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Tuesday, September 26 2017 @ 06:53 AM AST

Jamaica economy expected to keep growing thanks to construction, tourism, outsourcing, mining

"The FY17/18 budget tabled in Parliament targets a central government primary surplus of 7 percent of GDP": IMF in pres statement today. TRANSLATION: Jamaica is not spending more than it's earning (unlike Trinidad and Tobago).

“With 7 consecutive quarters of positive growth, the Jamaican economy is on track to reach a growth rate of 1.7 percent in FY2016/17. Growth is projected to continue improving to 2.1 percent in FY2017/18, bolstered by construction, increased room capacity in the tourism sector, business process outsourcing, and a recovery in mining. The current account deficit is down to about 3 percent of GDP, supporting robust growth in non-borrowed reserves, which reached almost US$1.8 billion by end-February. Employment is steadily improving but the unemployment rate remains high at 12.9 percent, reflecting an expanding labor force.

For the full release visit: http://www.imf.org/en/News/Articles/2...ic-Program

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