RBF says the recent COVID situation will further prolong the already subdued economic activity in Fiji

RBF says the recent COVID situation will further prolong the already subdued economic activity in Fiji

By Vijay Narayan
Tuesday 04/05/2021
The Reserve Bank of Fiji .[image: file]

The Reserve Bank of Fiji says while progress has been made on the vaccination front considering that over 50,000 Fijians have received the first dose of the AstraZeneca vaccine, the recent locally transmitted cases and subsequent containment measures will further prolong the already subdued economic activity.

The RBF says sectoral performances remained mixed up to March.

Visitor arrivals are down by 97%, electricity declined annually by 13.4% and mahogany production by 27% annually, the latter of which was due to a halt in production earlier in the year.

However, the pine industry noted a boost in production for pine logs by 151.8%, woodchip by 92.7% and sawn timber by 21.6% on the back of increased demand.

Gold production also picked up over the year by 17.5% owing to better-quality ore grade mined.

The RBF says over the month, improvements were noted in all sectors.


VAT collections drop by 27.8% however strong growth was noted in second-hand vehicle registrations by 122.2%

Job ads drop over the year by 75.8 percent in March
By Vijay Narayan
Tuesday 04/05/2021

The Reserve Bank of Fiji says investment and consumption activity remained weak in the first three months of the year, indicating subdued confidence amidst continued economic uncertainty.

However strong growth was noted in second-hand vehicle registrations by 122.2%, driven in part by the budgetary changes around vehicle imports.

Consumption indicators in the country declined over the year as reflected by the drop in net VAT collections by 27.8%, new consumer credit by 24.1%, new vehicle sales by 17.8% and registration by 17.2%.

Partial investment indicators such as domestic cement sales dropped by 8.4% and new investment lending by 25.8% also declined annually.

Job advertisements declined over the year by 75.8% in March, driven by reduced recruitment intentions across most major sectors.

This was corroborated by the annual fall in net compulsory Fiji National Provident Fund membership by 64% over the same period.

Meanwhile, assistance from the Government and the FNPF via the COVID-19 withdrawal scheme continues.

In April, the FNPF support was extended to provide relief for mortgage payments and members affected by the recent lockdown measures.

Excess liquidity in the banking system surged past the $1 billion mark in March and is currently more than adequate at $1.451 billion.



FEATURE NEWS
Fiji Water's $140M capacity expansion boosts employment and sustainability efforts
Fiji Water’s latest capacity expansion in Ra builds on their efforts to provide an innovative and safe workplace with long-term career development ...
20 hours ago
LATEST NEWS
Relief at Veinuqa District School as new bridge ends years of creek crossings
Students and teachers of Veinuqa District School in the interiors of Namosi are relieved as after years of crossing the creek in front of the school, ...
42 minutes ago

$596,300 new storage facility to open for disability service providers
In pursuit of inclusivity and support for persons living with disabilities, the construction of a $596,300 storage facility for the National Council ...
1 hour ago

Tukini Cama, a phenomenon and showman - Parkinson
One of greatest and legendary radio personalities in the 1990s and early 2000s, Tukini Cama will be laid to rest in Vuci, Tokatoka, Tailevu this ...
17 hours ago

Nakasi High head girl leads with determination despite challenges
Nakasi High School head girl Esther Kuva is gearing up for a year filled with responsibilities and challenges and she is an inspiration to other ...
19 hours ago

Ra families seek urgent Govt aid as children swim across dangerous river
Families of Cavucavu and Namonamo settlements in Mataso, Ra are calling on the government to provide urgent assistance as there are children swimming ...
21 hours ago


fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
Kishore Kumar Trial
Kishore Kumar is charged with allegedly making false claims on his Facebook page, Kishore Kumar Publications that there was a porn video of ...
3 days ago

Concerns raised regarding the state of CWM Hospital
General and Chief Pediatric Surgeon at the CWM Hospital, Dr Josese Turagava says due to the increase in the number of people who are moving to the ...
4 days ago

HSBC Perth 7s 2024
The Fiji Airways Men’s National 7s side secured a 4th place finish at the HSBC Perth 7s while the Fijiana 7s finished 8th in the Women’s ...
20 days ago

TOP