MEDIA RELEASE: FIJI’S ANNUAL ECONOMIC GROWTH SOARS PAST 5 PER CENT

Fiji’s longest running period of economic expansion has seen the economy break through the 5 per cent barrier.
The economy grew by 5.3 per cent in 2014, according to provisional figures on Gross Domestic Product (GDP) released by the Bureau of Statistics.
The biggest driver of growth was the transport sector (up 1.9 per cent for the year) and there were solid gains in the financial and insurance sector (1.2 per cent), public administration and defence (0.7 per cent) manufacturing ( 0.3 per cent) and education ( 0.3 per cent ). However, agriculture was down 2.4 per cent because of falling production of taro, yam and coconuts. And the mining sector recorded zero growth in 2014.
The figures were welcomed by the Attorney General and Minister of Finance, Aiyaz Sayed Khaiyum, who said breaking the five per cent mark was an important psychological boost.
“Fiji is clearly in the throes of a golden age. For the economy to grow by 5.3 per cent last year exceeds all expectations and is a remarkable achievement considering the stagnant conditions in much of the region and especially larger economies like Australia. It shows that Fiji is powering ahead and confidence in the country is high, largely because of the sound economic policies and decisive leadership of the FijiFirst Government and confidence in our new democracy,” he said.
The AG said Fijians could look forward to an even better performance this year, with increasing stability and confidence in Fiji’s future.
“All indications are that, if anything, the economy has picked up speed in 2015. Can we break the six per cent barrier? We believe it’s a strong possibility with more opportunities and conditions for growth to occur. We need to remain focussed on managing the economy to the highest possible standard and also ensure that the benefits of prosperity filter through the community to those who need it most.
“If we can achieve such strong growth in such a short period of time, imagine the possibilities we have as a nation if we remain focussed on working together under the strong leadership of the Prime Minister, whose Government is providing the environment for growth for the benefit of all Fijians,” the AG said.

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