![]() ![]() The report also highlighted that while there were some downside risks to the outlook posed by weakening trading partner economies, including increased probability of recession, rise in outward migration, and potential natural disasters, the Fijian economy was generally on track. In addition to a more conducive business environment, moderating inflationary pressures as compared with 2022, and a pick-up in investments, the economy is projected to grow further by 4.3 per cent in 2024, and three per cent in 2025. Westpac Fiji says the GDP growth forecast for 2023 of 7.8 per cent was led by an upward revision in growth for net taxes, accommodation and food services, transport and storage, wholesale and retail sales, manufacturing, finance and insurance, construction, and real estate sectors. The report states the 2023/2024 National Budget added positively towards the general economic outlook through higher spending in key priority sectors, which was expected to further enhance growth momentum. This, combined with improvement in the labour market, had led to higher disposable incomes and supported consumer spending in the first half of 2023. ![]() Westpac Fiji stated that Fiji’s domestic growth had rebounded strongly last year, with a swift recovery in the tourism industry and flow-on effects in all related sectors. ![]() The GDP growth forecast for 2023 now stands at 7.8 per cent, compared with the 7.2 per cent forecasted earlier, states the Westpac Wave Fiji Quarterly Economic Update for July, which was released yesterday. ![]()
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