Mon | Oct 22, 2018

Economy grew by 1.1 per cent in Oct to Dec quarter - PIOJ

Published:Wednesday | February 14, 2018 | 11:21 AM
The PIOJ attributes the growth in the mining and quarrying sector to the resumption of operations at the Alpart alumina refinery in St Elizabeth.

The Planning Institute of Jamaica (PIOJ) is reporting that the Jamaican economy grew by 1 point 1 percent during the October to December quarter of 2017.

The Mining and Quarrying Industry grew the most, recording growth of 15 percent.

PIOJ Director-General Dr Wayne Henry attributed the increase to the resumption of operations at the Alpart alumina refinery in St Elizabeth, which occurred during the review period.

Other growth industries:
*Electricity and water supply industry: 0.3 per cent
*Transport, storage, and communication: 1.2 per cent
*Finance and insurance services industry: 1 per cent
*Construction industry: 1 per cent

The agriculture, forestry and fishing sector continued to decline mainly because of rains.

The manufacturing industry also declined, moving down by point 2 percent.

The PIOJ said for 2017, real Gross Domestic Product (GDP) was estimated to have increased by 0.5 per cent, which is lower than the one to two per cent forecast.

The planning agency also says GDP for the fiscal year, which ends March, is expected to fall in the range of point 5 to 1.5 percent.

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