Some pick-up noted from June as more businesses and citizens adapted to the COVID-19 environment – RBF
The Reserve Bank of Fiji says resource-based sectors have managed to hold up production in the first half of the year.
Gold production expanded annually by 12.1% driven by mining efficiency and improved ore grade.
Timber production rose over the same period as pine logs increased by 128% and woodchips by 90.9% output on the back of buoyant foreign demand while mahogany production rose by 91.3%.
The RBF says while the sugarcane crushing data up to 19th July shows annual contractions for both cane by 27% and sugar production by 30.9%, yield is expected to pick up over the coming weeks after the guaranteed price of $85 per tonne was extended for the 2021 season.
Electricity generation is down by 7.2%, cement production down by 33.9% and visitor arrivals down by 95.9% recorded annual declines cumulative to June.
“The real estate sector transaction closing has been down significantly and demand for leasing down by over 50 % in the West,” quoted Arif, Director of One Agency Bayshore. Small businesses, especially restaurant owners, are closing their business with a significant decline of business post the second wave of Covid-19. The future of the majority of SMES is contingent on the rollout of government subsidized loans at 3.99%. This will allow an injection of working capital for businesses to sustain their business out of Covid-19.
