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Transport Is Forecast Sixth Highest Contributor

The Reserve Bank of Fiji forecast says the transport sector is the sixth highest contributor of the country’s projected growth this year. Presenting a detailed overview of the economy, chief
17 May 2015 10:25
Transport Is Forecast Sixth Highest Contributor
RBF chief manager Financial Markets Esala Masitabua

The Reserve Bank of Fiji forecast says the transport sector is the sixth highest contributor of the country’s projected growth this year.

Presenting a detailed overview of the economy, chief manager Financial Markets at Reserve Bank of Fiji Esela Masitabua  highlighted this at the Fiji Bus Operators Association Annual Convention.

It was held at Novotel Suva Lami Bay Hotel.

The forecast for growth this year is 4.3 per cent.

“It is broad based growth meaning a wide range of sectors are contributing to this growth,” Mr Masitabua said.

“The contribution from the transport sector of which the bus industry is a part of is 0.31 per cent – so the sixth highest forecasted contributor to the projected growth for 2015.

“If you talk about FJ$ value – our GDP is around $6.5 billion.

“To grow by 4.3 per cent equates to approx. $280 million. So if the transport sector contributes 0.31 per cent of this it equates to just under $1 million over and above what it achieved in 2014.”

In contrast the transport sector contributes around six percent of GDP equivalent to $450 million.

Foreign reserves stood at around  $1.9 billion last Friday. Mr Masitabua said it had never been at this level before which was very encouraging.

 




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