New data reveals that Jamaica's economy contracted in first quarter of financial year
The Ministry of Finance revealed this morning that the Jamaican economy contracted in the first quarter of the current financial year.
Acting Financial Secretary, Darlene Morrison, made the disclosure to members of Parliament’s Public Administration and Appropriations Committee (PAAC).
The PAAC is discussing the Government’s Interim Fiscal Policy Paper, which was tabled in Parliament last week.
The document indicated that the economy grew by 0.3 per cent over the quarter.
Morrison this morning told the PAAC that fresh data from the Statistical Institute of Jamaica shows that the period recorded a decline.
The acting financial secretary told the parliamentary committee that despite the contraction the economy is expected to see positive growth at the end of the fiscal year.