consumption and strong investment in the economy. cumulative data for the first 4 months, showed an average growth in new lending by banks of above 60 percent over the last 5 years. in fact, this masks much higher 3 - digit growth rates in both consumption and investment related lending especially to the wholesale & retail, private individuals, real estate and building and construction sectors. aggregate demand in fiji, as noted in the recent trends in the various partial indicators for consumption and investment, remain positive. on the consumption side, vehicle registrations continued to exhibit strength through the march quarter. improved incomes from low taxes, government financial support and remittance inflows from fijians abroad continue to boost consumer spending. prospects for consumption growth also remain encouraging. the latest rbf retail sales survey showed positive sentiments by retailers for higher sales expected in 2016. this is supported by the number of newly registered members with the fiji national provident fund and the number of job advertisements which have continued to grow. in terms of investment and in line with the strong construction activity expected this year, domestic cement sales are recording double digit growth. investment imports are forecast to bis central bankers ’ speeches pick up as the domestic economy strengthens and the reconstruction efforts post - cyclones continue. the timely implementation of both public and private sector projects is critical to raising our investment levels and strengthening the platform for further growth. foreign direct investment totaled just over $ 700 million in 2015 and is anticipated to rise further this year. in the first four months to april new project registrations with investment fiji from abroad have risen 194 percent in value terms, the bulk being in the tourism and services sectors. in regard to investment, i must admit that in the past fiji had been hit with concerns on the ease of doing business here. a lot of this was to do with excess red tape and the multiple approvals required from multiple authorities, which inevitably took time. while we haven ’ t qute got there yet, it is pleasing to note the recent efforts by government and the relevant authorities to address the issues and turn this around. ladies and gentlemen, the strength and soundness of our financial institutions and markets is an important ingredient for growth in the economy. as such, our reserve bank policies continue to aim at further developing the financial sector to ensure the effective intermediation of funds towards growing priority sectors while maintaining financial stability. the latest quarterly assessment by the reserve bank showed the overall condition of banks trading in fiji remains satisfactory as capital and liquidity positions along with earnings and

and climate change which, apart from damaging infrastructure and basic utilities and eroding years of development in a few hours, can significantly affect domestic production, exports and our services and tourism sector. nevertheless, a notable upside risk to our growth outlook is the still relatively low international fuel prices which have resulted in windfall gains for fiji through lower import costs and lower total gross trade as share of gdp = 80 % ( average for 2012 – 14 ) bis central bankers ’ speeches inflation. this is particularly pertinent when you consider mineral fuels make up almost 30 percent of our total imports bill. recent developments in the fiji economy ladies and gentlemen, despite the sizeable devastation from the category 5 tropical cyclone ( tc ) winston packing winds in excess of 300 kmph in february and the floods associated with tc zena in april, i am pleased to say that the fiji economy is still poised to grow this year, by 2. 4 percent, our seventh straight year of growth ( something which we have not enjoyed since the early 1970 ’ s ). this growth reflects robust activity in our tourism - related industries, including the transport, wholesale, retail, accommodation & food services industries, which were relatively unscathed by tc winston. moreover, this growth also assumes a strong expansion in the construction sector due to post cyclone reconstruction activity, which will also boost retail activity. however, on the downside, a significant decline is expected in agricultural output this year, particularly for sugar, which had earlier also been impacted by el - nino drought conditions. furthermore, the extreme devastation to many household dwellings and livelihoods especially in the maritime areas, damage to schools and health facilities, water supply and power supply disruptions which to date have not been fully restored, have exacerbated the situation. nevertheless, ladies and gentlemen, the quick response and immediate and tremendous assistance by our development partners – including australia and new zealand, the business community and family members and friends of fiji both locally and abroad, are making a tremendous difference in helping our people get back on their feet through inflows of grantsin - aid and kind. government efforts were nothing short of swift in facilitating access to the worst affected areas and also in implementing measures to assist financially stricken businesses and households. some of these initiatives include the “ help for homes ” and “ adopt a school ” campaigns. we know that the many military and civilian personnel from your countries who came in immediately after tc winston played a huge role in turning the lives of many of our people around