By CentralBankNews.info
Fiji’s central bank raised its 2014 growth forecast to 3.8 percent from its November forecast of 3.0 percent due to higher than expected fiscal stimulus and revised economic data.
Barry Whiteside, governor of the Reserve Bank of Fiji, said the outlook for 2014 growth is forecast to be broad-based and all sectors except for fishing and aquaculture are expected to expand.
“If the 2014 growth projection is realized, this will be the firth consecutive year of positive growth, an achievement last recorded between 1992 and 1996,” Whiteside said in a statement.
Fiji’s growth in 2013 is estimated at 3.6 percent and the longer-term growth projections for 2015 and 2016 remain unchanged at 2.4 percent, the central bank said.
The central bank’s previous forecast from November was based on Gross Domestic Product data based on a 2005 base while the new forecast is based on a 2008 base, which includes new sectors and a change to the weighting of various sectors.
Fiji’s central bank has maintained its overnight policy rate at 0.5 percent since November 2011.