- Jamaica’s current account has recorded a surplus of US$116.3 million.
Jamaica’s current account has recorded a surplus of US$116.3 million for the January to March 2016 quarter.
Co-Chair of the Economic Programme Oversight Committee (EPOC), Richard Byles, said preliminary Balance of Payments reports from the Bank of Jamaica (BOJ), show this is an improvement of US$136.5 million relative to the corresponding period in 2015.
Mr Byles, addressing EPOC’s monthly press briefing at the Sagicor offices in New Kingston, yesterday (September 13), said he believes this was influenced by decreases in oil prices during this period, as well as an improvement in the performance of the tourism sector.
He said, as a result; the country ended the 2015/16 fiscal year with a current account deficit to gross domestic product (GDP) of 1.9 percent, or US$259.3 million.
“This is a remarkable number, as back in 2013 it was over nine per cent. For it to get down to 1.9 is tremendous, as this means we have significant savings of foreign exchange,” he said.