Tropical Storm Nicole - Planning Institute of Jamaica

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2008. As at Apri,l 2010 the net decline in the level of employment was 86 600 persons. This trend is expected to continue given the relative weak domestic demand. c) The External Sector Global demand is expected to increase in 2010 as confidence rebounds in both the financial market and the real economy. This projected improvement in global economic conditions should augur well for the Jamaican economy, especially given that its main trading partner, the USA should record increased output. In addition, Jamaica’s current account balance is also projected to be impacted by expansions in alumina and crude bauxite imports and increased stopover arrivals. D. ECONOMIC PERFORMANCE IN THE YEAR OF THE EVENT, BEFORE THE EVENT, JANUARY-JUNE 2010 AND JULY-SEPTEMBER 2010 22 JANUARY-JUNE 2010 1. Fiscal Performance Central Government operations produced a fiscal deficit of $7 064.5 million for April – June 2010. The fiscal out-turn was better than anticipated and reflected revenue enhancement measures and expenditure curtailment, which were consistent with the fiscal consolidation requirements of the Stand-By Agreement (SBA). The deficit was the net effect of higher than budgeted inflows of Revenue & Grants at $78.91 billion and lower than projected expenditure of $85.97 billion. Increased revenues were due in part to: (i) a greater level of tax compliance as the tax administration intensified tax collection efforts; and (ii) the effect of two tax packages introduced in September and December of 2009. The lower expenditure represented declines in both Recurrent and Capital expenditure. 2. Monetary and Exchange Policy During January-June 2010, macroeconomic performance was impacted by improvements in both the domestic and international environments. There was an increase in the pace of global economic recovery, which led to an increase in the demand for Jamaican goods and services. Within the 22 Figures for January-June represent actual GDP data from STATIN, while July-September are projections by the PIOJ. 66
domestic market, business and consumer confidence was boosted by the successful signing of a 27- month Stand-By Agreement between Jamaica and the International Monetary Fund. These developments facilitated: the central bank’s removal from its list of Open Market Operation (OMO) Instruments, all tenors above 30-days as at January 16, 2010; and a reduction in interest rates. The market determined 182-day Treasury Bill yield fell to 9.26 per cent, 7.54 percentage points lower that at the start of the year. Through three moves, the BOJ reduced the rate applicable to its 30-day OMO Instrument, by a combined total of 150 basis points to 9.0 per cent. 3. Economic Activity For the first half of 2010, real GDP declined by 1.5 per cent relatively to the corresponding period of 2009, compared with the 3.6 per cent contraction recorded in January-June 2009. Economic performance during 2010 was mainly influenced by the protracted effects of the global economic crisis on the domestic economy. Aggregate demand remained weak as the unemployment levels rose and purchasing power of individuals declined. In addition, the economy was also adversely impacted by the effects of: (a) drought conditions which prevailed during the second half of 2009 and the first quarter of 2010; (b) security operations in Kingston and St. Catherine and the associated ramifications during the second quarter of 2010; as well as (c) the JDX programme on financial institutions. The decline in the economy was reflected in both the Goods Producing and Services Industries which fell by 3.2 per cent and 1.3 per cent, respectively. All Goods Producing Industries declined with the exception of Agriculture, Forestry & Fishing which grew by 1.9 per cent. Within the Services Industry, the Finance & Insurance Services, Wholesale & Retail Trade Repairs and Installation of Machinery and Electricity & Water industries recorded the largest declines of 4.5 per cent, 2.1 per cent and 1.8 per cent, respectively. The Hotel and Restaurants industry, the industry which captures most of tourism’s direct contribution to Gross Domestic Product (GDP), grew by 2.9 per cent. Real value added in the Agriculture industry grew by an estimated 1.9 per cent. Performance in the first two quarters was affected by drought conditions which began in the latter half of 2009. 67
Page 1 and 2:
JAMAICA MACRO SOCIO-ECONOMIC AND EN
Page 3 and 4:
TABLE OF CONTENTS I. INTRODUCTION .
Page 5 and 6:
LIST OF FIGURES Figure 1: Radar Com
Page 7 and 8:
Executive Summary Description of th
Page 9 and 10:
Infrastructure As in the case with
Page 11 and 12:
Education Total damage to education
Page 13 and 14:
I. INTRODUCTION The Meteorological
Page 15 and 16:
On September 30, most parishes cont
Page 17 and 18:
Table 1: Wind Analysis Parish Stati
Page 19 and 20:
• Clarendon - Grimmith recorded 3
Page 21 and 22:
The National Aeronautics and Space
Page 23 and 24:
In the aftermath of the event, the
Page 25 and 26:
Major landslide on the Maggotty mai
Page 27 and 28: The entrance to the Apple Valley Pa
Page 29 and 30: Figure 8: Areas Critically Affected
Page 31 and 32: Figure 9: Communities Affected by T
Page 33 and 34: elated to the weather event were tr
Page 35 and 36: At the time of the event, the predo
Page 37 and 38: Figure 10: Damage to Educational In
Page 39 and 40: C. Public Buildings a) Correctional
Page 41 and 42: Figure 12: Summary of Damage to the
Page 43 and 44: 3. Vector Control - Comprehensive p
Page 45 and 46: Figure 13: Total Damage to Agricult
Page 47 and 48: Table 15: Preliminary Costs of Dama
Page 49 and 50: Table 17: Preliminary Estimates of
Page 51 and 52: B. Tourism Sector General Overview
Page 53 and 54: Damage Preliminary cost of damage i
Page 55 and 56: IV. INFRASTRUCTURE The country’s
Page 57 and 58: islandwide. The number of customers
Page 59 and 60: The NWC was able to restore most of
Page 61 and 62: Table 23: Preliminary Cost To Re-Op
Page 63 and 64: As a result trips were shortened an
Page 65 and 66: events (Hurricane Ivan, 2004; Hurri
Page 67 and 68: Figure 18). Seagrass beds along wit
Page 69 and 70: Figure 19: Eroded section of Long B
Page 71 and 72: Waste Significant volumes of waste
Page 73 and 74: VI. MACROECONOMIC IMPACT OF TROPICA
Page 75 and 76: unemployment levels; and 2) reduced
Page 77: January April July October January
Page 81 and 82: State of Emergency in sections of K
Page 83 and 84: mainly to a reduction in outflow of
Page 85 and 86: • a $4.0 million grant to assist
Page 87 and 88: VII. CONCLUSION AND RECOMMENDATIONS
Page 89 and 90: Proposed Projects Apart from projec
Page 91 and 92: APPENDIX 79
Page 93 and 94: RADAR SUMMARY DATE : September 26,
Page 107 and 108: APPENDIX 3 Depression in New Market
Page 109: Blocked drain 97
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Tropical Storm Nicole - Planning Institute of Jamaica

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