03 JUNE 2016www.jamaica-gleaner.com
Jamaican economy grows in March quarter, bauxite production drops
Edited by : AL CIRCLE
1 min read
The Jamaican economy grew by an estimated 0.9 per cent for the quarter to March 2016 when compared with the corresponding period last year and was the same level of expansion for fiscal year 2015/16, the Planning Institute of Jamaica reported on Wednesday.
The positive outturn for the quarter largely reflected the impact of the improved global economic environment on major service industries such as hotels and restaurants, said PIOJ Director General Colin Bullock.
The mining and quarrying industry contracted by 1.0 per cent, reflecting weak external demand from the major overseas customers.
Total bauxite production contracted by 5.3 per cent, while crude bauxite production contracted by 12.1 per cent largely the result of financial challenges facing major United States refineries which buy Jamaican bauxite.
The transport and storage component contracted, reflecting a downturn in activities at the island’s sea ports, largely because of lower petroleum imports and lower bauxite exports.
The positive outturn for the quarter largely reflected the impact of the improved global economic environment on major service industries such as hotels and restaurants, said PIOJ Director General Colin Bullock.
The mining and quarrying industry contracted by 1.0 per cent, reflecting weak external demand from the major overseas customers.
Total bauxite production contracted by 5.3 per cent, while crude bauxite production contracted by 12.1 per cent largely the result of financial challenges facing major United States refineries which buy Jamaican bauxite.
The transport and storage component contracted, reflecting a downturn in activities at the island’s sea ports, largely because of lower petroleum imports and lower bauxite exports.
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