The Jamaican economy has experienced its 15th consecutive quarter of macroeconomic growth – the first time in over twenty years the country has achieved sustained progress.
Minister without Portfolio in the Ministry of Finance and the Public Service Fayval Williams made the declaration at the final post-Cabinet press briefing for 2018 on Wednesday, December 5, at Jamaica House.
The data, provided by the Planning Institute of Jamaica (PIOJ), indicated that for the July-September quarter of 2018, it was estimated that the nation’s Gross Domestic Product (GDP) grew by nearly two percent.
“The PIOJ announced that the July-September quarter is estimated to have grown by 1.9% – making that the 15th quarter of back-to-back positive GDP growth,” Williams said.
“This is the first time over the last 20 years, that we’ve had such a long stretch of GDP growth on a quarter-by-quarter basis,” she added.
What’s more, Williams remarked that in the services sector, hotel and restaurants as well as transportation, storage and communications were identified as the fastest growing industries at 2% and 1.4% respectively.
“In the goods producing sector, mining and quarrying was the star performer at 54% growth, followed by construction at 3%,” Williams asserted further.
By: Gavin Riley