BOJ estimates single digit current account deficit
Governor of the Bank of Jamaica (BOJ), Brian Wynter, says the country is projected to record a single digit current account deficit, a figure that was last seen about 20 years ago.
Speaking at a press conference this morning Wynter said at the end of the December 2016 quarter the country’s balance of payment was 0.3 per cent of Gross Domestic Product (GDP) or about US$38 million.
He said this is US$77 million better than what was seen in the December quarter in 2015.
Wynter said the improvement came as a result of better earnings.
The BOJ Governor indicated that due to the positive figures the central bank has now estimated that the country will record a current account deficit of 1.8 per cent of GDP for the recently concluded 2016-17 financial year.
Wynter said this is less than the 2.0 per cent of GDP that was seen in the previous year.
The BOJ Governor said the positive turn around in the current account is as a result the continues reforms in the economy.