6 months ago
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Finance minister, Fayval Williams, says data to be released by the Planning Institute of Jamaica, PIOJ, later this month, will show that the economy declined in the December quarter last year.
That would mark two consecutive quarters of decline in gross domestic product, GDP, satisfying the textbook definition of a recession.
But Minister Williams says that should not be interpreted as a true gauge of the health of the economy.
In the July to September quarter in 2024 the PIOJ said the economy contracted by 3.5 per cent.
Minister Williams says the low levels of unemployment complemented by positive business and consumer confidence point to an economy that is shaking off the effects of a severe weather event last year.
Fayval Williams, Finance Minister, speaking on Nationwide This Morning on Wednesday.
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