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‘Forecast Stronger Than Before’

The country’s domestic economy is now forecast to expand by 4.3 per cent this year, according to the Reserve Bank of Fiji. This was announced yesterday by the chairman of
11 Apr 2015 10:07
‘Forecast Stronger Than Before’
Reserve Bank governor Barry Whiteside.

The country’s domestic economy is now forecast to expand by 4.3 per cent this year, according to the Reserve Bank of Fiji.

This was announced yesterday by the chairman of the Macroeconomic Policy Committee and the Governor of the RBF, Barry Whiteside.

“The domestic economy is now forecast to expand by 4.3 per cent this year, an upward revision from the earlier growth forecast of 4.0 per cent announced in the 2015 National Budget,” he said.

“If achieved, this will be Fiji’s sixth consecutive year of positive growth and third consecutive year of growth above 4.0 per cent.”

He also said: “The revised forecast incorporates the higher Government expenditure budgeted for 2015, particularly the larger-than-expected allocation for capital expenditure.

“Recent developments and latest data on the domestic economy have also been taken into account in the revisions. The public administration and defence; finance and insurance; accommodation and food services; human health and social work; construction and education sectors are all now expected to do better-than-earlier anticipated.”

Growth this year is projected to be broad-based with positive contributions from all sectors of the economy. The construction; finance and insurance; wholesale and retail; manufacturing; information and communication; agriculture; transport and storage; accommodation and food services and the public administration and defence sectors are forecast to be the main drivers of growth in 2015.

Speaking on last year’s growth, Mr Whiteside stated: “The growth estimate for 2014 has been revised up to 4.5 per cent from 4.2 per cent.

“The upward revision is largely underpinned by better-than-expected performances by the public administration and defence; finance and insurance; fishing and aquaculture; information and communication and the accommodation and food services sectors. Record visitor arrivals and higher than expected activity in tourism related sectors and improved cane and sugar industry output also contributed to the upward revision.

“Growth in 2014 was broad-based with the finance and insurance; manufacturing and the construction sectors being the main drivers.”

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