Economic activity picks-up
January 6, 2022 5:00 am
Economic activity started to pick up from the last quarter of 2021 as mobility restrictions were eased and international borders re-opened from December 1st says the Reserve Bank of Fiji.
The RBF in its latest economic review states that major sectoral production continued to show improved results although still below the pre-pandemic level.
Output in the timber industry remained firm in the year to November 2021.
Governor, Ariff Ali says aggregate demand also started to pick up as reflected by improvements in consumption and investment spending.
Ali says monthly growth in Net Value Added Tax collections moved into negative territory in November, after recording gains for two straight months owing to higher VAT refunds.
He adds investment spending is also rising, although at a slower pace.
New loans for investment activity increased by 3.1 percent in the year to November, driven by higher lending to the real estate category.As per the RBF Job Advertisement Survey in the
year to November 2021, the number of jobs advertised declined by 37.9 percent compared to a higher contraction of 65.7 percent noted in the corresponding period in 2020.
Ali says demand for labour is expected to pick up gradually after mobility restrictions were eased and international borders were re-opened last quarter.