Compare Fiji (2008) - Fiji (2007)

Compare Fiji (2008) z Fiji (2007)

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	Fiji (2008)	Fiji (2007)

Budget	revenues: $720.5 million expenditures: $728.3 million (2005)	revenues: $720.5 million expenditures: $728.3 million (2005 est.)
Economy - overview	Fiji, endowed with forest, mineral, and fish resources, is one of the most developed of the Pacific island economies, though still with a large subsistence sector. Sugar exports, remittances from Fijians working abroad, and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Fiji's sugar has special access to European Union markets, but will be harmed by the EU's decision to cut sugar subsidies. Sugar processing makes up one-third of industrial activity but is not efficient. Fiji's tourism industry was damaged by the December 2006 coup and is facing an uncertain recovery time. The coup has created a difficult business climate. Tourist arrivals for 2007 are estimated to be down almost 6%, with substantial job losses in the service sector. In July 2007 the Reserve Bank of Fiji announced the economy was expected to contract by 3.1% in 2007. Fiji's current account deficit reached 23% of GDP in 2006. The EU has suspended all aid until the interim government takes steps toward new elections. Long-term problems include low investment, uncertain land ownership rights, and the government's inability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have increased significantly.	Fiji, endowed with forest, mineral, and fish resources, is one of the most developed of the Pacific island economies, though still with a large subsistence sector. Sugar exports, remittances from Fijians working abroad, and a growing tourist industry - with 300,000 to 400,000 tourists annually - are the major sources of foreign exchange. Fiji's sugar has special access to European Union markets, but will be harmed by the EU's decision to cut sugar subsidies. Sugar processing makes up one-third of industrial activity but is not efficient. Fiji's tourism industry was damaged by the 2006 coup and is facing an uncertain recovery time. Long-term problems include low investment, uncertain land ownership rights, and the government's inability to manage its budget. Overseas remittances from Fijians working in Kuwait and Iraq have increased significantly.
Exchange rates	Fijian dollars per US dollar - NA (2007), 1.7313 (2006), 1.691 (2005), 1.7331 (2004), 1.8958 (2003)	Fijian dollars per US dollar - 1.7313 (2006), 1.691 (2005), 1.7331 (2004), 1.8958 (2003), 2.1869 (2002)
Exports	2,268 bbl/day (2004)	NA bbl/day
GDP - real growth rate	-3.1% (2007 est.)	3.1% (2006 est.)
Imports	10,870 bbl/day (2004)	NA bbl/day
International organization participation	ACP, ADB, C (suspended), CP, FAO, G-77, IBRD, ICAO, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, ISO, ITSO, ITU, ITUC, MIGA, OPCW, PCA, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNIDO, UNMIS, UNMIT, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO	ACP, AsDB, C, CP, FAO, G-77, IBRD, ICAO, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IPU, ISO, ITSO, ITU, ITUC, MIGA, OPCW, PCA, PIF, Sparteca, SPC, UN, UNCTAD, UNESCO, UNIDO, UNMIS, UNWTO, UPU, WCO, WFTU, WHO, WIPO, WMO, WTO
Military branches	Republic of Fiji Military Forces (RFMF): Land Forces, Naval Forces (2008)	Republic of Fiji Military Forces (RFMF): Land Forces, Naval Forces (2006)

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