wayne henry

PIOJ Cuts Growth Forecast for 2016/2017

Jamaica’s economic growth rate is slowing down.

The Planning Institute of Jamaica, PIOJ, has cut it growth forecast for the 2016/2017 financial year, which ended in March.

Director General of the PIOJ, Dr. Wayne Henry, says figures coming in for the January to March quarter have forced a downward revision of growth from 1.6-percent to 1.2-percent.

The country’s economy continues to grow. But at a slower rate than previously expected. That’s the word from PIOJ Director General Dr. Wayne Henry.

Dr. Henry gave the figures at today’s meeting of Parliament’s Public Administration and Appropriations Committee, PAAC.

He says tourism had lower than expected stopover arrivals, with mining also experiencing worse than expected contractions.

Dr. Henry says agriculture also did not perform as well as expected due to delays in planting because of heavy rains.

But he says there’s good news.

The projection would mean more than 10 consecutive quarters of positive GDP growth. Consistent growth levels not seen in Jamaica in decades.

But the 3-percent growth projected by 2021 falls short of the five-percent growth in four years touted by the Holness administration and the Michael Lee Chin-led Economic Growth Council.

–30–