Fiscal Year Growth Projected Between 1.0 And 2.0 Per Cent

The Bank of Jamaica (BoJ) is forecasting that the country will record growth of between 1.0 and 2.0 per cent for the 2015/16 fiscal year.

Speaking at the Bank’s quarterly media briefing at the BoJ Auditorium, downtown Kingston on Wednesday (August 26), Governor, BOJ, Brian Wynter said while the current growth rate is “slower than we were hoping for,” it is “faster” than the figure  recorded last year.

“We are expecting a recovery from the production disruptions of the previous fiscal year…but are also taking account of the adverse impact of the current drought on agriculture, forestry and fishing; and electricity and water supply,” he stated.

Additionally, the Governor said “we are also expecting that the economy will continue to benefit from improvements in the business environment and external competitiveness.”

Meanwhile, Mr. Wynter advised that the business sector’s confidence in the economy remains strong, based on a survey conducted in June 2015.

He said a significant percentage of the respondents reported that their operations recorded profits higher than or similar to those previously generated, prior to the survey.

“Encouragingly…a significant proportion also believed that it was a good time to expand capacity and that the economy would improve during the year ahead,” the Governor added.

Mr. Wynter said the stock market is deemed reflective of these sentiments, citing increases in stock prices and trading volumes “across all economic sectors represented by listed companies.”