RBF

RBF statistics for the last decade from 2010-2019 shows that the average economic growth for Fiji was 3.2%

RBF statistics for the last decade from 2010-2019 shows that the average economic growth for Fiji was 3.2%

By Vijay Narayan , Naveel Krishant
Monday 27/07/2020

The Reserve Bank of Fiji statistics for the last decade from 2010 to 2019 shows that the average economic growth for Fiji was 3.2% however the Opposition Leader, Sitiveni Rabuka is saying average growth was 0.75%.

Rabuka has claimed in Parliament that the Minister for Economy has continued to say that the economy has grown in a steady rate above 3% on average over the past 10 years.

He says if you compare the real growth rate by decade since 1970, from 1971 to 1980 equaled 4.85%, 1981 to 1990 was 2.46%, 1991 to 2000 was 2.44%, 2001 to 2010 was 1.36% and 2011 to 2020 was 0.75%.

Siti-Rabuka

Rabuka then asked where is the unprecedented growth when the real growth for 2011 to 2020 is only around 0.75%, and much lower than the previous decades.

He claims the figures are manipulated.

However according to RBF statistics, Fiji achieved 9 years of consecutive growth from 2010 to 2019.

RBF statistics and average rate are calculated by the decade starting at year 2010 and ending at year 2019 however Rabuka is basing his average rates from year 2011 to year 2020.

The 2020 economic contraction of 21.7% has brought the average economic growth for the decade lower as quoted by Rabuka.

According to the RBF data, the year 2020 should be in the decade from 2020 to 2029.

The official RBF statistics say the average growth rate from 1970 to 1979 was 5.5%, 1980 to 1989 was 1.9%, 1990 to 1999 was 3%, 2000 to 2009 was 0.9% and 2010 to 2019 was 3.2 percent.

The RBF has also forecast Fiji’s economy to contract by 21.7% this year while the Asian Development Bank is forecasting a 15% contraction.

CEO-sm

The RBF economic review is done by the Macroeconomic Committee which is chaired by Governor of the Reserve Bank of Fiji, Ariff Ali.

116588790-284478785987802-2506473809338421740-n

Stay tuned for the latest news on our radio stations

CFL radio frequencies
IN DEPTH
Fiji continues to be affected by COVID-19
Contact tracing continues for most parts of Suva and Nausori. Mon 19th Apr Tue 20th Apr Wed 21st Apr Thu 22nd Apr Sat 24th Apr Sun ...
11 hours ago

258,000 people lived under the Basic Needs Poverty Line according to the 2019-20 Household Income and Expenditure Survey
Survey says almost one in five school aged children in Fiji are educationally deprived
6 days ago

Debate on the Bill to Amend the iTaukei Land Trust Act
Debate on the Bill to Amend the iTaukei Land Trust ...
52 days ago
FEATURE NEWS
Opposition MPs calls rejected for Electoral Registration of Voters Amendment Bill to be referred for public consultation
The calls made by the Opposition parliamentarians has been rejected today for the government to refer the Electoral Registration of Voters Amendment B...
3 hours ago
LATEST NEWS
New Indian High Commissioner to Fiji meets Rabuka
The new Indian High Commissioner to Fiji, Palaniswamy Subramanyan Karthigeyan met with former Prime Minister and Leader of the People's Alliance ...
3 minutes ago

COVID-19 vaccination starts for 15 to 17 year olds in Fiji
Prime Minister Voreqe Bainimarama has highlighted that the Moderna vaccine is first being administered to 15 to 17-year-olds who are nearing the end ...
11 minutes ago

Sayed-Khaiyum should sack the Supervisor of Elections – Nawaikula
The Interpretation Amendment Bill 2021 will be debated in parliament this Wednesday. Attorney General, Aiyaz Sayed-Khaiyum says this bill has been ...
13 minutes ago

Household Income and Expenditure Survey is flawed – Dr. Reddy
Minister for Agriculture, Dr. Mahendra Reddy says the 2019-20 Household Income and Expenditure Survey is flawed because the data for two different ...
1 hour ago

The Speaker has not prevented debate on the floor of the parliament – Ratu Epeli
Speaker of Parliament, Ratu Epeli Nailatikau stresses it is important to note that the parliamentary business committee will have the final say in ...
5 hours ago

TOP