2018 ‘A Watershed Year’ For Jamaican Economy – PIOJ

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The latest Economic and Social Survey report released by the Planning Institute of Jamaica, PIOJ, says the Jamaican economy achieved several all-time best performances in 2018.

The report says, 2018 was “a watershed year” for local economy, with key macro-economic indicators such as the country’s gross domestic product, GDP, being the strongest since 2006.

This, as a result of the 1.6% growth rate last year.

In July 2018, unemployment also declined to 8.4%, the lowest rate on record as the employment rate hit an all time high.

The country’s debt-to-GDP ratio fell below 100%, to 96%, a first since 2008.

Last year, more than $US2 billion was sent to the economy in the form of remittances, which is $19 million more than 2017 figures.

The report also shows that the official development assistance in the form of concessional loans and grants decreased by 72%.

Support from multilateral institutions decreased by 52% and bilateral assistance decreased by 93.4% as the Government did not seek any new loans from the Chinese Government.

But the country’s trade deficit worsened by almost $US80 million, as imports outpace exports.




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