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PIOJ reports increase in GDP

by August 26th, 2019

The value of final goods and services produced in the country between April and June grew by one percent, compared with the similar period, last year.

 

The Planning Institute of Jamaica (PIOJ), says the growth in real Gross Domestic Product (GDP), for the first quarter of the financial year extends the positive growth trend to eighteen consecutive quarters, or four and a half years.

 

According to the PIOJ, the period reflected increased activity at some industrial plants such as the Petrojam refinery; increased external demand which drove output in some export industries such as the hotels and restaurants; and increased domestic goods and services driven by the higher levels of employment.

 

However, growth in the economy was negatively affected by drought conditions, which led to a 2.5 % contraction of the agriculture, forestry and fishing industry.

 

The PIOJ says, the winding-down of several major infrastructure projects of the National Works Agency, such as the Hagley Park and Constant Spring road projects – led to a reduction in expenditures by 28 %, to $3.6 b.

 

The services industry; transport, storage and communication; the wholesale and retail trade; and repair and installation of machinery industries, all recorded growth.

 

 

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