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JA economy grew by 1.5% over the January to March quarter
Dr. Gladstone Hutchinson, Director General of the Planning Institute of Jamaica, (JIS photo).
The Planning Institute of Jamaica (PIOJ) says its estimates show that the economy grew much faster than previously thought.
The assessment came from Dr. Gladstone Hutchinson, the PIOJ's Director General on Friday.
On Thursday, Brain Wynter, the Governor of the Bank of Jamaica, said the economy is starting to show concrete signs of recovery and on Friday his counterpart at the PIOJ concurred.
But Dr. Hutchinson said after updating the analysis of the economy, his organisation estimates that the growth recorded over the January to March quarter, was better than the 1% it previously thought.
"The PIOJ estimates that the real GDP (gross domestic product) for the Jamaican economy grew by 1.5% relative to the similar period of 2010. This performance represents the first quarterly economic growth recorded since the July to September 2007 quarter," Dr. Hutchinson stated.
He noted that improvements in agricultural output, the reopening of alumina plants and manufacturing contributed to the growth.
Dr. Hutchinson added that in ensuing months, the growth will solidify and could be greater if the desired benefits from recent tax cuts and a $3.4 billion Community Renewal Project.
Almost 500,000 J’cans living below the poverty line
In the meantime, the Head of the PIOJ said close to half a million Jamaicans are now living below the poverty line.
Dr. Hutchinson gave the figure as he revealed that poverty, in 2010, was measured at 17.9% of the population
"Based on the actual poverty estimates for 2010 and a population seize of Jamaica for 2,705,800 persons, the number of persons below the poverty line in 2010 is calculated at 476,221," he said.
Dr. Hutchinson added that a full assessment of the poverty figures will be given when the 2010 edition of the Jamaica Survey of Living Conditions is released, later this year.
Dr. Gladstone Hutchinson, Director General of the Planning Institute of Jamaica, (JIS photo). The Planning Institute of Jamaica (PIOJ) says its estimates show that the economy grew much faster than previously thought.
The assessment came from Dr. Gladstone Hutchinson, the PIOJ's Director General on Friday.
On Thursday, Brain Wynter, the Governor of the Bank of Jamaica, said the economy is starting to show concrete signs of recovery and on Friday his counterpart at the PIOJ concurred.
But Dr. Hutchinson said after updating the analysis of the economy, his organisation estimates that the growth recorded over the January to March quarter, was better than the 1% it previously thought.
"The PIOJ estimates that the real GDP (gross domestic product) for the Jamaican economy grew by 1.5% relative to the similar period of 2010. This performance represents the first quarterly economic growth recorded since the July to September 2007 quarter," Dr. Hutchinson stated.
He noted that improvements in agricultural output, the reopening of alumina plants and manufacturing contributed to the growth.
Dr. Hutchinson added that in ensuing months, the growth will solidify and could be greater if the desired benefits from recent tax cuts and a $3.4 billion Community Renewal Project.
Almost 500,000 J’cans living below the poverty line
In the meantime, the Head of the PIOJ said close to half a million Jamaicans are now living below the poverty line.
Dr. Hutchinson gave the figure as he revealed that poverty, in 2010, was measured at 17.9% of the population
"Based on the actual poverty estimates for 2010 and a population seize of Jamaica for 2,705,800 persons, the number of persons below the poverty line in 2010 is calculated at 476,221," he said.
Dr. Hutchinson added that a full assessment of the poverty figures will be given when the 2010 edition of the Jamaica Survey of Living Conditions is released, later this year.
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