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Construction sector sees positive performance

Geraldine Panapasa
Monday, January 06, 2014

INVESTMENT activities for December last year were mainly supported by the positive performance in the construction sector.

And according to the central bank, partial indicators such as new lending for investment purposes rose significantly by 87.8 per cent in the year to November 2013 while imports of investment goods rose annually by 25.2 per cent cumulative to September.

In its economic review for the month ending December last year, the Reserve Bank of Fiji said domestic cement sales, an indicator of construction activity, rose by 12.7 per cent in the year to October.

"Labour market conditions continue to improve as shown by the results of the RBF's job advertisement survey," it said.

"In the year to November, the number of vacant jobs advertised grew annually by 9.7 per cent, mainly driven by community, social and personal services.

"This was followed by wholesale, retail trade, restaurants and hotels, and the construction sectors."

RBF said partial indicators for consumption continued to suggest increased household and business spending within the economy. It said new vehicle sales recorded an annual growth of 40.4 per cent from the year to November last year.

"New lending for consumption purposes more than doubled in the same period. In the year to October, the net VAT collections grew by 12.7 per cent, while imports of consumption goods registered an annual growth of 5.6 per cent in the first nine months of 2013," RBF said.

"Consumption activity was further supported by the inflow of personal remittances, which rose over the year to October by 6.9 per cent to $270.6million."

The central bank said inflation rose marginally last November to 3.4 per cent from 3.3 per cent in October, largely on account of higher contributions from the food and non-alcoholic beverages category.

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