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Thursday, May 18, 2006

Economic growth expected, Bank says

Fiji will experience more economic growth this year than had earlier been expected because of certain improvements in areas including agriculture, transport and communication sectors and continued investment into the country has been supported well by a booming construction industry with domestic demand for the sector remaining firm, according to the Reserve Bank of Fiji's latest Economic Review.

The Reserve Bank has revised upwards this year's growth projection from 2.0% to 2.7%, with improvements in many sectors of the economy. However, increased consumer spending forced the Reserve Bank to tighten monetary policy and push interest rates higher.

The report goes on to state that the latest available visitor arrivals figures was indicative of the optimism prevalent in the tourism industry.

Growth is also expected in the fisheries, forestry, social and personal, and electricity and water sectors.


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