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Strong investment spending

Filipe Naigulevu
Saturday, November 04, 2017

INVESTMENT spending remained strong in the third quarter of this year as revealed by partial indicators highlighted by the Reserve Bank of Fiji's September quarterly review.

The review noted that domestic cement sales, an indicator for local construction activity, rose on an annual basis by 16.0 per cent to 142,166 tonnes cumulative to August.

The value of work put in place also increased on an annual basis by 5.6 per cent (to $129.9 million) in the March quarter of this year.

This is despite its slower pace in growth compared with the 11.3 per cent growth recorded in the same period last year.

The central bank also indicated that commercial banks' new lending for investment purposes rebounded by 26.9 per cent (to $415.6m) in the year to September.

This was because of annual increases in lending to the real estate (40.1 per cent) including building and construction (14.2 per cent) sectors.

Imports of investment related goods (excluding aircraft) also registered a 9.0 per cent growth (to $725.3m) cumulative to May earlier this year.

Meanwhile, RBF stated that investment activity was envisaged to remain positive and in line with sentiments expressed for investment in plant and machinery and buildings in the June 2017 survey.

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