Unemployment down in 2018 — PIOJ Economic and Social Survey

The labour force contracted by 1.6 per cent to 1, 337 575 workers, with males (53.9 per cent) still outnumbering females.

Average annual employment improved by 1.3 per cent to a record 1, 215, 975 workers. Unemployment rates in 2018 continued to trend down to 9.1 per cent from 11.7 per cent. In July of 2018, the unemployment rate declined to a low of 8.4 per cent, the lowest rate on record in Jamaica.

Those were just some of the many findings contained in the Planning Institute of Jamaica (PIOJ) Economic and Social Survey for 2018. The survey was tabled in the Senate on Friday.

The country's main planning agency reported in its 2018 Survey that the trade deficit worsened by US$77.0 million to US$4.2 billion, reflecting a US$592.5 million rise in the value of imports to US$6.1 billion which outpaced the US$515.5 million rise in the value of exports to US$1.9 billion.

Export earnings were boosted by the exports of alumina, bauxite and mineral fuels, which together accounted for 77.0 per cent of the value of exports. Increased expenditure on the imports of mineral fuels; machinery and transport equipment; chemicals; manufactured goods and food were mainly responsible for the rise in the value of merchandise imports.

In its Economic Performance Section, the PIOJ Survey stated in part:

The year 2018 represented a watershed year for Jamaica as all the key performance targets were met and several all-time best performances were achieved. With respect to the economy, some of the major achievements were as follows:

- Gross domestic product of 1.9 per cent for calendar year 2018, the sixth consecutive year of growth and the strongest growth rate on record since 2006.

- Debt at the end of December 2018 — the debt-to-GDP ratio reached 96.1 per cent, the lowest rate recorded since 2008.

- Interest rates — the weighted average interest rate of 14.09 per cent for 2018 was the lowest on record since 1996.

- Successful completion of the two scheduled reviews under the three-year Precautionary Stand-By Arrangement with the International Monetary Fund (IMF), bringing the total Special Drawing Rights available to Jamaica as at the end of 2018 to approximately USS1.2 billion.

- Point-to-point inflation for the year was 2.4 per cent. The weighted average selling rate of the Jamaican dollar at the end of 2018 was $127.72 per US$1.00, representing a nominal depreciation of 2.2 per cent, which in real terms, translated to a depreciation rate of 1.6 per cent.

- Sectoral performance — The goods producing industry grew by 4.8 per cent while the services industry recorded growth of 0.8 per cent. The performance of the goods producing industry was led by the mining and quarrying industry which grew by 33.5 per cent, while that of the services industry was led by the hotels and restaurants industry, which increased by an estimated 1.8 per cent.

The pressing area of the nation's national security, which featured on the social section of the PIOJ's Survey, attention was given to the over 19 per cent increase in the budgetary allocation for the Ministry of National Security.

“Plan Secure Jamaica was the framework under which a whole of Government approach to crime fighting was undertaken. The zones of special operations continued in two communities, while states of emergency were declared in three areas. Additionally, the Public Safety and Traffic Enforcement Branch was established in the Jamaica Constabulary Force to assist in the restoration of public order and promote safety in public areas. The mix of strategies were employed during the year and this resulted in a reduction in the number of crimes reported, especially murder, which declined by 22.0 per cent,” the PIOJ Survey highlighted.

Source: Jamaicaobserver.com

Powered by NewsAPI.org

Keywords:

Unemployment • Economy • Social • Survey methodology • Workforce • Workforce • Employment • Workforce • Unemployment • Institute of Jamaica • Economy • Senate • Nation state • Planned economy • Balance of trade • 1,000,000,000 • Value (economics) • Import • 1,000,000,000 • Value (economics) • Export • 1,000,000,000 • Export • Income • Export • Aluminium oxide • Bauxite • Fossil fuel • United States dollar • Value (economics) • Export • Government spending • Import • Fossil fuel • Machine (mechanical) • Transport • Machine • Chemical substance • Final good • Food • Value (economics) • Goods • International trade • Economy • Drainage divide • Jamaica • Gross domestic product • United States dollar • Calendar year • Debt-to-GDP ratio • 1 cent euro coin • Interest rate • Average • Interest rate • IMF Stand-By Arrangement • International Monetary Fund • International Monetary Fund • Special drawing rights • Jamaica • Inflation • Cent (currency) • Weighted arithmetic mean • Interest rate • Jamaican dollar • Gross domestic product • Depreciation • Cent (currency) • Real versus nominal value (economics) • Depreciation • Interest rate • Goods • Tertiary sector of the economy • Economic growth • Performance management • Goods • Mining • Quarry • Tertiary sector of the economy • Hotel • Restaurant • Economic system • Ministry of National Security (Jamaica) • Planning • Jamaica • Government • State of emergency • Public safety organizations • Jamaica Constabulary Force • Crime • Murder •