The Director General, Planning Institute of Jamaica, Dr. Wayne Henry, reported at the Institute’s quarterly press briefing, that the economy continued to record growth during the second quarter of the fiscal year. For July–September 2016, real Gross Domestic Product (GDP) is estimated to have increased by 2.2 per cent relative to July–September 2015. Real value added in the Goods Producing Industry grew by 6.7 per cent, while real value added for the Services Industry expanded by 0.8 per cent. The improved economic performance during the July–September quarter was pushed mainly by the performance of the Agriculture, Forestry & Fishing industry which grew by an estimated 28.0 per cent during the quarter. Growth was also recorded for the Electricity & Water Supply industry which grew by an estimated 2.9 per cent and Hotels & Restaurants which grew by 2.3 per cent. The improvement in the Agriculture industry was facilitated by more favourable weather conditions relative to the corresponding quarter of 2015. Growth in the Hotels & Restaurants industry was due to an increase in stopover arrivals, up by 2.7 per cent, while total visitor expenditure increased by 5.8 per cent to US$589.6 million. .
Leave A Comment