Jamaica’s Economy is growing according to Planning Institute!

The Jamaican dollar continues to weaken at a rapid pace but there is some good news for Jamaica on the economic front.

The economy, grew by 1.6% for the first quarter this calendar year ending March 31.

According to the Planning Institute of Jamaica (PSIOJ) this growth compares favourably with the 0.9 or less than one per cent growth for the similar period last year.

Although the figures are preliminary, Director General of the PIOJ,  Collin Bullock,  attributes the growth in the quarter, to improved weather,  good performance of agriculture,  increased business confidence and increased demand overseas, for jamaican goods and services. The overall GDP for the fiscal year 2013/ 2014 grew by 0.9%.

Jamaican economy growing Planning Institute of JamaicaMeanwhile, the PIOJ boss said the unemployment rate for January 2014 was 13.4%, a decrease from the 14.5% in January last year.

This means fewer people were out of work January this year than last year.

The PIOJ director general adds that the employed labour force increased by 20, 500 persons compared to January last year.

The largest increases in employment occurred in the areas of real estate, repair of motor vehicles and agriculture.

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