Much growth is projected for the local economy despite looming uncertainty in the global market. The Planning Institute of Jamaica’s (PIOJ) predictions for the rest of the fiscal year indicate growth between 3.5 to 4.5 per cent, while noting challenges to include supply chain shocks, inflation, and countermeasures by the Central Bank. Director General of the PIOJ, Dr. Wayne Henry says the latest review of the July to September quarter shows 4.3 per cent growth in value-added relative to the corresponding quarter of 2021.
Henry says the outcome largely reflected the impact of the removal of the COVID-19 containment measures, higher levels of employment, increased business and consumer confidence, and higher levels of productivity in the agricultural sector. That said, he notes the short to medium-term outlook remains positive.
He continues to say the general indications are that growth will continue for the rest of the 2022/23 fiscal year albeit at a slower rate and influenced by the global economic challenges. However, he says the negative impact of these challenges is expected to be outweighed by the continued strength of the recovery. The PIOJ boss is also exercising cautious optimism.
In October the PIOJ said alumina production increased by 133.3 per cent, hotels and restaurants continue to record robust growth, and preliminary data for October 2022 indicate a 52 percent increase in airport arrivals compared to October last year. Henry concludes. Watch the report below:
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