Fiji’s GDP figures revised upwards

June 1, 2023 4:40 pm

Ariel shot of Suva City. [File Photo]

The Reserve Bank of Fiji in its May Economic Review revised the Gross Domestic Product figures upward to eight percent from the earlier six percent projected in November 2022.

RBF Governor, Ariff Ali says this is largely underpinned by the faster-than-anticipated recovery of the tourism industry, and its positive spillover into other sectors of the economy.

In the year to April, visitor arrivals reached 252,245, 1.4 percent higher than the arrivals recorded in the same period in 2019.

Article continues after advertisement

Ali says on the production front, activity remained broadly mixed.

Electricity generation, rose in the year to April while, gold, woodchip, sawn timber and mahogany saw an annual decline in production in the review period.

He says the demand for labour continues to be strong, evident by increases in job advertisements.

Ali says consumption activity remained upbeat.

The RBF noted improved income levels, a rise in new consumer loans and the steady inflow of remittances providing an impetus to consumer spending, evident in higher net VAT collections in the year to April.