Jamaica is projected to record its strongest growth rate for the just concluded 2018/2019 fiscal year in more than a decade.
That’s according to the latest information provided by the Planning Institute of Jamaica, PIOJ, at a media briefing this morning.
PIOJ Director General, Dr. Wayne Henry, is also projecting a 1.5 percent growth rate for the first quarter of 2019.
Fiscal Year 2018/2019 is shaping up to be the best performance of the Jamaican economy in over a decade.
PIOJ Director General, Dr. Wayne Henry is projecting the economy will grow by 1-point-9 percent for the recently concluded financial year.
Dr. Henry says this was driven primarily by the booming mining and quarrying sector and a recovering agricultural sector.
The economy is also projected to make gains between January and March this year. This time, the growth is expected to be driven primarily by hotel and restaurants followed by mining.
Dr. Henry is also projecting one to two per cent GDP growth for fiscal year 2019/2020.
He warns risks to the economy still remain, such as weather related shocks which have already partially materialized with parts of the island now experiencing drought conditions.