The country has recorded the largest annual reduction in poverty in ten years.
Finance Minister Dr. Nigel Clarke says Jamaica’s poverty rate for 2016, stands at 17.1 %, down from 21.2 % in 2015.
This represents a 19 % drop in the incidence of poverty.
Speaking in parliament this afternoon (May 22) Dr. Clarke says the information was released by the Planning Institute of Jamaica, from a study conducted as part of the Jamaica survey of living conditions.
Additionally, he says the incidence of rural poverty saw a 30 % reduction from 2016 to 2017, while there was a 17 % decline, in the incidence of poverty, in the Kingston metropolitan area.
He however, says there was a 7 % increase in the rate of poverty in other towns.
The Finance Minister argues that the decline in poverty is consistent with the rise in employment, low inflation, and the sharp growth in agriculture output in 2016 over 2015.
Dr. Clarke says the poverty reduction is great news for the people of Jamaica, as it highlights that economic opportunities are expanding.
He says that poverty is reduced as unemployment declines, noting that the unemployment has been falling steadily, from the high-mid teens in 2013, to 9 point 6 percent in January 2018.
Meanwhile, the Planning Institute of Jamaica says, higher levels of remittance inflows also contributed to the decline in the poverty rate for 2016.
The decline in the poverty rate was commented on by director general of the POIJ, Dr. Wayne Henry, at his quarterly press briefing, today.
Several factors contributed to the decline, including an increase in the number of persons gaining employment.
And, the Planning Institute of Jamaica says the growth prospects for the economy for the next quarter, are generally positive.
Dr. Henry, says this positive outlook for April to June 2018, is based on the anticipated strengthening of the performance of most industries, relative to the similar quarter of 2017.
He states that the growth projection for fiscal year 2018/2019, is within the range of two to three percent.
Dr. Henry warns that there are down-side risks, to the forecast including weather related shocks that may adversely impact productive activity and plant downtime, associated with relatively aged equipment.