Growth Returns to the Economy

The economy is growing again after a brief period of decline.

The Planning Institute of Jamaica, PIOJ, is projecting Jamaica’s Gross Domestic Product (GDP) grew by 0.9-percent for the July to September quarter this year.

That’s according to the PIOJ Director General Dr. Wayne Henry. He says the country is on track to record between 1.5 and 2.5-percent GDP growth for the year.

Dr. Henry made the announcement this afternoon at the PIOJ’s Headquarters on Oxford Road, St. Andrew.

Dr. Henry made it clear that the gains made in the July to September quarter means the country has not entered a recession.

The growth estimates are based on significant gains in tourism and other services industries coupled with gains in manufacturing and construction.

This offset declines in the mining of almost nine percent and no growth in agriculture.

The country recorded major increases in stopover arrivals and cruise ship passenger arrivals.

Dr. Henry argued this resulted from diversions from other Caribbean countries which were negatively impacted by recent hurricanes.

The PIOJ boss says Jamaica’s economic outlook over the short term remains positive despite the downward revision of 1-point-5 to two-point-5 percent GDP growth for the year.

This is down from a previous two to three percent forecast.  But Dr. Henry warns that some risks remain.

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