cost of tuition fees for the new school year and the upward
movement in electricity costs. Also contributing to inflation
is the depreciation of the currency. The exchange rate has
continued its gradual depreciation relative to the US dollar
that started in late 2012, with the currency falling 14% (y/y)
by August 2013, which has helped limit the competitiveness
gap that had opened up during previous years.
According to the recently conducted Labor Force Survey, the
unemployment rate as at July 2013 was 15.4% compared to
13.1% in July 2012. The unemployment rate for males was
11.7% compared to 19.9% for females. The survey put the
number of unemployed persons at 201,600, an increase of
20.4% when compared with 167,400 persons in July 2012.
The total size of the labor force is 1,309,700.
The Jamaica Conference Board Index of Business Confidence
fell sharply to 84.1 in the third-quarter of 2013 from 101.4 in
the second quarter. The deterioration was attributed to rising
unemployment and the depreciation of the Jamaica dollar.
Jamaica’s net international reserves decreased by 2.17%
to USD890.43 million in October representing a 20.9%
decline for the first ten months of the year. The decline was
attributed to a 0.8% increase in foreign assets held by the
Bank of Jamaica and a 4.2% increase in its foreign liabilities,
namely the IMF. Reserves cover nearly 11.97 weeks of goods
and services imports but are expected to be further bolstered
by additional multilateral disbursements associated with the
country’s new IMF accord.
On May 1, 2013, the IMF Executive Board approved a
request by the Jamaican authorities for a four-year extended
arrangement in an amount of SDR 615.38 million. The
first and second reviews were completed in September
and November with Jamaica meeting its targets. All endJune quantitative conditions and all structural benchmarks
were met. The 2013/14 budget is in line with the program.
Economic developments remain in line with program
assumptions and the macroeconomic outlook and financing
scenario remain broadly unchanged from the program
On May 1, 2013, the IMF Executive Board approved a request by the
Jamaican authorities for a four-year extended arrangement in an amount
of SDR 615.38 million.
Source: Statistical Institute of Jamaica
First Quarter
Source: Statistical Institute of Jamaica
42
Caribbean Investment iQ December 2013
Second Quarter
Other
Government
Real Estate
Finance
Q2 2013
Q1 2013
Q4 2012
Q3 2012
Q2 2012
Q1 2012
Q3 2011
Q4 2011
Q2 2011
Q1 2011
Q4 2010
Q3 2010
Q2 2010
Q1 2010
Q4 2009
Q3 2009
Q2 2009
-5
Q1 2009
-4
Logistics
-3
Hospitality
-2
Distribution
0
-1
Construction
1
Utilities
9
7
5
3
1
-1
-3
-5
-7
-9
-11
2
Manufacture
3
Mining
Figure 26
Economic growth by industry (2013)
Agriculture
Figure 25
Jamaica Economic Growth (2009-2013)