EPOC Welcomes Q3 Growth

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Co-chairman of the Economic Programme Oversight Committee, EPOC, Richard Byles, says the economy grew by 1.5-percent in the third quarter of this year, relative to the corresponding period last last year.

Speaking today at EPOC’s monthly press briefing, Mr. Byles says the economy continues to outperform projections.

The Government recorded a lower than expected import bill between January and August this year.

It spent $11-billion less than projected.

Tax revenues for the fist seven months of the 2015-2016 fiscal year are running well ahead of target, standing at $225-billion.

That’s more than $29-billion more than the amount collected over the corresponding period in the last fiscal year.

Mr. Byles also defended the government’s devaluation strategy against criticism that it does nothing to help exporters.

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And Mr. Byles says multinational companies have nothing to fear from the Transfer Pricing Bill that was passed in the House of Representatives this week.

The Opposition JLP voted against the Bill, saying it’s anti-business and will hinder investments.

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Mr. Byles says the Bill introduces fairness to the payment of taxes on goods and services produced in Jamaica.

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