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Risks increase

Geraldine Panapasa
Tuesday, January 15, 2013

DOWNSIDE risks to Fiji's growth projects have increased as a result of Tropical Cyclone Evan says the central bank.

In its economic review for December 2012, the Reserve Bank of Fiji said the full extent of damage was yet to be ascertained.

"Nevertheless, damage to infrastructure (housing, public utility and the hotel industry), cane and non-cane crops, livestock and the loss of manufacturing and retailing hours are expected to provide downward impetus on the growth outlook," RBF said.

"Due to possible reprioritisation of funds for rehabilitation activity, there is likely to be delays in the implementation of planned projects by both the private and public sector.

"Sectoral performances remained mixed in the review period for the month ending December last year. Weak outcomes were noted for cane and sugar production and visitor arrivals. In the year to November, cane and sugar production declined on an annual basis by 21.8 per cent and 2.8 per cent respectively.

"Visitor arrivals cumulative to September 2012 declined by 2.5 per cent on an annual basis. When compared to the same period in 2010, visitor arrivals were higher by 4.8 per cent."

According to the review, global economic developments continued to be influenced by uncertainties surrounding the state of US fiscal policies and the depressed state of the Euro zone.

While the performance of Fiji's major trading partner economies remained weak, the central bank said there were signs of stabilisation towards the end of the year particularly for the US and Chinese economies.


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