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Fiji Time: 3:17 PM on Wednesday 22 May

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RBF: Performance varies for sectors

Elenoa Baselala
Thursday, August 16, 2012

PERFORMANCES in various sectors domestically continue to vary, the Reserve Bank of Fiji economic review for July said.

The review said gold production increased by 13.9 per cent on an annual basis in the year to May.

Visitor arrivals continued to perform well, recording an annual growth of 3.7 per cent in the first quarter.

"Moving forward, the industry is expected to do better in the peak season which runs from June to September," the review said.

"In the sugar industry, the crushing season began without any major problems and significant gains were noted in milling efficiency up to the third week of crushing, aided by relatively better cane quality supplied to the mills. In contrast, copra and electricity production cumulative to May declined on an annual basis by 14.4 per cent and 1.7 per cent, respectively.

"Additionally, industry feedback on the forestry sector indicated that there has been some deceleration in output particularly in the pine industry, given the subdued global demand for wood chips."

Inflation in June stood at 4.5 per cent. And despite the March-April floods, the supply of most market items affected was restored in May and related prices have stabilised.

The year-end inflation forecast remained unchanged at 3.5 per cent, the review said.

Foreign reserves at the end of July stood at $1,514.6 million, sufficient to cover 4.8 months of retained imports of goods and non-factor services.