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Economy of Fiji

Fiji is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Fiji may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Fiji exports around $1.03 billion and imports roughly $2.05 billion. 6.3% of population in the country are unemployed. The total number of unemployed people in Fiji is 57,471. In Fiji, 31% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Fiji is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.9% of GDP. The Gini Index of the country is 42.8. Fiji is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Fiji has a Human Development Index (HDI) of 0.724. Fiji has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The strength of legal rights index for Fiji is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Fiji is Fijian dollar. The plural form of the word Fijian dollar is dollars. The symbol used for this currency is $, and it is abbreviated as FJD. The Fijian dollar is divided into Cent; there are 100 in one dollar.

Credit rating

The depth of credit information index for Fiji is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Fiji has a credit rating score of B, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Fiji has a credit rating score of B1, and the prospects of this rating are negative.

Central bank

In Fiji, the institution that manages the state's currency, money supply, and interest rates is called Reserve Bank of Fiji. The average deposit interest rate offered by local banks in Fiji is 1.9%.

Public debt

Fiji has a government debt of 23.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Fiji is set at 20%. Personal income tax ranges from 0% to 20%, depending on your specific situation and income level. VAT in Fiji is 15%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Fiji is $7404 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Fiji was last recorded at $8 million. PPP in Fiji is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Fiji is 4,034 billion. Based on this statistic, Fiji is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Fiji was last recorded at $4 million. The average citizen in Fiji has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Fiji averaged 3.8% in 2014. According to this percentage, Fiji is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Fiji.

Industry

Major industries in the country are tourism, sugar, clothing, copra, gold, silver, lumber, small cottage industries. The total labor force of Fiji is 376,850 people, wherein 6.3% of population in the country are unemployed. The total number of unemployed people in Fiji is 57,471. The Industrial Production growth rate of Fiji is 2.5%.To read more about industrial information within Fiji click on industry of Fiji.

Agriculture

There are 2001 km2 of arable land in Fiji, and it comprises 11% of the country's total territory. There are 2851 km2 of cultivated land in Fiji. The country's major agricultural crops and products are sugarcane, coconuts, cassava, rice, sweet potatoes, bananas, cattle, pigs, horses, goats, fish.To read more about agriculture click on agriculture of Fiji.