Economy remains on track to achieve growth: RBF
October 2, 2017 1:02 am
The Reserve Bank in its latest economic review has stated that the economy remains on track to achieve its eighth consecutive year of growth.
RBF Governor, Ariff Ali, says improved global conditions and outlook particularly in our major trading partner economies, continue to augur well for the Fijian economy.
Growth prospects for this year are slightly upward biased following the base effects from the lower-than-expected growth outturn last year.
The lower growth in 2016 was underpinned by weaker performances in the agriculture, forestry, real estate, accommodation and food services, transport and storage, and financial and insurance activities sectors.
To date, sectoral performances have remained mixed while aggregate demand continue to be buoyant, boosted by ongoing consumer and business optimism and the positive impact from the 2017-2018 National Budget policies.
Inflation fell to 1.9 percent in August from a high of 6.8 percent in January.
Ali says it is expected to be around 2.5 percent by year-end.