Economy grew by 0.9 per cent in FY2015/16

The Jamaican economy grew by an estimated 0.9 per cent for the quarter to March 2016 compared to the corresponding period last year and was the same level of expansion for fiscal year 2015/16, the Planning Institute of Jamaica reported on Wednesday.

The positive outturn for the quarter largely reflected the impact of the improved global economic environment on major service industries such as hotels and restaurants, PIOJ Director General Colin Bullock said.

It also mirrored “an improvement in domestic demand resulting from the strengthening of both business and consumer confidence levels, and increased industrial production which resulted in improved outturn for industries such as manufacture and electricity and water supply,” he added.

The goods-producing industry grew by 1.0 per cent with the agriculture, forestry and fishing, manufacture and construction industries registering improvements in real value added during the review period.

That performance largely reflected the impact of increased demand and improved weather conditions, said Bullock, in reviewing the economic performance at the PIOJ’s offices in New Kingston.

For fiscal year 2015/16, all industries except for producers of government services were projected to have grown.

The industries with the largest increases were manufacture, 3.9 per cent; electricity and water supply, 3.4 per cent; hotels and restaurants, 1.6 per cent, and other services, 0.8 per cent.