Wed | Nov 13, 2019

Jamaican economy grows 1.5 per cent

Published:Wednesday | August 24, 2011 | 5:16 PM

Jerome Reynolds, Gleaner Writer

The Planning Institute of Jamaica (PIOJ) has reported there was further growth in the economy in the last financial quarter.

According to the PIOJ, during the April to June period the economy expanded by 1.5 per cent when compared with the corresponding period last year.

The planning institute said the best performing sectors were hotels and restaurants, mining and quarrying, and agriculture.

The PIOJ said an improvement in bauxite production saw the Mining & Quarrying Industry recording a 30.8 per cent growth, while Agriculture grew by 9 per cent mainly because of improved weather conditions.

And the planning institute noted a 2.5 per cent growth was recorded in the Hotel and Restaurants industry.

The PIOJ disclosed that increases were also registered in all other subcategories with the exception of Electricity and Water and Transport and Storage and Communication.

The PIOJ said the April to June quarter recorded an inflation rate of 2 per cent and saw a real appreciation of the Jamaican dollar.

The fiscal deficit for the quarter was $5.88 billion, according to the PIOJ.

The fiscal deficit is the difference between what is earned in revenues and grants and what is needed to run the country.