Some pick-up noted from June as more businesses and citizens adapted to the COVID-19 environment - RBF

Some pick-up noted from June as more businesses and citizens adapted to the COVID-19 environment - RBF

By Vijay Narayan
Monday 02/08/2021
Suva City

Economic activity slowed significantly in late April and May as the spread of the Delta variant intensified in the country, worsening Fiji’s socio-economic situation however some pick-up has been noted from June as more businesses and citizens adapted to the COVID-19 environment.

The Reserve Bank of Fiji says resource-based sectors have managed to hold up production in the first half of the year.

Gold production expanded annually by 12.1% driven by mining efficiency and improved ore grade.

Timber production rose over the same period as pine logs increased by 128% and woodchips by 90.9% output on the back of buoyant foreign demand while mahogany production rose by 91.3%.

The RBF says while the sugarcane crushing data up to 19th July shows annual contractions for both cane by 27% and sugar production by 30.9%, yield is expected to pick up over the coming weeks after the guaranteed price of $85 per tonne was extended for the 2021 season.

Electricity generation is down by 7.2%, cement production down by 33.9% and visitor arrivals down by 95.9% recorded annual declines cumulative to June.

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