According to the Statistical Institute of Jamaica (STATIN), the country’s economy grew by 2.3 percent during the second quarter of this year. The agency noted that the real value added result for April to June was mainly due to a 2.2 percent increase in output for the services industry. GDP for the goods producing industry was up 2.6 percent compared […]
Saudi Arabia records its fastest economic growth rate in a decade as the oil sector fuels a 9.6 percent rise in the first quarter. Saudi Arabia’s economy has registered a nearly 10 percent rise in its first-quarter compared to the same period last year thanks to high global crude prices. The world’s largest oil exporter reported its fastest economic growth […]
Jamaica’s economy grew by an estimated six percent for the October to December 2021 quarter, relative to the corresponding period the previous year. This was driven by increases of 7.8 and 0.4 percent, respectively, in the Services and Goods Producing Industries, the Planning Institute of Jamaica (PIOJ) reports. The out-turn also represents the third consecutive period of growth recorded, dating […]
The International Monetary Fund (IMF) has downgraded its global growth forecast for this year as rising COVID-19 cases, supply chain disruptions, and higher inflation hamper economic recovery. In its delayed World Economic Outlook report, published on Monday, the IMF said it expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 — with this year’s […]
Global outlook, growth in the Caribbean region is expected to slow until 2023 according to the World Bank’s Economic Prospects report. It noted that the growth is projected to soften to 2.6 percent this year. Growth in 2023 is projected to be just 0.1 percent better at 2.7 percent. The report says growth continues to be affected by fiscal and […]
The Statistical Institute of Jamaica (STATIN) is reporting third-quarter calendar year growth of 5.8 percent for July to September, compared to the corresponding period in 2020. In a statement on Friday (December 31), STATIN said the outturn was attributable to growth in the services and goods-producing industries, up 7.1 and 2.4 percent respectively. The Institute noted that growth in the […]
The eurozone’s economy shows two percent growth for the first six months of the year thus removing any sign of a recession. The latest economic figures indicate growth in individual national economies which reported data. The 19-nation bloc had experienced serious setbacks following the negative impact of the COVID-19 pandemic on their respective economies. However, the eurozone remains three percent […]
China’s economy has shown growth rate of 18.3% in the first quarter of 2021 compared to the same quarter last year. It’s the biggest jump in gross domestic product since China started keeping quarterly records in 1992. However, the figures are below expectations, with a Reuters poll of economists predicting a 19% growth. Reports also suggest the figures are heavily […]
The head of the International Monetary Fund (IMF) has warned that the coronavirus pandemic will turn global economic growth “sharply negative” this year. Kristalina Georgieva said the world faced the worst economic crisis since the Great Depression of the 1930s. She forecast that 2021 would only see a partial recovery. Lockdowns imposed by governments have forced many companies to close […]
Michael Lee-Chin, Chairman of the Economic Growth Council, (EGC) is unhappy with the government slow approach to divesting its under-performing assets. He said the reluctance is causing lower than expected economic growth. The EGC was set up to advise the government on a framework of proposed initiatives along with sub-initiatives that are expected to yield five percent growth by 2020. […]
