Posted on Intelligentsiya - Wednesday, January 12, 2011
Indian Weekender news desk
Suva: A Reserve Bank of Fiji economic report reveals how China and India stood out as strong contributors to direct investment into the Fiji’s economy.
The RBF economic review also described that activities in emerging economies had remained strong and continued to underpin the overall global economic rebound.
The review noted how positive international economy growth supported Fiji’s export and tourism industries.
It also states that crude oil and gold prices rose in November due to the continuing debt crisis in Europe.
Tourism and gold industries performed strongly in the period, however lower output was noted in the sugar industry.
Fiji’s tourism industry growth by 18.4 per cent is 6.2 per cent higher than the 2008 arrival figure.
The RBF review stated that net Value Added Tax collection in Fiji rose by 22.2 per cent on an annual basis.
In addition consumption loans rose annually by 5.4 per cent in October. There was a rise in private sector credit to 2.4 per cent to October.
And high levels of bank demand deposit with the Reserve Bank rose from $62.9million to $374.6m as at November 30.
The foreign reserve stood at $1,305million as at December 31, 2010, which was equivalent to around 4.1 months of imports of goods and non-factor services.
The Fiji dollar weakened against the US dollar over the month of November but strengthened against the Euro and Yen.
All of Fiji’s major trading partners posted positive quarterly growth lately, for instance the USA with 2.5 per cent and Australia with 0.2 per cent.
New Zealand, India and the Euro region showed positive growth in their recent assessments and strengthen domestic demands.