Economy Update: End of May 2016

The below infographic shows performance of key economic indicators and their percentage change compared to 12 months ago. For the percentage change comparison, green boxes or text indicate that the category’s value has improved since the same period last year, while red boxes or text indicate that the category’s value has worsened since.

Economy Update may 2016 (4)

For May 2016’s diGJamaica’s Economy Update, key points include:

  • Jamaica passed its 11th and 12th reviews under the EFF agreement with the IMF. More on that here.
  • Although the May 2016 NIR decreased in comparison to the same period 12 months ago (May 2015), at US$2.3 billion it was well above the target of US$1.81 billion
  • The dollar passing the US$1 : J$125 point lead some to worry about the rate of the dollar’s depreciation. The BOJ has since intervened in the foreign exchange market in an attempt to stop the dollar slide. Nevertheless, by the end of May the Jamaican dollar had depreciated by 2% in comparison to its value at the end of April. For the calendar year 2016, the Jamaican dollar has depreciated by 4% against the US dollar. Comparatively, the Jamaican dollar depreciated by 5% against the US dollar for the entire calendar year 2015.
  • Continued strong performance in the tourism industry with January to March 2016 showing growth over the comparable periods in 2015 for cruise ship and long stay visitors
  • A decrease in remittances in comparison to 12 months ago (January 2015)

Note: The statistics provided for remittances, total debt and tourist arrivals are not for May 2016, but are the latest information available from the relevant sources up to that point.

Find further information on Jamaica’s economic performance on our frequently updated economic dashboards:

Further updates on the state of the economy can be found in the just released June EPOC Communique. Read it and past Communiques here.