Economy Update: June 2016

Economy Update june 2016 (3)

Above find the June 2016 Economy Update from diGJamaica. As always, the 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.

Key updates include:

  • Net International Reserves (NIR) showed an increase of 7% at the end of June, comfortably in line with the targets agreed upon in the IMF’s EFF agreement with Jamaica
  • June was another month of depreciation for the Jamaican dollar against its US counterpart. From May 31 to June 30, the Jamaican dollar depreciated by 0.8%. This, however, is a slowing of the rate observed in the month prior that had led to worry about the threat of runaway depreciation.
  • Continued strong performance for the stock market and tourist arrivals. For tourist arrivals, long stay visitor arrivals were down by a marginal 0.3% in May 2016, however total tourist arrivals were up by 2.5%.
  • After falling at the start of 2016, remittances for both February and March 2016 surpassed their 2015 counterpoints. At US$180.1 million, remittances were up by 7% in February 2016 compared to February 2015. In March, the figure was US$196.9 million, an increase of 2% over March 2015.

Visit out our frequently updated economic dashboards to remain aware of Jamaica’s economic performance: