The Reserve Bank of Fiji says the Fijian economy is on track to register its ninth consecutive year of economic expansion in 2018.
According to the RBF’s Economic Review in November, visitor arrivals increased by 4% cumulative to October led by higher arrivals from New Zealand, US, Japan and Continental Europe.
The RBF says a total of 79,077 visitors came to Fiji in October, a record high for the month of October.
Mahogany, sawn timber and woodchip production increased significantly while electricity generation was also higher in the same period.
However gold production fell by 4.7% and sugar by 14.7%.
New consumption lending increased by 16.6% and registrations of non government new vehicles increased by 12.4% and second hand vehicles increased by 13.9% in the year to October.
Net VAT collections also increased by 7% cumulative to the third quarter of this year.
RBF says employment prospects as indicated by the RBF’s Job Advertisement Survey results remain firm.
It says that in the year to October, the total number of vacant jobs advertised increased by an annual 9.3% led by higher recruitment intentions in the manufacturing; community, social and personal services; transport, storage and communications; electricity and water; construction and mining and quarrying sectors.
The RBF also states that inflation increased to 5.2% in October from 4.6% in September underpinned by higher prices for yaqona, vegetables, fuel, alcohol and tobacco.
Foreign reserves rose in October to $2.125B, sufficient to cover 4.7 months of retained imports.
