Economy grew 1.5 % in first quarter 2019 — PIOJ

Economy grew 1.5 % in first quarter 2019 — PIOJ

Wednesday, May 22, 2019

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KINGSTON, Jamaica — The Planning Institute of Jamaica (PIOJ) is reporting that the economy grew by an estimated 1.5 per cent during the January to March 2019 quarter.

The growth, PIOJ said, was spurred by increased external demand from Jamaica's main trading partners, which supported increased exports of some goods and services, particularly tourism and alumina and increased domestic demand pushed by an increase in employment, as well as business and consumer confidence.

PIOJ, in today's media briefing, said the main contributing factors to the growth were the hotel sector with the expansion in room stock, air seat capacity and flight frequency, which facilitated growth in stopover visitor arrivals;

The mining and quarry industry which showed a higher capacity utilisation;

An uptick in loans and advances to the private sector; andmajor infrastructure works, including road rehabilitation and expansion projects; the construction and renovation of hotels, and residential and commercial buildings.

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