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Despite the global recession, the Reserve Bank of Fiji is forecasting growth in various sectors including manufacturing, agriculture and forestry, wholesale and retail trade, hotels and restaurants, construction, real estate and mining.
This despite a drop in tourist visitor arrivals in 2009 where figures recorded by the Fiji Islands Bureau of Statistics totaled 539,405 – a decline of 7.8 percent from the 2008 figures.
According to the Reserve Bank of Fiji (RBF) Economic Review report for January 2010, the decline is much narrower than what they had forecasted, mainly due to increased numbers in the latter part of 2009.
This was largely due to the introduction of new airlines and routes together with a strong advertising and promotional campaigns by Tourism Fiji.
Figures in the RBF report also showed that 29,703 ounces of gold was produced by Vatukoula Gold Mines Ltd up to November 2009, indicating a 38.7 percent increase from levels produced in the previous financial period.
The increase has been attributed to the upgrading and introduction of new plant and machinery at the mine, and diversification into surface mining by the company.
The RBF is forecasting further improvements in foreign reserves levels over the month of January, where liquidity is expected to reach $335 million by 28 January 2010.
