Labour market continues to improve as economic activity moves closer to pre pandemic level - RBF

Labour market continues to improve as economic activity moves closer to pre pandemic level - RBF

By Vijay Narayan
Friday 30/09/2022
[Photo: File]

The Fijian economy continues to strengthen, aided by the rebound in tourism and key economic sectors with positive flow on effects onto the job market.

The Reserve Bank of Fiji says the labour market continues to improve as economic activity moves closer to pre pandemic level.

In the year to August, the number of jobs advertised rose by an annual 212.4 percent compared to a dip of 57.1 percent in the same period last year.

Pay As You Earn tax collections also grew by 15.7 percent up to August, portraying an improvement in formal employment.

Cumulative to August, 354,277 visitors arrived in Fiji, representing 59.8 percent of arrivals in the same period of 2019, with August alone bringing in 70,110 visitors (78.9% of August 2019).

Sectoral performances of cane (0.04%), sugar (3.8%), sawn timber (44.9%), mineral water (21.5%), electricity (16.5%) and mahogany production (33.3%) noted annual gains in the year to August, while gold (-30.1%) and woodchip (-38.7%) production fell.

The RBF says consumption and investment activities remain positive, mirroring tourism recovery, strengthening of the labour market, and the expansionary fiscal and monetary policies.

Partial indicators of consumer spending such as net VAT collections (84.9%), new consumption lending (60.2%) and vehicle registrations (43.5%) also registered annual gains in the year to August.

On investment activity, new lending to the real estate sector rose in the year to August (97.9%).

However, lending to the building and construction sectors (-27.7%) was lower in the same period, due to base effect and a combination of higher building material prices and supply constraints that might be weighing on construction activity.

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