Monday 6 July, 2020

Jamaica records best quarter of growth in 10 years - PIOJ boss

PIOJ Director General Dr Wayne Henry Henry reckons that with the better than anticipated out turn, the growth forecast was bright.

PIOJ Director General Dr Wayne Henry Henry reckons that with the better than anticipated out turn, the growth forecast was bright.

The Jamaican economy is experiencing a level of economic growth not seen in the last 10 years, according to Director General of the Planning Institute of Jamaica (PIOJ), Dr Wayne Henry.

Henry made the observation on Tuesday as he appeared before the parliament’s Public Administration and Appropriations Committee (PAAC), which examined and approved the First Supplementary Estimates for the 2018/19 fiscal year.

The estimates were tabled in the House of Representatives on September 25 by Finance Minister Dr Nigel Clarke.

Henry noted that the 2.2 per cent growth that was recorded in the April to June quarter, and which was referenced by the Statistical Institute of Jamaica (STATIN) recently, was the largest such quarterly growth rate since 2009.

“The growth for the quarter April to June, 2018 based on the PIOJ forecast. Last Friday STATIN gave the official figures of the April to June quarter and it shows that the economy grew by an estimated 2.2 per cent for the first quarter of fiscal year 2018/19.

“And it equals the performance for July to September 2016 and is the highest quarterly growth rate recorded since 2009…so typically in the last decade,” said Henry.

The PIOJ head noted that the growth recorded in the construction sector was the highest quarterly rate registered in a decade.

“And growth in the services industries was up .7 per cent due to growth in all industries with the exception of producers of government services which remain flat,” he said.

Henry also told the committee that with the better than anticipated out turn, the growth forecast was bright.

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