Contraction in economy for December quarter less than projected, says Williams
Published:Tuesday | April 1, 2025 | 5:41 PM
Minister of Finance Fayval Williams has stated that the contraction in the local economy for the December quarter was less than had been projected by the Planning Institute of Jamaica (PIOJ).
Speaking in the House of Representatives on Tuesday, Williams said the final figure from the Statistical Institute of Jamaica shows that there was a -0.8 per cent growth in gross domestic product, less than the -1.8, which the PIOJ estimated for the October to December quarter.
She said the PIOJ has indicated that the areas of variation were primarily in wholesale/retail and tourism, which did better than anticipated.
Williams also argued that the latest figure shows that the economy is recovering following the devastation of Hurricane Beryl in the third calendar quarter of 2024 and the follow-on negative impact of Tropical Storm Rafael in the fourth quarter of calendar year 2024.
The PIOJ has stated that it expects the economy to grow in the March quarter but contract overall for the fiscal year.
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