- The Jamaican economy is expected to record growth ranging between 0.5 and 1.5 per cent
- Growth should be spurred by a number of factors, including several capital projects
- The gradual restoration of investor confidence will also drive economic activity
The Jamaican economy is expected to record growth ranging between 0.5 and 1.5 per cent over the July to September quarter.
This is the word from Director General of the Planning Institute of Jamaica (PIOJ), Colin Bullock. He was addressing the institute’s quarterly media briefing on Tuesday, August 27, at his Kingston offices.
Mr. Bullock said the growth should be spurred by a number of factors, including the continued roll-out of several capital projects approved in the 2013/14 budget.
He said that the gradual restoration of investor confidence, contingent on Jamaica passing of the first quarterly International Monetary Fund (IMF) performance review, and continued global economic recovery, will also drive economic activity.
Mr. Bullock also pointed to the anticipated return to positive performance for most industries reflecting resurgence in output following the impact of Hurricane Sandy.
Meanwhile, mining and quarrying, and construction were the key performers during the April to June quarter, where the economy contracted by 0.4 per cent.
Mining and quarrying recorded growth of five per cent, while the building component of the construction sector grew by 1.5 per cent.
Mr. Bullock said the figure for mining and quarrying reflected increased production of alumina, “as crude bauxite production declined”.
“Alumina production increased by 8.6 per cent, reflecting an increase of 1.1 percentage points in the alumina capacity utilisation rate, reflecting higher output from a major producer,” he explained.