 – 15,600

25%

15,601 – 22,000

31% + FJD 150

Above 22,001

31% + FJD 2,134

(Source: taxrates.cc)

 

Income tax slabs for Fiji non-residents

Taxable Income (FJD)

Tax payable

Up to 9,000

20%

9,000 – 10,000

25% + FJD 1,800

10,001 – 20,000

30% + FJD 2,050

Above 20,001

31% + FJD 5,050

(Source: taxrates.cc)

Corporate tax rate

The corporate tax rate was 28% in 2010, with a Value-added tax rate of 12.5%.

(Source: taxrates.cc)

Inflation rate

The inflation rate declined in 2010, moving to 5.5% from 3.7% in 2009.

Fiji Inflation Rate

(Source: National Statistics)

Foreign direct investment inflows

Foreign Direct Investment (FDI) inflows amounted to USD 238 million in 2009, decreasing 23.9% from 2008.

(Source: unctad.org)

Banking sector assets

The total banking sector assets amounted to FJD 1,698.56 million in 2010. The foreign currency assets and local currency assets amounted to FJD 1,460.15 million and FJD 238.4 million respectively.

Banking Sector Assets ( FJD million)

Assets

2010

Short-term  commercial paper and  current  accounts

663.18

Marketable securities

448.35

Gold

2.13

Accrued  interest

5.16

IMF

341.33

Cash on hand

1.33

Domestic securities

185.64

Other  assets

27.48

Intangible assets

0.68

Property,  plant and equipment

23.28

Total Assets

1,698.56

(Source: Reserve Bank)

[Top] Financial Indicators & Government Financial

Consumer price index

The consumer price index (CPI) was recorded at 126.7 in 2010, increasing 5.6% from the previous year.

Fiji Consumer Price Index

(Source: National Statistics)

Interest rate

In January 2011, the interest rates on savings deposits and time deposits was recorded at 1.07% p.a. and 4.58% p.a. respectively.

(Source: Reserve Bank)

Money supply

Broad money amounted to FJD 3,448.9 million in September 2010, compared to FJD 3,256.2 million in September 2009.

Money Supply (FJD million)

Time Period

Narrow Money (M1)

Quasi Money

Broad Money (M2)

Jan

1,292.5

2,045.0

3,337.4

Feb

1,284.9

2,056.5

3,341.4

Mar

1,300.6

2,065.5

3,366.1

Apr

1,260.5

2,103.6

3,364.1

May

1,256.6

2,113.0

3,369.6

Jun

1,302.8

2,086.8

3,389.6

Jul

1,297.3

2,049.7

3,347.0

Aug

1,333.6

2,051.5

3,385.1

Sep

1,386.6

2,062.3

3,448.9

(Source: Reserve Bank page: 47)

Government expenditure

The total central government expenditure in 2010 was estimated at FJD 1,534.87 million, with an annual growth rate was  22%.

Fiji Government Expenditure

(Source: National Statistics)

Exchange rate

Exchange rate USD/FJD was registered at 0.52 in 2009 and 2010.

Fiji Exchange Rate


(Source: Reserve Bank page: 70)

Government finances

Fiscal balance

The fiscal surplus in 2009 amounted to FJD 157.71 million, decreasing 46%. In 2010, fiscal balance was estimated to be a surplus of FJD 1.4 million.

Fiji Fiscal Balance

(Source: National Statistics)

Total revenue

The total revenues in 2010 was estimated at FJD 1,536.27 million, compared to FJD 1,415.86 million in 2009.

Total Revenues (FJD million)

Year

2010E

2009

Customs Duties and Port Dues

876.59

775.24

Income Tax

426.29

451.94

Fees, Royalties Sales and Reimbursement

148.48

82.67

All Other Income N.E.C.

84.89

105.99

Total Revenues

1,536.27

1,415.86

(Source: National Statistics)

Tax revenue

The total tax revenues was estimated to amount to FJD 985.28 million in 2010.

Tax Revenues (FJD million)

Year

2010E

2009

Personal tax

28.07

27.47

Company tax

160.77

202.97

Dividend tax

73.24

63.96

PAYE

183.96

177.71

Hotel Turnover tax

30.59

24.95

Land sales tax

0.4

0.27

Other tax

10.72

9.94

Miscellaneous services

1.78

1.12

Value Added tax

495.73

402.65

Total Tax Revenues

985.28

882.38

(Source: National Statistics)

Current account balance

The current account balance in 2009 registered a deficit of FJD 449.8 million, compared to a deficit of FJD 1,030.4 million in 2008.

