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Private Sector Leading The Way

The private sector is generally considered the engine of growth and the Reserve Bank of Fiji says this sector is taking the lead again in driving our growth. Governor, Barry
05 Oct 2014 15:38
Private Sector Leading The Way
From left: The late Patterson Shipping Director Trevor Patterson, Prominent Suva lawyer Graham Leung and Patterson Shipping Director George Patterson. Source: Graham Leung FB Page.

The private sector is generally considered the engine of growth and the Reserve Bank of Fiji says this sector is taking the lead again in driving our growth.
Governor, Barry Whiteside, made these comments yesterday while presenting on the economic status of our country at Finance Minister Aiyaz Sayed-Khaiyum’s Special Budget Forum at the Grand Pacific Hotel in Suva.
In the past two years, investment to GDP has exceeded Government’s target of 25 per cent.
Mr Whiteside said that target hasn’t been hit for many years going back as far as 1980s.
He highlighted that 15 per cent of this was from the private sector which meant that 15% of GDP is contributed by the private sector as opposed to 2010 when it was 3.5 per cent of GDP.
“It shows the confidence of the business community,” he said.

Survey
Meanwhile, in a survey conducted by the Reserve Bank in June on Business Expectations, 60 per cent of the 250 large companies in Fiji surveyed, said they will invest in buildings in the next 12 months.
Mr Whiteside also highlighted that 56 per cent of the respondents said they will be investing in plant and machinery in the next three months.
Whilst 75 per cent said they will invest in plant and machinery in the next 12 months from June of this year.
Mr Whiteside said this showed the confidence businesses have.
“Because if you invest in buildings, it shows you are expanding. If you invest in plant and equipment, it might be just to replace the machinery. But the numbers seem really strong for us,” he said.
Feedback:  rachnal@fijisun.com.fj



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