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Fiji Time: 6:31 PM on Wednesday 22 May

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$133m benefit

Geraldine Panapasa
Thursday, October 11, 2012

AROUND $133.6million was paid as interest to members of the Fiji National Provident Fund in 2011 while withdrawals decreased from 2010 to 2011 by $26.89m.

These were some of the updates presented by University of the South Pacific's Doctor Sunil Kumar at the recent Fiji Economic Update 2012 in Suva.

Highlighting a range of activities, Dr Kumar said the fund had an investment portfolio of $3.15billion which steadily increased over the years to $3.5bn in 2011.

The investments included government with $2107.9m in 2010, Housing Authority with $67.2m, and statutory bodies and local governments comprising $507m.

Private housings comprised $63.2m while investments towards tourism projects for 2010 reached $439.1m bringing the total value of investments for that year to over $3184m.

Dr Kumar said the Reserve Bank of Fiji's data for early 2012 forecasted investment levels for the year would be 18 per cent of Gross Domestic Product.

Higher investments in tourism and public investment projects were anticipated to further enhance investment activities for the year.

Meanwhile, RBF noted a 13 per cent increase in domestic VAT collection until July this year while new consumption lending increased by 161.4 per cent or over $85.6m.

New vehicle sales until June also increased by 34.8 per cent while job advertisement until July and house sales increased by 6.7 per cent and 17.9 per cent respectively.

In terms of construction, cement production from January to July increased by 12.3 per cent noting an increase in domestic cement sales by 2.2 per cent.