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A-G: Economy Has Doubled In Past 10 Years

A-G: Economy Has Doubled In Past 10 Years
Attorney-General and Minster for Economy Aiyaz Sayed-Khaiyum.
August 07
13:34 2018

Our economy has doubled in size in the last 10 years.

At independence, the size of our economy was around $0.2 billion. It took almost 40 years since 1970 to increase this by $5.6 billion.

However, the economy has doubled in the last 10 years.

This has been one of the issues highlighted during the 2018-2019 National Budget Roadshow which is currently being undertaken by Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum and his team.

Graph 1

The Team:

Permanent Secretary Makereta Konrote; Shiri Gounder, who is the Head of Fiscal Policy, Research and Analysis, Pankaj Singh, who is the Head of Treasury; Isoa Talemaibua who is the Head of Budget and Planning and; Kamal Gounder, the Manager Infrastructure.

Between 1970 till 2008, our economy contracted 11 times. In the last ten years, it contracted only once.

Mr Sayed-Khaiyum highlighted that compulsory Fiji National Provident Fund membership has also increased in the recent past, which was a clear indication that more jobs have been created in Fiji.

Graph 2

Construction boom:

Fiji has also noted a growth of 16.8 per cent in 2017 in this sector. This means residential, private sector construction and public sector projects.

New investment lending grew by 25 per cent last year and building permits issuance grew by 32 per cent and completion certificates rose by almost 36 per cent in 2017.

Graph 4

Consumption activity:

New VAT collections increased by 13.9 per cent in 2017.

New Consumption lending has increased by 12.1 per cent last year. And, more people are able to afford motor vehicles, meaning an improvement in socio-economic conditions.

Total vehicles registered on road- almost 120,000 this year compared to around 80,000 in 2006.

In 2016, an average of 41 vehicles were registered per day, compared to 16 in 2007 and six in 1998.

In 2017, an average vehicle registered per day stabilised at around 34 vehicles per day.

The following graphs have been suplied by the Ministry of Economy.

Graph 3 Graph 4 Graph 5

Edited by Ranoba Baoa

Feedback:  jyotip@fijisun.com.fj

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