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Construction Activity Driving Investment, Says RBF Report

Investment in the country continues to be driven by construction activity, the Reserve Bank of Fiji has highlighted. In its Economic Review for May, the central bank said strong growth
02 Jun 2015 11:45
Construction Activity Driving Investment, Says RBF Report

Investment in the country continues to be driven by construction activity, the Reserve Bank of Fiji has highlighted.

In its Economic Review for May, the central bank said strong growth of 37.4 per cent in domestic cement sales was noted in the first four months of the year.

In addition, new investment lending grew by 75. 2 per cent also in the first four months.

In terms of consumption and investment activity, partial indicators were positive.

“Domestically, positive sectoral performances and latest consumption and investment indicators suggest continued upbeat economic activity up to April.”

Cumulative to April, annual increases were noted in new lending for consumption purposes (9.8 per cent) and new and second hand vehicle registrations1 (3.8 per cent and 46.4 per cent, respectively).

The Reserve Bank said consistent with the buoyant domestic economy, labour market conditions improved.

The Reserve Bank of Fiji’s Job Advertisements Survey indicated the number of vacant jobs advertised cumulative to April, increased by an annual 10.3 per cent.

“Vacancies rose notably in the community, social & personal services, construction and finance, insurance, real estate and the business services sectors,” it said.

 

Sectoral outcomes

On sectoral outcomes, annual increases were noted cumulative to April in gold (18.3 per cent), woodchip (9.6 per cent) and electricity (2.8 per cent) production.

In the same period, visitor arrivals rose by 7.5 per cent on an annual basis.

This was driven by arrivals from China (27.9 per cent), Pacific Islands (19.5 per cent), New Zealand (10.8 per cent), US (10.3 per cent) and Australia (2.8 per cent).

Over the month to April, the Fijian dollar strengthened against the US dollar (2.3 per cent) and the Japanese Yen (1.3 per cent).

It weakened against the Australian dollar (-2.6 per cent), the Euro (-0.5 per cent) and the NZD (-0.4 per cent).

Feedback: rachnal@fijisun.com.fj

 




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