Thu | Apr 2, 2020

Jamaica records 0.1 per cent growth last quarter, Coronavirus could impact economy

Published:Tuesday | February 25, 2020 | 3:56 PM
PIOJ Director General Dr Wayne Henry

The Planning Institute of Jamaica (PIOJ) is reporting that the economy grew by 0.1 per cent for the October to December quarter of 2019.

And, according to director general Dr Wayne Henry, the outbreak of the Coronavirus could potentially impact the local economy.

Henry, speaking at a press briefing at the PIOJ's offices in New Kingston today, said the impact would primarily be transmitted through trade and financial flows.

This is largely because of travel restrictions implemented to stem the spread of the virus, as well as the impact of the slowdown in the Chinese economy on global trade and investment flows.

Meanwhile, for the past quarter, the mining and quarrying industry declined by 38.7 per cent due to the continued closure of the JISCO-Alpart refinery in St Elizabeth.

At the same time, there was a 2.0 per cent contraction in the construction sector because of a slowdown in activities, said Henry.

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