Audley Shaw 2015-2016 Budget Presentation

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Labour
Force
Survey
Unemployment
Rate
Male
Unemployment
Rate
Female
Unemployment
Rate
Oct 2011 12.8% 9.9% 16.9%
Oct 2012 13.7% 10.2% 17.9%
Oct 2013 14.9% 10.6% 20.0%
Oct 2014 14.2% 9.9% 19.4%
Inflation Performance
Mr Speaker, I now turn to the inflation figures. In 2011, when the average oil price
averaged US$95.12 per barrel, inflation for the calendar year was 6%. At the end
of 2014, inflation was 6.4%. Yes, we hear the rosy projections about inflation from
the government. Let’s not pop the champagne yet.
Inflation – Calendar Year
2011 6.0% Average Oil price was
$95.12 per barrel 3
2012 8.0%
2013 9.7%
2014 6.4% Average Oil price was
$54 per barrel
Global Bonds
o Mr Speaker, turning now to Jamaica’s global bond ratings. These reflect
primarily the views of the international rating agencies and international
investors. Listening to this PNP government, one would be led to believe
that they did such a fantastic job at rescuing Jamaica’s credit ratings.
o For the record Mr Speaker, when the JLP left office in December 2011, GOJ
global bonds had a rating of B3 from Moody’s and B- from Standard &
Poors. Today, those same GOJ global bonds, the 10.625% of 2017, the 8.5%
of 2021, the 11.625% of 2022, the 7.625% of 2025, the 9.25% of 2025, the
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