PIOJ projects GDP growth

The Planning Institute of Jamaica (PIOJ) is projecting that the country’s gross domestic product should grow by up to 1.1 percent during the April to June quarter of the year.



Officials of the PIOJ reported that the economy grew by an estimated 0.2 percent during the first quarter of the year, when compared with the corresponding period last year.



The agriculture sector recorded a significant decline of 14.1 percent, while the construction sector grew by 3.5 percent.



The PIOJ attributes the decline in the agriculture sector to the prolonged effects of Hurricane Dean in August last year and heavy rains during the October to December quarter.



The heavy rainfall in February this year also affected agricultural production.



The PIOJ is also reporting inflation of 5.2 percent for the quarter.



According to PIOJ Director General, Dr. Wesley Hughes, food and alcoholic beverages, housing, water, electricity, gas and other fuels, as well as miscellaneous goods and services accounted for 70 percent of inflation during the quarter.