Low sectoral performance amid economic uncertainty
ANNUAL contractions were recorded for visitor arrivals (-98.0 per cent) and electricity generation (-16.5 per cent) in February, according to the Reserve Bank of Fiji’s economic review for March.
The bank stated the sectoral output and aggregate demand remained subdued amidst the significant economic uncertainty and financial constraints faced by firms and households.
It was also revealed timber industry outcomes in the same period were positive.
Pine log (+146.2 per cent) and woodchip (+101.4 per cent) production had registered a tripledigit growth because of the increased foreign demand as well as sawn timber production which rose (+3.6 per cent) in the same period.
It was noted however, mahogany production had fell significantly (-85.2 per cent) over the year to February.
RBF stated the clearance of existing stock was prioritised in preparation for the new harvesting season.
Gold production in the same period was stated to be higher (+10.6 per cent), owing to better quality ore.
The review highlighted in the same period, second-hand vehicle registrations increased significantly (+91.9 per cent), led by higher second-hand private vehicle registrations (+130.6 per cent).
However in line with the current economic situation, labour market conditions had deteriorated in February.
Job vacancies dropped considerably (- 78.9 per cent) on an annual basis, underpinned by reduced recruitment intentions in the community, social and personal services, wholesale and retail trade and restaurants and hotels, construction and manufacturing sectors.