Economy grows at below one per cent for 2015

Planning Institute of Jamaica (PIOJ) yesterday reported that the country has experienced sluggish growth of 0.8 per cent for the calendar year 2015.

Director of the entity, Colin Bullock, during a media briefing for the review of the October to December period 2015, stated that despite the slow growth recorded for the calendar year, it reflects a strengthening of performance during the second half of the year when there was an estimated growth of one per cent, up from 0.5 per cent over the first six months.

According to Bullock the industries which recorded the largest growth during the year were manufacturing, up 2.4 per cent; hotels and restaurants which increased 2.0 per cent, electricity and water, up 1.5 per cent, and transport, storage and communication which grew 1.1 per cent. The goods-producing industry also grew by 1.1 per cent, while the services industry was estimated to have grown by 0.6 per cent.

“Real GDP is estimated to have grown by 0.8 per cent — this compared with the 0.5 per cent growth recorded in 2014,” the director stated. “In conclusion, we noted that the economy has grown continually slowly but with encouraging recovery in both the goods producing and services industry and with increasing employment.”

http://www.jamaicaobserver.com/business/Economy-grows-at-below-one-per-cent-for-2015_53550