Fiji Sun, 10 March 2018 – Nominal Gross Domestic Product or GDP per person in 2017 stood at over $12,000, almost doubling from $6419 in 2006. This is the highest ever we have seen in our history. Even real GDP per capita reached its highest ever level at around $8000 last year.
The most basic explanation of this is that Nominal GDP is the total amount of money spent on all new and final goods in an economy.
- Foreign reserves peaked at over $2.4 billion last year;
- Visitor arrivals were at the highest level ever in 2017 (842,884 visitors) – almost close to our total population;
- Tourism earnings for 2017 is again projected to reach a record level at close to $1.8 billion;
- Government tax collections are at the highest level despite the lowest tax rates (we now have the lowest personal income tax rate, lowest corporate tax, lowest VAT rate and no dividend tax, but still revenue collections continue to rise );
- Corporate tax reduced to 20 per cent from 31 per cent in 2006 and 35 per cent in 2000;
- Income tax threshold raised to $30,000 from $8,840 in 2006;
- VAT to 9 per cent.
- Since 2007, over $4.8 billion has been injected in the education sector by the Government. Spending on education in 2017/2018 – $964.4 million, including $170 million for school rehabilitation (Fiji has one of the highest education spending to GDP ratio in the region) Read more…