Fiji Current Account Balance

(Source: Reserve Bank page: 101)

Balance of payments

 

Fiji’s Balance of Payment (FJD million)

Year

Q2 2010

Q1 2010

2009

2008

Trade in goods

-310.9

-297.2

-1,351.9

-1,879.5

Trade in services

178.7

126.7

501.6

600.3

Income

19.5

-10.5

6.2

-42.9

Current transfers

54.9

44.3

352.1

288.6

Current Account Balance

-57.8

-136.7

-492.0

-1,033.5

Capital Account Balance

15.5

13.9

52.9

25.7

Financial Account

10

84.5

304.3

649.5

Net Errors and Omissions

32.3

38.3

134.8

358.3


(Source: National Statistics)

[Top] Labour Force and Employment Overview

Labour force

The total labour force was estimated to be 845,532 in 2009, increasing 0.7% from the previous year.

(Source: National Statistics)

Labour force participation rate

The labour force participation rate was registered at 59% in 2009. Specifically, the participation rate for males and females was 78% and 39% respectively.

(Source: World Bank)

Unemployment rate

The unemployment rate was estimated to be 8.7% in 2009.

(Source: National Statistics)

Minimum wage

The mean wage in 2006 was registered at FJD 22.78 per day.

Minimum Wage, 2006

Industry

Daily Mean Wage (FJD)

Agriculture

19.40

Mining

28.33

Manufacturing

18.97

Electricity

30.72

Construction

26.32

Commerce

21.99

Transport

26.54

Service

23.66

(Source: National Statistics)

Level of unionisation

The Fiji Trades Union Congress (FTUC) is the major trade union of Fiji.

(Source: icftu.org)

[Top] Political Stability

Government stability

Fiji Islands have a parliamentary democracy, after recieving freedom from Great Britain in 1970.

(Source: parliament.gov)

The president is the Head of State. He is appointed by Great Council of Chiefs and serves a term of five years. The legislative body has a bicameral form of parliament which includes the House of Representatives and the Senate. The House of Representatives consists of 71 members who are directly elected for five years. The Senate consists of 32 members who are indirectly elected for a term of five years.

(Source: parliament.gov)

The major political parties active in the country include:

  • Soqosoqo ni Duavata ni Lewenivanua
  • Fiji Labour Party
  • United Peoples Party
  • Justice and Freedom Party
  • Coalition of Independent Nationals
  • Girmit Heritage Party
  • National Alliance Party of Fiji
  • Social Liberal Multicultural Party
  • National Federation Party
  • Nationalist Vanua Tako Lavo Party
  • Party of National Unity
  • Soqosoqo Ni Vakavulewa Ni Taukei Party

(Source: elections.gov)

Currently, Ratu Epeli Nailatikau serves as President and Commodore Josaia Voreqe Bainimarama is Prime Minister of the country.

(Source: parliament.gov)

Regulatory environment

Fiji is ranked 86th in the 2011 Index of Economic Freedom, with a score of 60.4. The country’s overall score is above the regional and world average. In the Asia-Pacific region, the country ranks 14th out of the 41 countries.

Fiji Economic Freedom Indices

(Source: heritage.org)

Corruption perception

The Corruption Perceptions Index (CPI) is a survey to measure the perceived level of corruption across countries worldwide. Fiji was not included in the Corruption Perception Index, 2010.

(Source: transparency.org)

Freedom of information

The World Press Freedom Index 2010 ranks Fiji at 149th with a score of 52.75.

A few of the major newspapers in Fiji includes the Daily Post, the Fiji Times and the Fiji Sun.

(Source: rsf.org, BBC)

Judicial system

The judiciary consists of:

  • Supreme Court
  • Court of Appeal
  • High Court
  • Magistrate Court
  • Small Claims Tribunal

The Supreme Court is the highest court of appeal, consisting of a Chief Justice, a justices of court of appeal and other judges. It resolves cases related to judgement from Court of Appeal.

The Court of Appeal consists of the President and other judges of high court. It resolves cases related to judgement from high court.

The High court comprises of 18 judges and a Chief Justice. It resolves cases related to judgement from the sub-ordinate courts.

The magistrate court resolves cases related to criminal, civil and family matters. The magistrate court consists of four divisions - civil, criminal, small claims tribunal and juvenile court. Small claims tribunal, also known as Consumer Court, resolves cases related to consumers and traders.

