February 03, 2014

2013 growth forecast could be achieved: RBF

13:08 Today (03 February 2014)

There are indications the 3.6 percent growth forecast for last year will be achieved says the Reserve Bank of Fiji.

Governor Barry Whiteside says domestically, economic activity was positive last year as key sectors in Fiji showed encouraging outturns.

Whiteside says there were upbeat performances in consumption and investment activity as well.

He says domestic demand continues to be optimistic supported by a number of factors including improved labour market conditions, the expansionary 2014 Budget, record low commercial bank lending rates and a favourable general business environment.

Whiteside says there is also indication that the pace of investment activity strengthened in 2013 and will remain above 25 percent of GDP this year.

With the dual mandate of the Central Bank in check, Whiteside remarked that the Government’s expansionary fiscal policy earmarked for this year will stimulate growth even further going forward.

Hence he says the economy is expected to surpass the 3.0 percent pre-budget forecast.

No comments: