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Fiji : GDP growth, Sugar Production
According to the latest official estimate included in the 2013 budget, GDP growth rose to 2.5% in 2012 from 1.9% in the previous year as consumption demand strengthened (Figure 3.32.1). The Reserve Ba... nk of Fiji, the central bank, reported that new consumption lending increased by 25.4% last year. Net value-added tax collection increased by 4.9% in real terms, reflecting higher consumption expenditure prompted by lower tax and interest rates. Lending for investment also increased, by 28.1%, according to the central bank. Increased loans to borrowers in real estate, tourism, and building and construction fueled the rise. Imports of capital goods showed an increase of 8.8% in the first 11 months of 2012. Sales of cement also trended upward over the year on the back of higher government capital spending. However, the performance of some key sectors deteriorated during the year. Some agricultural output in 2012 was lost to flooding in January and March. Production of sugar, the country’s primary agricultural export, fell by 7.1% during the year (Figure 3.32.2). Cyclone Evan caused damage estimated at $42 million, equal to 1% of GDP. Just under half of this loss was to agriculture outside of sugar. Despite the start of bauxite production in Naiwalevu, mining remained weak and production of gold, Fiji’s primary mineral resource, fell by 8%.Sources: Fiji Bureau of Statistics; ADB estimates. (http://www.adb.org/countries/fiji/main ), Fiji Ministry of Finance. Economic and Fiscal Update: Supplement to the 2013 Budget Address
Rank: 2684 of 4890 in Economy
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