NEWS

We’re Doing Well: Report

The Fijian economy expanded by an estimated 4.2 per cent in 2014, led mainly  by construction; financial intermediation; manufacturing and wholesale; retail trade, hotels and  restaurants sectors. According to figures
09 Feb 2015 09:35
We’re Doing Well: Report
Sugar Industry performed significantly well in 2014

The Fijian economy expanded by an estimated 4.2 per cent in 2014, led mainly  by construction; financial intermediation; manufacturing and wholesale; retail trade, hotels and  restaurants sectors.

According to figures soon to be released by the Reserve Bank of Fiji but sighted by the Fiji Sun. A survey of job advertisements showed that the number of new jobs advertised rose by 12.8 per cent in 2014 to 9,194.

The year-end inflation was 0.1 per cent. Inflation was 0.2 per cent in January 2015.

Attorney-General and Minister for Finance Aiyaz Sayed-Khaiyum said these figures speak for themselves.

“The fundamental changes that they were carried out by the Bainimarama-Government and now the FijiFirst Government are giving the intended outcomes,” he said.

“We of course expect to contribute even further to the growth. the professional management and good governance structures including transparency with an eye on commercial maximisation is showing results in organisations such as Tropic Wood and Fiji Pine.

“It is expected that with more private sector participation in the public sector through the state owned enterprises, the trajectory will continue. Of course, civil service reforms and non-tolerance of corruption will complement this trajectory.

“It would be further supplemented with our partnership with multilateral organisations such as World Bank, ADB and IFC.”

Mr Sayed-Khaiyum said this also showed the confidence in Government policies and plans for the future.

“The record low inflation rates, increased job creations and Government’s investment in capital works demonstrate that ordinary Fijians are beneficiaries of these positive results.”

Mr Sayed-Khaiyum will be making more comments on this later.

When asked about the comments the Opposition usually make painting doom and gloom picture of Fiji, he said: “It is evident that many of the nay sayers, including those in the Opposition, and some academics do not have a grasp of what is happening on the ground.”

The Fijian economy noted five years of consecutive growth. Major sectoral performances are positive as Consumption and Investment spending continues to increase.

Overall aggregate demand is also being supported by Government’s expansionary fiscal policy. Credit conditions continue to be supportive of growth.  Inflation remains low and foreign reserves at a comfortable level.

Outlook for 2015 – the robustness of the domestic economy is expected to continue in 2015 and the economy is forecast to expand by four per cent led again by the construction sector. Consumption and investment spending is projected to continue expanding aided by expansionary fiscal policy.

The outlook for inflation and foreign reserves remain comfortable and would allow Reserve Bank of Fiji to maintain its accommodative monetary policy stance and ensure continuation of supportive credit conditions in the economy.

The last time Fiji achieved 6 consecutive years of growth was in the early 1970s.

Feedback: jyotip@fijisun.com.fj

 




Fiji Sun Instagram
Subscribe-to-Newspaper
error: