Front Matter Page

© 1995 International Monetary Fund

January 1995

IMF Staff Country Report No. 95/10

Fiji—Recent Economic Developments

This report on recent economic developments in Fiji was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. In releasing this document for public use, confidential material may have been removed at the request of the member.

International Monetary Fund

Washington, D.C.

Front Matter Page

INTERNATIONAL MONETARY FUND

FIJI

Recent Economic Developments

Prepared by Roger Kronenberg, Marco Cangiano, Anton Op de Beke, and Cheng Hoon Lim

Approved by the Southeast Asia and Pacific Department

December 2, 1994

Contents

• List of Abbreviations

• Basic Data

• I. Background and Overview

• II. Real Sector

  • 1. Overview

  • 2. Output

    • a. Sugar sector

    • b. Nonsugar agriculture

    • c. Nonsugar manufacturing

    • d. Tourism

    • e. Building and construction

    • f. Mining and energy

  • 3. Investment and savings

  • 4. Price trends and regulation

  • 5. Labor market

    • a. Labor force and employment

    • b. Wage determination

    • c. Labor productivity

• III. Public Finance

  • 1. Overview

  • 2. Revenue and expenditure

    • a. Revenue and grants

    • b. Expenditure

    • c. Expenditure control

  • 3. Budget financing and public debt

  • 4. The 1994 budget

  • 5. Public enterprises

• IV. Financial Sector

  • 1. Background

  • 2. Monetary policy and conditions

  • 3. Operations of commercial banks

  • 4. Nonbank financial institutions and capital markets

• V. External Sector

  • 1. Overview

  • 2. Current account

  • 3. Capital flows

  • 4. External debt and international reserves

  • 5. Exchange rate and exchange controls

  • 6. Trade deregulation and tariff reform

  • 7. International trade agreements and arrangements

• Text Tables

  • 1. Selected Economic Indicators, 1977-93

  • 2. Gross Domestic Product by Industrial Origin, 1988-93

  • 3. Tax-Free Factories Sector, 1988-93

  • 4. Reported (Net) Emigration of Workers by Major Occupational Group, 1987-93

  • 5. Logs of Claims and Wage Increases, 1991-94

  • 6. Indices of GDP at Constant Prices per Employee, 1986-93

  • 7. Central Government Finances, 1988-94

  • 8. Monetary Survey, 1988-94

  • 9. Reserve Money Management, 1989-94

  • 10. Balance of Payments, 1988-93

  • 11. Items Under Import Licensing, 1989-94

• Appendix Tables

  • 12. Regional Comparison of Basic Economic Indicators, 1988-93

  • 13. Regional Comparison of Social and Demographic Indicators

  • 14. Gross Domestic Product by Expenditure at Current Market Prices, 1988-93

  • 15. Sugarcane Production and Growers’ Income, 1988-93

  • 16. Primary Production, 1988-93

  • 17. Industrial Production, 1988-93

  • 18. Tourism Statistics, 1988-93

  • 19. Movements in Consumer Prices, 1988-94

  • 20. Paid Employment by Sector, 1988-93

  • 21. Central Government Revenue and Grants, 1988-94

  • 22. Central Government Expenditures, 1988-94

  • 23. Central Government Debt, 1988-93

  • 24. Financial Position of Major Public Enterprises, 1988-92

  • 25. Operating Profits and Losses of Major Public Enterprises, 1988-92

  • 26. Budgetary Appropriations to Major Public Enterprises, 1988-93

  • 27. Assets of the Financial System, 1985-93

  • 28. Balance Sheet of Monetary Authorities, 1988-94

  • 29. Liquidity Position of Commercial Banks, 1988-94

  • 30. Structure of Interest Rates, 1988-94

  • 31. Deposit Money Banks, 1988-94

  • 32. Loans and Advances of Commercial Banks, 1988-94

  • 33. Ownership of Deposits of Commercial Banks, 1988-94

  • 34. Maturity of Time Deposits of Commercial Banks, 1988-94

  • 35. Consolidated Assets and Liabilities of Nonbank Financial Institutions, 1988-93

  • 36. Exports by Commodity, 1988-93

  • 37. Sugar Exports by Destination, 1988-93

  • 38. Total Imports and Re-exports, 1988-93

  • 39. Petroleum Product Imports, Re-exports, and Retained Imports, 1988-93

  • 40. Direction of Trade, 1988-93

  • 41. Services and Transfers, 1988-93

  • 42. Capital Account, 1988-93

  • 43. External Debt and Debt Service, 1988-93

  • 44. International Reserves, 1988-93

• Annex

  • Changes in Exchange Controls, 1994

• Charts

  • 1. Economic Performance, 1988-93

  • 2. International Comparisons of Inflation and Growth, 1988-93

  • 3. Public Finance Indicators, 1988-94

  • 4. Monetary Indicators, 1988-94

  • 5. External Developments, 1988-93

  • 6. Exchange Rate Indices, 1987-94

FIJI: List of Abbreviations