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Jamaican economy records 0.6 per cent decline
2013-02-21 18:06:32 | (0 Comments)
The Planning Institute of Jamaica (PIOJ ) is reporting that the economy contracted by 0.6 per cent over the October to December quarter.
The PIOJ says this was influenced by a decline in the Goods Producing Industry and the fact that the Services Industries remained flat.
It further said the passage of Hurricane Sandy, which resulted in estimated losses of $1.5 billion, and the slower than anticipated recovery of the global economy impacted the overall performance of the Jamaican economy.
The disclosure was made by Acting Director General of the PIOJ, Everton McFarlane, at the agency's quarterly press briefing today.
He said during the October to December 2012 quarter, the economy saw a weak global economic environment, weak domestic demand and adverse weather-related conditions.
The PIOJ is projecting that there will be weak growth for the current January to March quarter of between 0.0 percent to 1.0 percent.
It is also projecting that most industries will record positive performances.
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Source: The Gleaner/Power 106 News
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