By Oroyo Eubanks November
data from the Statistical Institute of Jamaica (STATIN) shows that Jamaica
achieved economic growth for a fifth consecutive quarter, recording 1.8 per
cent for the period ending June 30, 2014.
and Planning Minister, Dr. the Hon. Peter Phillips, says STATIN has confirmed
that the outturn for the June quarter “is, in fact, stronger than had been
originally estimated by both the Planning Institute of Jamaica (PIOJ) and Bank
of Jamaica (BOJ).”
outturn for the quarter…was 1.8 percent annualized for that (period)” the
Finance Minister added, while addressing the Institute of Chartered Accountants
of Jamaica’s (ICAJ) business conference, on the theme: ‘Going for Growth’, at
the Jamaica Conference Centre, downtown Kingston, on Saturday, November 8.
relation to the July to September quarter, Dr. Phillips said the outturn is
expected to be impacted by the resulting severe drought conditions which
affected the island, especially the agriculture sector.
consequent on this, and the fact that the sector continues to be one of
Jamaica’s main drivers of economic growth, there is the need to undertake
significant improvements that will result in, among other things, reduced
dependence on imports.
still constitutes the main employer of labour in the country; and if you’re
going to overcome poverty, as a country, as a whole, it is going to require
raising the levels of productivity and incomes in the sector,” Dr. Phillips
end, he pointed to signs that production will increase in various commodities,
while noting that transformation is currently taking place in some factories
and businesses that now export various agricultural produce.
instance, the sugar producers are looking at (developing) co-generation
facilities, selling electricity to the grid, and looking at creating other
products out of the cane than just sugar,” he informed.
Phillips also pointed to the tourism sector and the Business Process
Outsourcing (BPO) industry as areas of the economy where growth is occurring.Source: http://jis.gov.jm/statin-reports-1-8-per-cent-growth-june-quarter/