16 Apr 2010

Share of agriculture in Fiji's economy declines

11:08 am on 16 April 2010

The share of agriculture in Fiji's economy has declined from 22 percent of GDP in 1980 to 14 percent.

The governor of the Reserve Bank of Fiji, Sada Reddy, told the national food symposium the 1.9 percent GDP growth expected this year would have a combined contribution of 25 percent from the agriculture, forestry and fisheries sector.

Fiji Live reports Mr Reddy as saying Fiji's total export receipts can be boosted by more than 250 million US dollars annually and the export potential for major commodities greatly increased in the medium term if appropriate policies are adopted.

He says the sugar and timber industries have enormous capacity for further exports but lack appropriate policy and stakeholder support.

He says lending by commercial banks to the sector accounted for 15 percent of total lending in 1993 but fell drastically to 1.0 percent of total lending in 2009.