Positive sectoral performance recorded in the 1st quarter
May 28, 2018 1:18 am
The Reserve Bank in its latest review has noted that a broad positive sectoral performance was recorded in the first quarter of this year.
It says improved performance emanated from a strong rebound in the timber and gold sectors with continued upbeat performance in the electricity and tourism sectors.
The RBF says following the devastation caused by TC Winston in 2016 coupled with structural issues last year, the timber industry has made a firmer recovery in the last three months.
Log intake rose significantly to 85, 790 tonnes due to high production in Vanua Levu.
In the same period woodchip and mahogany production also recorded higher levels.
The RBF says this was largely due to higher demand for woodchips from major markets of China and Japan.
Tropik Wood Products Limited expects nine woodchip shipments to the Japanese market this year.
However, wet weather conditions remain an ongoing challenge for the sector.
On a similar note, the RBF says gold production by the Vatukoula Gold Mine Limited registered an annual growth of 91.2 percent to 10, 096 ounces in the year to March.
Visitor arrivals rose annually by 5.1 percent to over 171, 000 tourists over the March quarter.
The Fijian economy is envisaged to achieve its ninth year of consecutive growth this year.
Despite Tropical Cyclones Josie and Keni and flooding in early April, a moderate growth of 3.2 percent is anticipated this year, following unchanged growth estimate of 4.2 percent last year.