Fourth Consecutive Quarter of Growth

Bank of Jamaica Governor, Brian Wynter, says that economic recovery continued in the June quarter, with real activity estimated to have expanded in the range of one to two per cent during the period.

Mr. Wynter, who was addressing the quarterly press briefing at his Nethersole Place offices downtown Kingston on Monday, August 25, said that this represents the fourth consecutive quarter of growth.

“The recovery is projected to continue over the next four quarters, despite some slowing in the September quarter due to the impact of the drought on agricultural production. The outlook for growth in the full 2014/15 fiscal year remains within the original projections of one to two per cent,” he stated.

In addition, Mr. Wynter pointed out that the current account of the balance of payments continues to improve, due in part to the impact of fiscal consolidation and exchange rate depreciation over the past two years.

“Concurrently, our holdings of foreign reserves continue to improve. The Net International Reserves (NIR), which currently stands at just over US$2.0 billion, also reflects US$800 million received from the Government’s highly successful return to the international bond market last month,” he said.