Sun | Oct 22, 2017

Jamaica records 4th consecutive quarter of growth

Published:Tuesday | February 21, 2012 | 6:06 PM

McPherese Thompson, Assistant Business Editor

The Bank of Jamaica(BOJ) is reporting that the economy recorded its fourth consecutive quarter of growth during the period ending December 2011.

The BOJ says over the period the country saw the lowest annual rate of general price increases for the last five years.

The central bank says economic recovery strengthened within the range of 1.0 to 2.0 per cent during the quarter, compared with 0.6 per cent for the September quarter.

Speaking during a quarterly press briefing today BOJ Governor Brian Wynter said the growth was as a result of strong expansion in agriculture, forestry, fishing, and mining and quarrying.

In addition Wynter said domestic demand continued to improve due in part to sustained growth in remittances since November 2010, as well as increases in real wages in the private sector for the first half of 2011.

The central bank governor disclosed that headline inflation for the December 2011 quarter was 1.3 per cent, which is within the BOJ’s forecast range of 1.0 to 2.0 per cent.

Meanwhile, the BOJ is projecting growth in the economy in the range of 1.0 to 2.0 per cent for the March 2012 quarter.

The BOJ says this prediction is predicated on expansions in electricity and water, hotels and restaurants, construction, as well as agriculture, forestry and fishing.