Fiji Time: 6:38 PM on Sunday 19 November

Fiji Times Logo

/ Front page / Archives » Article Index

Fiji's central bank anticipates economy expansion

Saturday, November 04, 2017

Update: 4:15PM THE Reserve Bank of Fiji says the local economy is now anticipated to expand by 4.2 per cent this year, higher than the earlier forecast of 3.8 per cent.

The RBF said this outturn was expected to be largely led by higher contributions from the public administration and defence; manufacturing; and construction and wholesale and retail trade sectors. 

Similarly, it said the growth outlook for 2018 was revised upwards to 3.6 per cent from an earlier projection of 3.0 per cent.

"Sectoral performances remain generally upbeat despite unfavourable outcomes in a few key sectors," the central bank stated in its economic review for the October month-end.

"Visitor arrivals noted an annual growth of 6.6 per cent cumulative to September, driven by higher tourist numbers from New Zealand, United States (US), Australia, Pacific Islands and the rest of Asia. 

"Similarly, both cane and sugar production recorded a considerable turnaround. Total cane crushed increased annually by 27.9 per cent (to 1,564,293 tonnes) resulting in higher sugar production by 38.4 per cent (to 174,252 tonnes)."

The central bank noted electricity production also grew on an annual basis in the year to August by 7.3 per cent. 

In contrast, the timber industry continued to perform weakly as a result of delays in the commencement of mahogany production and low demand for woodchips from the Asian market. 

Similarly, gold production remained low in the year to September owing to the closure of operations for necessary upgrades and mine audits earlier in 2017.

Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Code Inward TTs Outward TTs
CAD 0.62050.6015
JPY 55.545452.5454
GBP 0.36760.3596
EUR 0.41340.4014
NZD 0.71590.6829
AUD 0.64370.6187
USD 0.48830.4713



Exchange Rate updated on 17th, November, 2017

Today's Most Read Stories

  1. 'God first'
  2. 'Testament of our defence'
  3. Bati stuns Kiwis and will face Kangaroos
  4. 'We have done it'
  5. Woman's body found in harbour
  6. Keeping Fijian spirit alive in cold Germany
  7. FLP's poll promise
  8. Goalkeeper Tamanisau back for Fiji against Estonia
  9. 20 countries form clean energy alliance
  10. Special award

Top Stories this Week

  1. Fiji places second for Miss World 2017 talent Wednesday (15 Nov)
  2. COP23: France invite for Timoci Friday (17 Nov)
  3. Students holiday fares clarified Tuesday (14 Nov)
  4. Where there's a will... Thursday (16 Nov)
  5. Stunningly impressive Tuesday (14 Nov)
  6. Bati-mania Tuesday (14 Nov)
  7. Tighten defence Wednesday (15 Nov)
  8. Walker brothers' radar focuses on Fiji Bati kingpin Friday (17 Nov)
  9. Timoci opens COP23 Thursday (16 Nov)
  10. Arnold pays Fiji a visit Monday (13 Nov)