Jamaica’s Economy Continues on Strong Growth Path

• Jamaica’s economy is estimated to have grown in the range of 4% to 5.5% for the fiscal year 2022/23. This outturn, according to Bank of Jamaica (BOJ) Governor, Richard Byles, is consistent with the range previously anticipated by the institution.
• Mr. Byles, who noted that the economy continues to grow strongly, indicated that the estimated outturn for the January to March 2023 quarter ranged between 3.5 and 4.5%. This, he pointed out, “is a faster growth rate than the 3.8% recorded for the October to December 2022 quarter”. However, this figure was below the outturn of 6.4% recorded in the January – March 2022 quarter.
• Mr. Byles said there are also signs that the economy continues to expand for the April to June 2023 quarter, and overall gross domestic product (GDP) growth for the fiscal year 2023/24 is projected to be in the range of 1 to 3%.
• He noted that the Bank expects that growth this year will be largely driven by the resumption of production at the JAMALCO alumina plant, supported by some improvement in agriculture and manufacturing production.

(Source: JIS News)