1. Economic activity remains weak. Real GDP declined by 0.5 percent
during 2010Q3 (y/y), reflecting the impact of lower-than-projected
growth in Jamaica's major trading partners and the negative impacts
of the state of emergency during May-July and Tropical Storm Nicole
in September (Figure 1). The damage from the storm, mainly to
roads, bridges, and sewerage systems, is officially estimated at
1.7 percent of GDP. Overall activity was also weighed down by
financial sector GDP, which declined by 2.8 percent in the
aftermath of a drop in interest income as a result of the Jamaica
Debt Exchange (JDX). On the positive side, the goods producing
sector grew by 2 percent, reflecting robust growth in agriculture
and mining; tourist arrivals rose by 3 percent; and, in the labor
market, 21,000 jobs were created in net terms, following three
quarters of job losses (Figure 2). Growth is now projected to be
-0.5 percent for FY2010/11 (compared with 0.6 percent at the time
of the second review).
International Monetary Fund
|Country of origin:
International Monetary International Monetary Fund
||Electronic book text
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