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Economic output drops due to COVID-19

January 6, 2021 12:40 pm
Reserve Bank of Fiji, Suva. [File Photo]

Various sectors performed well below expectations in 2020 due to the effects of COVID-19.

The Reserve Bank of Fiji in its annual Economic Review states sectoral performances of various industries continued to be subdued well into the end of the year.

Visitor arrivals fell by an annual 82.2 percent cumulative to November due to border closures which has seen many hotels and resorts closed or running on reduced capacity.

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Until November, production of cement dropped by almost 16%, electricity production was 10% below previous outputs and mahogany harvest decreased by 14%.

However, the timber industry showed positive results with pinewood supply increasing 22% and woodchip output up by 47%.

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