Tuesday, 23 May 2023 12:16

Jamaica still on strong growth path - BOJ

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The Bank of Jamaica is reporting a positive outlook for the economy.
BOJ Governor Richard Byles says the economy remains on a strong growth trajectory, with expectations for this to continue.
Mr. Byles says real GDP is estimated to have grown by 3.5 to 4.5 per cent for the March 2023 quarter - a faster growth rate than recorded for the previous quarter.
"For fiscal year 2022-23, real GDP growth is estimated in the range of four to 5.5 per cent, in line with the bank’s previous forecast. There are also signs that the economy continues to expand for the June 2023 quarter, and GDP for the 2023-24 financial year is projected in the range of one to three per cent. The bank expects that this growth for the year will be largely driven by the resumption of production at the Jamalco alumina plant, supported by some improvement in agriculture and manufacturing production," he announced. 
Mr. Byles was speaking Monday morning at the Central Bank's quarterly press briefing.