Visitor arrivals track higher than the 2019 total, GDP growth forecast for this year is now upward biased - RBF
Modest rate of investment anticipated due to policy-related uncertainties and higher cost of building materials

Visitor arrivals track higher than the 2019 total, GDP growth forecast for this year is now upward biased - RBF

Modest rate of investment anticipated due to policy-related uncertainties and higher cost of building materials

By Vijay Narayan
Friday 28/04/2023
[Image: File Photo]

The outlook for visitor arrivals to Fiji for 2023 is now expected to be higher than earlier projected based on the trend in arrivals for the first quarter, which track higher than the 2019 total for the same period.

The Reserve Bank of Fiji says the total visitor arrivals increased noticeably in the first quarter of the year, mainly underpinned by more visitors from Australia, New Zealand, and North America.

It says given the relatively significant contribution of the tourism sector to the economy, the GDP growth forecast for this year is now upward biased.

The RBF also says domestically, some sectoral indicators under observation reflected softer performance in the recent month, with the exception of solid electricity production and tourism.

While higher employment intentions are related to improved economic conditions and businesses filling vacant positions from migrating workers, the job market has remained tight.

The RBF says at the same time, the pickup in employment levels and higher inward remittances, has induced positive consumption activity.

However, due to policy-related uncertainties and the persistent higher cost of building materials, the rate of investment is anticipated to remain modest in the near future.

In March, private sector credit increased annually, consistent with historically low lending rates and more favourable economic conditions.

As debt serviceability improved further in February, the value of non-performing loans for commercial banks and licensed credit institutions fell further, while the banking industry’s capital remained adequate.

FEATURE NEWS
We want to defend our Olympics legacy - Kolinisau
We have got a tough legacy to live up to at the Olympics and we want to defend that legacy in Paris. This was highlighted by Team Fiji Men’s Rugb...
3 hours ago
LATEST NEWS
RFMF Wives and Mothers Club invests in education with new tutorial support
The Wives and Mothers Club of the Republic of Fiji Military Forces has established a move to support education by reintroducing a tutorial program ...
3 hours ago

Unruly behaviour and violence will not be tolerated - Radrodro
As the secondary schools rugby competition grows closer to the Vodafone Super Deans National Finals, the Minister of Education Aseri Radrodro is ...
3 hours ago

Sports coach charged for sexual and indecent assault granted bail
45-year-old sports coach, Guy Morris who allegedly sexually assaulted 3 girls aged 13, 14 and 16 years in Suva has been granted bail. Morris ...
3 hours ago

We have respect for all teams, but we have a legacy to defend - Tuwai
We have respect for all teams, but we have a legacy to defend at the Olympics. That’s the message from two-time Olympic gold medallist Jerry ...
3 hours ago

We must hold dear to personal values taught by our ancestors – Minister for Employment
We must hold dear to personal values taught by our ancestors as they guide the children who are our future generation, helping them navigate the ...
4 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
Acting Director of Substance Abuse Advisory Council on fijivillage Straight Talk With Vijay Narayan
Acting Director of the National Substance Abuse Advisory Council, Josua Naisele on fijivillage Straight Talk With Vijay Narayan
8 hours ago

Deputy Prime Minister and Minister for Finance Prof. Biman Prasad on fijivillage Straight Talk with Vijay Narayan
Prof. Prasad says they did not make major changes to tax to keep stability and confidence
8 hours ago

fijivillage Straight Talk with Vijay Narayan - Girmit celebrations 2024
Minister for Multi Ethnic Affairs, Charan Jeath Singh, Assistant Minister for Women, Children and Social Protection, Sashi Kiran and former Prime ...
9 hours ago

TOP