Earnings

Fiji has a market economy and had a total annual GDP of around 4.3 billion USD in 2021. It had reached a high of 5+ billion USD before the pandemic made it nosedive in 2020, as tourism is a significant contributor to the overall GDP. Since 2022 it has rebounded strongly as travel restrictions have been progressively eased. The Reserve Bank of Fiji has issued a press release revising the growth figures upwards as tourists have flocked back to the islands. Credit rating agencies have also revised their ratings from negative to stable and positive in late 2022. 

Young tourists going riding on Natadola beach at sunset. Tourism is a major
earner in Fiji

Apart from tourism, the other main sector is agriculture, it has been the primary vehicle of growth for the Fijian economy traditionally. The ancestral Melanesians who came from Asia and settled Fiji 3500 years ago, had brought with them a whole heap of food plants and were known horticulturists, remember?  

The agriculture sector is dominated by subsistence farming, essentially by the indigenous Fijians who cultivate crops like cocoa,  pineapples, copra and cassava for some extra income. Fishery is also an significant activity and Fiji is an exporter of  fish and seafood. Timber products make a contribution as well - large scale pine forests were planted systematically last century. Uniquely developed palmwood and palmwood furniture forms part of the export basket. Read more here.

Traditionally, Fiji's economic development has been on the back of agriculture.
 It remains a paramount sector even at present. 

The commercial sector consists of garments and sugarcane, mostly by independent Indo-Fijian farmers on leasehold lands. There is also some light manufacturing catering to local Fijian demand as well as exports to surrounding Pacific island nations, such as paints, brewery, boat building and furniture. As these sectors have grown the importance of sugar refining has naturally declined. Bottled water has emerged as a growth area in recent years. Fiji also has mineral resources - gold, silver and copper are mined, though output fluctuates and some mines have closed down in recent years. Read more here. 

Fiji is a net importer of energy. However, it is the Pacific island nation with the highest share of renewables. More than 55% of Fiji's energy requirement is supplied through hydroelectricity (50%), while solar, biomass and wind have a share of 5% at present. Fiji's 20 year National Development Plan has the objective to generate all energy from renewables by 2030. Read more about Fiji's energy situation and objectives here. 

Pines near the coastal road near Natadola. Forestry is a small but significant
contributor to the economy.

All this month I'll be writing about Aspects of Fiji, which is where I am at the mo. And where the sum of  the constituent parts is emphatically greater than the whole!

Did you know that Fiji is the most developed economy among the South Pacific islands? It is also an educational hub - the University of the South Pacific, jointly owned by the South Pacific island nations, has three campuses in Fiji and draws students from all over the region. 

~ Thank you for reading ~

Posted for the A-Z Challenge 2023