Finance Minister delivers budget
November 20, 2014 11:40 pm
Fijians have rarely enjoyed a buoyant economic outlook in the country history.
Finance Minister Aiyaz-Sayed Khaiyum made the comment as he delivered the Fiji-First led government’s first budget in Parliament this morning.
Sayed Khaiyum says the country is only enjoying its third sustained period of growth since independence 44-years ago.
Economic growth last year stood at 4.6 per cent as opposed to a forecast of 3.6 per cent in the last budget.
“And more importantly it will be the first times in the last 44 years that the Fijian economy grew buy more than four percent in three consecutive years. This unprecedented growth trend in particularly the strength of this growth, are clear evidence that are economic policies and investments that government is undertaking or doing that we intended them to do and that is, it’s the right economic course for Fiji.”
The rate of inflation at the end of October stood at 0.3 per cent and it is projected to stand at around 1.5 per cent by the end of the year.
Sayed-Khaiyum said exports are projected to grow by eight per cent this year and a further 3.5 per cent next year.
“Imports are also projected to increase next year by 6.6 percent which is in line with our strong economy. Visitor arrivals are also projected to increase to more than seven hundred and one thousand next year and we expect a total tourism receipts to exceed $1.4 billion next year. Personal remittances from abroad have also been increasing which sustain or assist many families and inject important cash into the economy, and of course it contributes to our favorable balance of payments situation.”
Sayed Khaiyum made the announcement in the 2015 budget in Parliament this morning.