Jamaica: Economy expected to grow in 3rd quarter

After months of decline and recession, Jamaica’s economy is set to register growth of between 0.5 and 1.5 percent for the third quarter of 2013 – according to the latest numbers from the Planning Institute of Jamaica (PIOJ).

Colin Bullock – the Director General of the Planning Institute of Jamaica, revealed that there is a positive result for the majority of the industries, which results in greater investor confidence in the island-nation.

Bullock expressed that the recovery of the world economy is also is a factor that has impacted on the economy of Jamaica. The reduced demand of bauxite and the consequent fall of the prices of the alumina also negatively impacted on the country.

Jamaica continues to experience an economic crisis – the severity of which led Prime Minister Portia Simpson-Miller to implement a wage free in the public sector and a reduction in social spending.

Source: PIOJ