Positive reviews from RBF

Positive reviews have been given for a number of sectors up to October this year by the Reserve Bank of Fiji.

The RBF said sugar production rose by an annual 26.4 percent up to October while mahogany production by the Fiji Hardwood Corporation Limited rose annually by 52.4 percent cumulative to September this year.

Wood intake data from Tropik Wood Industries to produce pulp, sawlogs and posts also showed a year-on-year increase of 33 percent.

In line with higher timber production, the Reserve Bank said timber exports also rose annually by 11.3 percent in the first seven months of the year.

The RBF also said upbeat consumer confidence coupled with an improved business environment and stability is resulting in higher investment activity.

Indicators such as domestic cement sales and new lending by banks for investment purposes also noted annual increases.

The bank said more jobs are also available as the number of advertised positions rose annually by 7.9 percent.

The main sectors noting increases are wholesale, retail trade, restaurants, hotels and construction.

Tourism receipts and remittances have also increased.

Receipts from tourism increased by 4.5 percent up to the second quarter of this year while remittances rose by 1.9 percent.

Meanwhile, the Reserve Bank said despite an increase in process in the last few months and inflation reaching 3.1 percent in September, the year end inflation remains unchanged at 3 percent.

Foreign reserves stand at $1.77 billion.  
 

Story by: Vijay Narayan