Economy Registers Growth

The economy has recorded its fourth consecutive quarter of growth, with GDP expanding by 1-point-2 percent in the April to June quarter.

The latest growth figures were provided by Director General of the Planning Institute of Jamaica, PIOJ, Collin Bullock, at the Institute’s Oxford Road offices this morning.

The economy recorded growth of 1-point-2 percent for the second quarter of 2014.

This was slightly lower than the 1-point-6 percent recorded for the first quarter and brings GDP growth for the first half of the year to 1-point-4 percent.

Mr. Bullock says the Goods Producing sector, particularly the Agriculture sub-sector led growth in the quarter.

However, both the Mining and Quarrying and Manufacturing sectors saw declines in output of zero-point-6 percent and zero-point-3 percent, respectively.

The Services sector also registered marginal growth.

Hotels and Restaurants was the services sub-category recording the highest growth at -point-7 percent, followed by Transportation Storage and Communication, at 1-point-3 percent.

The PIOJ’s Director General noted that the prospects for the economy remain positive.

And…the PIOJ is projecting GDP growth to be in the range of zero and one percent in the third quarter.

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