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Economy expected to grow this quarter – PIOJ

Published:Friday | March 4, 2016 | 3:56 PM
PIOJ’s Director General Colin Bullock told a quarterly economic press briefing yesterday that the short term prospects for the economy remain positive.

The Planning Institute of Jamaica (PIOJ) is projecting growth in the economy for the January to March quarter.

The PIOJ’s Director General, Colin Bullock, told a quarterly economic press briefing yesterday that the short term prospects for the economy remain positive, based on the continued strengthening of the performance of most industries and the implementation of strategic investment projects.

Bullock said real Gross Domestic Product (GDP) for the period is estimated to grow within the range of 0.5 to 1.5 per cent.

He noted that the PIOJ is also predicting GDP growth in this range for the 2015/16 fiscal year, ending March 31.

He said continued strengthening of productive activities in the goods producing and services industry and increasing employment are indications of an encouraging recovery for the Jamaican economy.

The Director General said a return to growth is also expected in mining and quarrying and the agriculture, forestry and fishing industries.

He noted that preliminary data for January for mining and quarrying indicate increased alumina production of 3.6 per cent and increased crude bauxite production of 19.4 per cent.

He said the PIOJ also notes continued price stability associated with increased food production and lower energy cost.