Minister of Finance Fayval Williams has cited that the assessment of GDP growth by the Statistical Institute of Jamaica (STATIN), which the institute says shows a contraction of 0.8 per cent, “is significantly better than the estimate of the PIOJ (Planning Institute of Jamaica), …which is negative 1.8 per cent”.

Williams made the comment during a ministerial statement in the House of Representatives on Tuesday.

She pointed to the quarterly GDP results released by STATIN on Monday for the October to December quarter of calendar year 2024.

“GDP is a much-followed number as it gives an indication of a nation’s economic health, allowing policymakers, businesses, and investors to understand and make informed decisions about economic performance and policy.

“It is important to note that PIOJ and STATIN provide us with quarterly and annual GDP figures. PIOJ provides us with an estimate of GDP growth earlier in the following quarter while STATIN provides a definitive GDP growth figure,” said Williams.

She noted that “PIOJ has indicated that the areas of variation were primary in wholesale/retail and tourism. This means these sectors did better than anticipated”.

Williams told the House that the government remains committed to its growth agenda, pointing out that it is “often disrupted by devastating weather events and that is why our efforts over several years to build buffers to help protect this nation and our budget are so incredibly important to maintain”.