Friday, February 23, 2024
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Reinvigorated tourism sector growth, keeps Fiji in pole position: RBF

The Reserve Bank of Fiji has projected Fiji’s economy to grow by 8.2 per cent this year, reflecting a reinvigorated recovery in the tourism sector.

This was announced in its November Economic Review,.

The Central Bank however states that Fiji’s primary and natural resource sector production remains weak due to industry-specific factors.

The RBF outlined that inflation stood at four per cent in October as higher prices were noted across categories.

This, while Fiji’s trade deficit widened by five per cent to around $3.3 billion cumulative to September, as growth in imports outweighed exports.

It said Fiji’s financial sector continue to be supportive of domestic economic activity; lending to the private sector rose by 5.9 per cent in October, supported by higher lending to both business entities and private individuals.

Liquidity in the bank system is adequate and stands around $2.2 billion as of November 30.

The Reserve Bank highlighted that commodity price movements were mixed in October – Crude oil price fell to $87.41 USD per barrel, while the world food prices index declined by 10.9 per cent.

The RBF also indicated that the global growth prospects continue to be clouded by risks and challenges – Geo-political fragmentation has worsened amid concerns about de-risking policies.

Growth in Fiji’s major trading partner economies was positive, although slow.

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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