Thu | Dec 14, 2017

PIOJ revises growth forecast downward

Published:Wednesday | November 15, 2017 | 5:21 PM

 

The Planning Institute of Jamaica (PIOJ) has revised downward its forecast for the growth for the fiscal year to 1.5 to 2.0 per cent.

While regionally mediocre, that range would still represent a relatively high level of growth for the island, which has suffered from decades of anemic growth. 

Earlier this year, the state agency PIOJ projected two-three per cent for the island’s fiscal year. 

Director General of the PIOJ Dr Wayne Henry told stakeholders at the quarterly press briefing in Kingston, that the near term outlook for economy remains positive.

He said rains earlier in the year which hurt agriculture and the late start of Alpart Alumina plant led to its downward forecast.

He added that the country should remain focused and disciplined to realise greater levels of economic growth. 

Meanwhile, the PIOJ has revealed that the country grew by an estimated point nine per cent for the September quarter 2017.

During the quarter, the island received an uptick in visitor arrivals due to diversions due to storm activity in other Caribbean destinations.