Jamaican Economy on the Mend: Report

By: - August 26th, 2011

Above: Bank of Jamaica Governor Brian Wynter (FP)

The Jamaican economy grew at a rate of between one and two percent in the second quarter, according to Bank of Jamaica Governor Brian Wynter.

The country’s net international reserve was just under $2.3 billion at the end of June, with inflation at 2 percent.

“This follows growth of 1.4 percent in the March 2011 quarter,” Wynter said. “The performance in the review quarter reflected moderately strong growth in the tradable industries as well as marginal expansion in the non-tradable industries.”

Yesterday, the Planning Institute of Jamaica reported that Jamaica saw 1.5 percent growth in the second quarter, led by the mining sector.

The Bank of Jamaica had predicted headline inflation in the range of between 2 and 3 percent, Wynter said, and the 2 percent number compared favourably with the five-year average of 3.1 percent for June quarters.

–Jamaica Information Service

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