(Source: judiciary.gov)

[Top] Demographic Overview

 

Total Population

 

The total population in 2010 was estimated at 850,700, increasing 0.62% from the previous year. The population in 2011 and 2012 is estimated to be 854,290 and 858,038 respectively.

 

In 2007, individuals in the age group of 0-19 accounted for 38.5% of the total population, followed by individuals in the age-group of 20-59 with a percentage share of 53.9%. Finally, people above the age of 60 constituted 7.5% of total population.

 

(Source: National Statistics)

 

Gender balance

 

Representation of gender in the country is almost equal. In 2007, there were 427,176 males and 410,095 females. Thus the gender ratio was recorded at 103 males per 100 females in 2009.

 

 

 

(Source: National Statistics, UN)

 

Mortality rate

 

The infant mortality rate was 15.2 per 1,000 live births. The birth rate and death rate were registered at 21.4 per 1,000 population and 7.5 per 1,000 population respectively.

 

(Source: Ministry of Health page: 26)

 

Average life expectancy

 

The life expectancy was 69.2 years in 2010. Specifically, the average life expectancy for males and females was 66.6 years and 71.1 years respectively.

 

(Source: UNDP, UN)

 

Migration and urbanisation

 

The total immigrants were 113,000 and 125,058 emigrants in 2009. The annual growth rate for immigrants and emigrants was recorded at 3.8% and 0.8% respectively.

 

(Source: National Statistics)

 

The total urban population was 424,846 in 2007. Of the total urban population, 212,454 were males and 212,392 were females.

 

(Source: National Statistics)

 

Racial/ ethnic environment

 

The major ethnicities in the country are Chinese, Europeans, iTaukei, Indians, and Rotuman.

 

(Source: National Statistics)

 

Poverty and inequality

 

From 2008-2009, 31% of the population lived in poverty. Specifically, the poverty in urban and rural areas was 19% and 43% respectively.

 

(Source: National Statistics)

 

Human development index (HDI)

 

Fiji is ranked 86th on the Human Development Index (HDI) 2010 with a score of 0.67. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and having a decent standard of living (measured by purchasing power parity, PPP, income).

 

(Source: UNDP)

[Top] Soft Infrastructure

Literacy rate

The literacy rate was 92.9% in 2008.

(Source: education.gov)

Education resources

The student to teacher ratio in primary schools and secondary schools was registered at 25.02 and 15.7 respectively.

Education Resources, 2009

Schools

Number of schools

Number of students

Number of teachers

Primary school

721

129,444

5,173

Secondary school

172

67,072

4,273

Teacher training school

4

633

88

Vocational school

69

2,387

391

Special school

17

-

111

(Source: National Statistics)

The total budgeted education expenditure amounted to FJD 278.4 million in 2009.

(Source: Ministry of Education)

Healthcare resources

The major causes of death include circulatory, respiratory, endocrine, nutritional, metabolic, neoplasm and parasitic diseases. The mortality rate for children below 5 is 23.2 per 1,000 live births.

Healthcare Resources

Health Indicators

2009

Number of hospitals

27

Number of beds

1,986

Health Centres

77

Number of medical practitioners

416

Number of nurses

1,981

(Source: National Statistics)

The total budgeted health expenditure in 2009 amounted to FJD 149 million, accounting for 8.69% of the total national budgeted expenditure.

(Source: Ministry of Health page: 48)

[Top] Hard Infrastructure

Mass public transit

The various modes of public transportation in the country are buses, private cars, minibus and taxis.

Roadways

The amount of the national road network in the country is about 5,127 km.

(Source: estandardsforum.org)

Railways

The country has about 597 km of railways belonging to the Fiji Sugar Corporation, which is used for hauling sugarcane.

(Source: estandardsforum.org)

Ports

The country has five busy ports: Port of Lambasa, Port of Lautoka, Port of Levuka, Port of Savusavu and Port of Suva.

(Source: worldportsource)

Airports

Airport Name

Town

Runway length (ft.)

Labasa

Labasa

3,500

Matei

Matei

2,900

Nadi International

Nadi

10,500

Nausori International

Nausori

6,100

Rotuma

Rotuma

4,900

(Source: aircraftcharter)

Telecommunication network

The total number of internet subscribers in Fiji were 114,200 in 2009, increasing 10.8% from the previous year.

(Source: World Bank)

Fixed telephone line subscribers were 136,782 or 16.11 per 100 individuals in 2009.

Fiji Fixed Telephone Lines


(Source: ITU)

Mobile phone subscribers were 640,000 or 75.36 per 100 individuals in 2009.

Fiji Mobile Phone users


(Source: ITU)

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