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Signs of economic contractions highlighted in June

June 30, 2020 4:29 pm

Signs of economic contractions were visible in statistics gathered by the Reserve Bank of Fiji for the month of June.

In its review, the RBF highlighted that commercial banks’ new lending for consumption dropped by 20.2 percent.

The net VAT collection also dropped by 30.1 percent, registration for new and secondhand vehicles dropped by a huge margin of 65.5 percent.

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The RBF also noted that domestic cement sales decreased by 18.8 percent and new lending for building and construction purposes dropped by 28.7 percent.

The Fijian economy is anticipated to contract severely this year due to the significant decline in tourism activity and its knock-on effects on the rest of the economy.

The overall labour market conditions continue to worsen.

The review also notes the number of jobs advertised contracted by a significant 48.8 percent on an annual basis up to May, indicating depressed recruitment intentions and business activities.

As of June 29th, excess liquidity stood at $780.5 million.

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