Tropical Storm Nicole - Planning Institute of Jamaica

January
April
July
October
January
April
July
October
January
April
July
October
January
April
July
October
January
April
Per Cent
Evolution of main variables
a) Economic Activity
The improvement in economic activity in 2010 was predicated on a) modest improvement in
domestic and global demand, consequent on the gradual recovery from the global economic
recession in major markets; b) growth in the Tourism sector, which is set to rebound, albeit at a lag,
given the improvement in incomes in some source markets; c) growth in the agricultural sector due
to the strengthening in global demand; and d) growth in the Mining & Quarrying industry associated
with the reopening of one alumina plant and expansion in crude bauxite production.
Figure 22: Unemployment Rate by Quarters, 2006-2010
14
13
12
11
10
9
8
7
6
2006 2007 2008 2009 2010
b) Prices, Wages and Employment
Inflation was projected to fall within a range of 7.0 per cent to 8.0 per cent for financial year (F/Y)
2010/2011. This reduced rate was predicated on:
• stability in international commodity prices;
• subdued aggregate local demand amidst a reduction in purchasing power; and
• relative stability in the foreign exchange market.
Wages were expected to be contained due to: 1) wage freeze in the public sector; and 2) increase in
the level of unemployment. The level of employment has been declining consistently since October
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