Growth Estimated at 0.3% for July to Sept. Quarter

• The Planning Institute of Jamaica (PIOJ) is reporting that the economy grew by an estimated 0.3% for the July to September 2019 quarter, relative to the corresponding period last year.
• Speaking at the PIOJ’s quarterly briefing at the Institute’s head office in New Kingston on Tuesday (November 19), Director General, Dr. Wayne Henry, said this represents the 19th consecutive quarter of economic growth that the country has recorded.
• Henry said the out-turn for the September 2019 quarter was driven by an estimated 1.2% growth in the services industry, despite a 2.1% contraction in the goods-producing industry.
• He noted that all services group subindustries grew, led by Finance and Insurance Services, which recorded the biggest out-turn across all sectors – 3%.
• “The projected out-turn largely reflected the positive impact of increased domestic demand, pushed by record levels of employment, increased consumer and business confidence levels, which spurred investment and consumer demand, and continued stability in the macroeconomic environment. This augured well for the business environment,” the PIOJ Head noted.

(Source: JIS)