FIJI’S economy recorded a 4.6 per cent growth last year compared with the forecast of 3.6 per cent.
Strategic Planning, National Development and Statistics permanent secretary Pita Wise said based on the actual GDP figures the economy performed much better than forecasted with a number of industry groups recording significant higher growth than expected.
Figures highlighted in a government statement revealed the transport and storage sector performance was 7.1 per cent higher than the forecast of 3.0 per cent.
The statement highlighted that the financial and insurance activities stood at 6.5 per cent compared with its 4.6 per cent forecast and the public sector performance recorded a 4.9 per cent increase compared with the earlier forecast of 2.1 per cent.
Improved GDP figures are attributed to the strong performance of the transport and storage industry because of increased air transport activities while significant expansion recorded in the financial and insurance activities industry was driven by higher insurance premium receipts and improvements in the pension industry.
Mr Wise said the forecast growth of 3.8 per cent in GDP for this year was still considered conservative.
He added it would be further revised in the second round of the macroeconomic committee meeting prior to the announcement of the 2015 budget.
The statement also highlighted that the forestry industry recorded a growth rate of 10.9 per cent mainly through pine and mahogany production.
The mining and quarry industry recorded a decline of 7.9 per cent as a result of lower gold production in the country.
