Is Growth Ahead for Jamaica?

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Above: Kingston (CJ Photo)

By the Caribbean Journal staff

Jamaica’s economy is projected to grow by between 0.5 and 1.5 percent for the third quarter of 2013, according to data from the Planning Institute of Jamaica.

The report comes after the revelation of another quarter of tepid growth for the country’s economy, which contracted despite gains in the construction and mining sectors.

Colin Bullock, director general of the Planning Institute of Jamaica, said the growth would be spurred by a “number of factors,” including the rollout of “several capital projects” approved in the 2013/2014 fiscal year.

Bullock also said that the “gradual restoration of investor confidence,” hinging on Jamaica’s passing the IMF’s first test, would help drive growth.

Of course, Jamaica will also need continued strength from the mining sector, led by alumina, which saw significant growth in the previous quarter.

 

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