Domestic economic activity consistent with growth projection
August 1, 2014 1:10 am
Indicators of the domestic economic activity in the first half of this year suggest that outcomes are consistent with growth projection of 3.8 percent.
In its latest economic review the Reserve Bank of Fiji says consumption and investment activity remained firm supported by growth in household income and private sector credit.
The RBF says apart from fish and gold industries, other sectors performed well.
On the external front, high import demand, supported by buoyant domestic activity, outpaced the growth in exports which resulted in widening of the trade deficit.
However, tourism earning and remittances have supported the country’s balance of payments position.
RBF Governor Barry Whiteside says for long term sustainability policies geared to boost the export and import substitution sectors must continue.
Inflation stood at 1.1 percent in June while foreign reserves were around $1, 661.3m.