Brian Wynter

Growth of possible 1% in Q1

Real growth in the Jamaican economy (GDP) is estimated to have increased in the March 2015 quarter between 0.0 to 1.0 percent, following two consecutive quarters of contraction, Bank of Jamaica’s governor, Brian Wynter disclosed at the bank’s quarterly press briefing today.
The estimated outturn for the quarter mainly reflected increases in tourism activity, domestic agriculture and Transport, Storage & Communication.
For Fiscal year 2015/16, real GDP is forecasted to expand between 1.0 to 2.0 percent. Agriculture, Forestry & Fishing, Hotels & Restaurants and Transport,

Agriculture is projected to contribute to growth in the quarter

Agriculture is expected to contribute in Jamaica’s growth in the second quarter

Storage & Communication are expected to be the main drivers for growth, the governor said. Wynter further stated that “it is expected that growth in the economy will be strengthened as local and international investors seize the opportunities afforded by the general improvement in confidence, low and stable inflation as well as increased external competitiveness in the context an expanding global economy. The strengthening in growth should also be supported by the continued timely implementation of critical structural reforms over the course of the Programme”.

Phillips & Wynter kill inflation in Jamaica

Many Jamaicans may be feeling the negative effect of the economic pressures the country is undergoing. One area in which it is seen, is the official data on inflation as the overall measure of consumer price movements, went virtually nowhere, in June.
Inflation in Jamaica is set to hit the lowest level, in years if the trend for the first six months of the year continues. According to data put out by the Statistical Institute of Jamaica, the inflation rate for June is 0.1 percent, when compared to the index for May 2014. This is 0.9 percentage points lower, than the 1.0 percent recorded for May this year. The lower movement was mainly due, to a decline in the cost of electricity which resulted in the index for the group ‘Electricity, Gas and Other Fuels’ moving down by 4.2 percent. This fall was tempered by an increase of 3.6 percent, due to an increase in the cost of water. Food and Non-Alcoholic Beverages rose by 0.6 percent. Upward movement in the prices of ‘Meat, ‘Milk, Cheese and Eggs’ and ‘Bread and Cereals’ were the chief contributors.
The movement in the index for June 2014 resulted in a calendar year- to-date inflation rate of 2.5 percent.
Mean quarterly inflation rate for the second quarter of 2014 was 1.1 percent, 0.3 percentage points lower than the first quarter which had an inflation rate of 1.4 percent.