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Planning Institute reports marginal GDP increase for Jamaica

Published:Wednesday | November 20, 2013 | 5:28 PM

The Planning Institute of Jamaica (PIOJ) is reporting that after six consecutive quarterly declines, the economy had a marginal increase in real Gross Domestic Product (GDP) of 0.6 per cent in the July to September quarter.



Director General of the PIOJ Colin Bullock says this was primarily because of improved weather conditions and the strengthening of productive activities within most industries.



He was speaking today at the Institute’s quarterly press briefing.



Bullock stated that the economy should continue to show signs of growth over the short-term as the performance of most industries improve.



He said real GDP for the October-December quarter is expected to grow within the range of 0.5 per cent to 1.5 per cent. 



The PIOJ head said this prediction is based primarily on the implementation of major projects such as the Agro Parks and the strengthening of investor confidence with the successful completion of the second IMF quarterly review.



However, the Director General indicated that the expected out-turn could be affected by a weak global environment which would impact external demand.



The PIOJ head says the Labour Force Survey undertaken by the Statistical Institute of Jamaica indicated that the unemployment rate as at July was 15.4 per cent.



He noted that this was 2.3 percentage points higher than the rate recorded for July 2012 but 0.9 percentage points lower than in April.



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