Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, has announced that during the first quarter of the 2024-2025 fiscal year, the Government of Fiji collected over $1 billion in total revenue, while total expenditures were reported at $956.3 million. This resulted in a net surplus of $131.2 million, which corresponds to 0.9 percent of the country’s GDP.
This performance marks a significant improvement over the same period from the previous financial year, when Fiji faced a net deficit of $21.5 million, corresponding to a negative 0.2 percent of GDP. In his Ministerial Statement regarding Fiji’s economic outlook, Professor Prasad emphasized the government’s ongoing commitment to prudent fiscal management while simultaneously addressing essential developmental needs.
Despite the lingering effects of the pandemic, the government has managed to maintain control over its fiscal deficit, with plans to progressively reduce it over the coming years. While the economy demonstrates strong and sustainable growth, Prasad underscored the challenges tied to rising global inflation and its impact on household expenses. The costs of essential goods, such as fuel, food, and transportation have all risen, and the government recognizes the difficulties this creates for Fijian households. As such, initiatives are in place to help alleviate the financial burden on citizens.
Additionally, he noted that the annual headline inflation rate dropped for the fourth consecutive month, reaching 0.8 percent in November. This figure is notably lower than last year’s 5.8 percent for the same timeframe and shows improvement from the previous month’s rate of 3.6 percent in October 2024.
Overall, these developments indicate a hopeful trajectory for Fiji’s economy as it navigates challenges while seeking to enhance the financial well-being of its citizens. The government’s proactive measures to manage inflation and financial stability are encouraging signs for the future.
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