August saw a significant increase in tourist arrivals, with numbers surpassing those from the same month last year. According to the Reserve Bank of Fiji’s August economic review, the tourism sector is poised to benefit from this unexpected rise in visitor numbers.
In total, 94,787 tourists visited Fiji in August, marking a record for that month and raising the total number of arrivals in 2024 to 640,274, a 6.9 percent increase compared to the previous year. The growth was particularly driven by visitors from major markets such as Australia, New Zealand, and the USA, with additional support from China and other Pacific Islands.
The central bank noted that recent data reflects a positive outlook for Fiji’s economy, supported by tourism and strong consumer spending, production, and investment in the first eight months of the year. The economy is expected to continue growing following a 7.5 percent expansion in 2023.
In terms of sector performance, gold and timber production have also seen improvements. Gold production rose by 30.3 percent, while the resumption of pine supply from Kadavu has led to increased annual production in both sawn timber and woodchips, growing by 14.5 percent and 5.7 percent respectively.
Headline inflation decreased to 5.4 percent in August, down from 6.8 percent in July. Additionally, foreign reserves stood at $3.7 billion at the end of September, which is adequate to cover 6.1 months of retained imports and is expected to remain stable in the medium term.