Fijian economy on track to achieve more growth

Source: Xinhua| 2018-11-30 19:13:56|Editor: xuxin
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SUVA, Nov. 30 (Xinhua) -- Fiji's economy remains on track to achieve its ninth year of economic growth, said Fiji's central bank on Friday.

"The Fijian economy remains on track to achieve its ninth year of economic expansion this year," said Ariff Ali, governor of the Reserve Bank of Fiji.

Ali said in a statement that the Fijian economy's sectoral performances so far this year have been generally positive, attributed to the favorable outcomes noted for visitor arrivals, electricity generation and timber production.

Fiji's annual inflation rose to 5.2 percent in October from 4.6 percent in September, Ali said, adding that this is mainly due to supply side shocks that led to higher prices for kava (a traditional Fijian drink) and vegetables when compared to last year, as well as increased prices for alcoholic beverages, tobacco and fuel due to duty changes and global commodity price movements.

He stressed that the island nation's core inflation for October remained below 2.0 percent.

Given the recent developments and outlook for the economy, he said, the current accommodative monetary policy stance remains appropriate. The central bank will continue to monitor risks on the global and domestic fronts, and align monetary policy where appropriate.

Despite the negative impact of tropical cyclones Josie and Keni, and floods in April, the Fijian economy is expected to grow by 3.2 percent this year, 3.4 percent in 2019 and 3.2 percent in 2020.