Economy Grew By 0.9 Per Cent In July Quarter

Economy
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JAMAICA (JIS)- Economy Grew By 0.9 Per Cent In July QuarterThe Planning Institute of Jamaica (PIOJ) is reporting that the country grew by an estimated 0.9 per cent for the July to September 2017 quarter, relative to the corresponding period last year.

This out-turn reflects a 0.6 per cent increase over the April to June quarter, and is driven by a 1.1 per cent expansion in the services industry and 0.1 per cent growth in the goods industry, said PIOJ Director General, Dr. Wayne Henry.

He was speaking at the agency’s quarterly media briefing at the PIOJ’s head office in New Kingston on Wednesday, November 15.

Dr. Henry said growth in the services industry was mainly driven by a strong 5.5 per cent out-turn in the hotels and restaurants sector; and electricity and water, which recorded 2.6 per cent.

Other sectors recording notable out-turns were finance and insurance services, up 1.4 per cent; and transport and communication, up one per cent.

Additionally, Dr. Henry said the wholesale and retail trade, repair and installation of machinery, and real estate, renting and business services sectors, each recorded increases of 0.5 per cent.

Manufacturing and construction, with out-turns of 1.5 per cent and 1.3 per cent respectively, were the star performers for the goods and producing industry, as agriculture, forestry and fishing remained flat, while mining and quarrying contracted by 8.6 per cent.

Dr. Henry advised that the economy grew by an estimated 0.3 per cent for the first nine months of the 2017 calendar year, between January and September.

“This reflected projections of higher real value-added for the services industry, up 0.8 per cent, which outweighed an estimated contraction of 1.4 per cent in the goods producing industry,” he explained.

The industries which recorded the largest increases include hotels and restaurants, up 3.8 per cent; manufacturing, up 1.8 per cent; electricity and water, up 1.2 per cent; and construction, up one per cent.

Dr. Henry projects that the October to December quarter and the 2017/18 fiscal year will grow within the range of 1.5 to 2.5 per cent, pointing out that “general macroeconomic indicators and conditions augur well for the strengthening of economic growth”.

 

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