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$6.7b real GDP

Filipe Naigulevu
Wednesday, September 13, 2017

FIJI's provisional estimate of real gross domestic product (GDP) for 2016 was recorded at $6.7 billion, an increase of 0.4 per cent compared with $6.6b in 2015.

The Fiji Bureau of Statistics (FBoS) highlighted that the real GDP value or GDP at constant basic price was estimated using 2011 prices and reflects the net value of goods and services produced in Fiji.

GDP represents the overall value of all the final goods and services produced in a country in a specific period.

It can be referred to in both nominal and real terms. Nominal GDP, also referred to as GDP at current market prices refers to the current market value of all final goods and services produced in a country.

As the prices of goods and services change over time because of inflation, the value of goods and services produced in a country will also increase.

The value of nominal GDP adjusted for inflation is referred to as the real GDP.

According to the Reserve Bank of Fiji (RBF), Fiji's nominal GDP in 2001 was valued at $3777.2m while real GDP stood at $2675.9m.

In 2014, nominal GDP has reached a significant $8552.9m whereas real GDP climbed up to $6417.8m.

The economy grew at an average rate of 2.0 per cent per annum in the 2001-2005 period, noting Fiji's real GDP growth performance.

The FBoS also stated the economy's expansion last year was driven by positive growth contributions in several industries.

This includes wholesale and retail which contributed 0.8 percentage points; public administration and defence which contributed 0.4 percentage points; construction contributed 0.3 percentage points; information and communication contributed 0.3 percentage points; and education contributed 0.2 percentage points.

There was however contraction in the agriculture, forestry and fishing, accommodation and food service activities, real estate activities, manufacturing and financial and insurance activities.

This was because of the Tropical Cyclone Winston, the bureau said.

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