The tourism industry is experiencing a substantial spike in earnings by a remarkable surge of more than 200 per cent for the September quarter compared to the same period in the previous year. 

The Minister of Finance, Lautimuia Uelese Vaai confirmed the figures in his first supplementary budget for the 2023-2024 fiscal year tabled this week. 

According to the statistics, Lautimuia said the tourism industry continued to grow recording total arrivals of 48,620 for the September quarter. 

This represents a remarkable 233.5 per cent increase compared to the same quarter of the previous fiscal year. 

New Zealand and Australia remain the top sources of travellers, with holidays and visiting family being the primary purposes of travel. 

“The earnings from the tourism industry have also experienced a substantial increase, surging by 230.3 per cent to stand at $159.36 million for the same period,” Lautimuia said. 

Furthermore, he pointed out that the prices of imported fuel have dropped for December which is a relief amid increasing global prices given the continuing civil unrest in the world. 

In terms of employment, statistics recorded for the September 2023 quarter went up by 6.2 per cent (25,976) compared to the corresponding quarter of the previous year, making it the fourth quarter of positive growth following twelve consecutive quarters of negative growth since December 2019. 

The Minister of Finance said the economy has rebounded from the adverse effects of the COVID-19 pandemic.

Economic growth, calculated on a financial year basis, surged by 8.0 per cent reaching a substantial $2.55 billion by the end of the financial year 2022/23.

“This notable increase signifies a momentous recovery on an annual basis, effectively reversing the economic downturn experienced over the past three fiscal years, and is currently in a phase of sustained growth.”

Lautimuia also spoke about the government debt currently at $907.50 million, equivalent to 35.6 per cent of GDP, as of 30 June 2023.

He said the decreasing public debt stock is attributed to the absence of new loans and continuation of repayments.

He added our balance of payments remains robust, with Gross Official Foreign Reserves standing at $1.14 billion for the first quarter of this fiscal year ending September 2023.