Reserve Bank of Fiji has recorded an estimated economic growth of 2% for Fiji despite all the natural disasters last year.
This was revealed by the Governor of RBF, Barry Whiteside during the official listing of Free Bird Institute Limited on the South Pacific Stock Exchange today.
Free Bird Institute Limited is the first company representing the education sector which is listed on the South Pacific Stock Exchange.
While speaking on the national economy, Whiteside says they are initially forecasting GDP growth at 3.6 percent for this year.
He says despite the setbacks, supportive fiscal measures favourable labour market conditions and inflows of remittances and tourist earnings continue to boost consumer spending and investor sentiments.
The Governor says that inflationary pressures in 2016 came largely from domestic supply side factors following the natural disasters.
He says with the modest performance of Fiji’s external sector, foreign reserve levels remain adequate at $1.9 billion, which is sufficient to cover 5.1 months of retained imports of goods and non-factor services.
He stresses that our financial system remains stable and continues to support the economy during this time of recovery.
