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Economy remains buoyant

November 3, 2015 10:58 pm

The domestic economy was broadly positive in October, according to the Reserve Bank’s monthly review.

Consumer spending strengthened further, evident in a 9% increase in net Value Added Tax collection.

Loans are at an all-time high with a 43% increase second hand vehicle loans.

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Investment indicators also remained upbeat, mainly driven by strong growth in construction activity. Domestic cement sales rose by 46percent, while new lending for investment purposes increased by an annual 94.9 percent up to September.

There were also higher vacancies in the agriculture, forestry & fishing; mining & quarrying; electricity & water; construction; wholesale & retail & restaurants & hotels; transport, storage & communication and finance, insurance, real estate & business services sectors.

Financial conditions continued to be accommodative during the review period.

Liquidity in the banking system rose over the month by 5.6 percent to $669.8 million in September, underpinned by an increase in foreign reserves by $57.8m.

As at 30 October, liquidity stood at $573.8 million.

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