Sat | Dec 16, 2017

0.3 per cent economic growth for April to June quarter

Published:Wednesday | August 30, 2017 | 5:16 PM
Wayne Henry, Director General of the Planning Institute of Jamaica.

The Jamaican economy grew by 0.3 per cent in the April to June quarter compared to the corresponding period last year.

Wayne Henry, the Director General of the Planning Institute of Jamaica (PIOJ), says this growth was mainly driven by the continued strengthening of the global economy as well as construction activities.

He told today’s PIOJ quarterly press briefing that there has been increased construction of hotels, residences and commercial buildings.

However, Henry says growth was stymied by the adverse weather conditions associated with flooding which occurred during the quarter:

 

Dr. Wayne Henry, Director General of the Planning Institute of Jamaica

He says the rains accounted for about $4 billion in losses or 0.2 per cent of the Gross Domestic Product (GDP) for 2016.

 

Dr. Wayne Henry, Director General of the Planning Institute of Jamaica

The PIOJ is projecting real GDP growth within the range of one to two per cent for the quarter ending in September 2017.