Release No: 73, 2013
29th October, 2013
The Fiji Bureau of Statistics has completed its rebasing of the Gross Domestic Product (GDP) series to the year 2008. Data gathered from various sources was used to quantify the contribution of the various productive economic activities to GDP. GDP is the total market value of all final goods and services produced in a country in a given year and a rebase needs to be carried out at reasonable intervals of time to factor in structural changes taking place in the economy. The GDP will now be based on the structure of the economy in 2008.
NEW BASE
The compilation procedures were in accordance with the United Nations System of National Accounts 2008 (2008 SNA). The economic activities are classified according to the Fiji Standard Industrial Classification [FSIC] 2010 which is based on the International Standard Industrial Classification Revision 4. FSIC 2010 replaces FSIC 2004 which was used for the 2005 rebase. Data for the compilation work was sourced from administrative records, surveys and special studies conducted by the Fiji Bureau of Statistics.
Analysis
The Manufacturing Industry has the highest weight in the 2008 base with 14.4 compared to the 15.0 by Transport, Storage and Communication in 2005. Wholesale and Retail Trade ranks second with 13.2 compared to Manufacturing’s second ranking weight of 14.2 in 2005. The Financial & Insurance sector’s weight of 12.3 ranks it third followed by Agriculture’s 9.4 and Public Administration and Defence’s 6.4.The other sectors followed with lower weights.
Overall
New Base Growth Rates
Graph 1: GDP at Constant Basic Prices
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