Update: 4:39PM WHILE domestic sectoral performances had been mixed, aggregate demand indicators continued to be positive in the first quarter of the year, says the Reserve Bank of Fiji.

RBF governor Barry Whiteside said in the central bank’s economic review for the month ending April said consumption spending rose further by 25.0 per cent attributed to new vehicle registrations and new consumption lending by commercial banks, accounting for 9.2 per cent.

“In contrast, sales of second hand vehicles dipped by 7.8 per cent probably due to the increased fiscal and excise duty effective from 1 January 2017 on hybrid vehicles,” Mr Whiteside said. 

He said net value added tax (VAT) collections fell in the first two months by 8.1 per cent, largely attributed to the base effect from the higher amount of VAT collected in January last year. 

“Investment spending also continued to be broadly upbeat in the first quarter as new investment-related lending by commercial banks expanded (65.7 per cent) compared to a year ago. 

“Higher new loans were registered for both real estate (104.9 per cent), and building and construction (37.1 per cent). “

The report also noted an increase of 37.3 per cent in domestic cement sales on an annual basis during the quarter.