The EPOC met on July 8, 2022 to review the Fiscal and Monetary Quantitative Performance indicators under the Governmentof Jamaica’s Economic Reform Programme.
The following were key highlights noted by EPOC:
- The BOJ’s Monetary Policy Committee has signaled that the 500 basis points increase in the policy rate to 5.50%, brings it closer to that which it considers appropriate. The next policy announcement is scheduled for August 18, 2022, subject to incoming data
- For FY2021/22 and April-May 2022, Revenue and Grants and the fiscal and primary balance targets outperformed budget targets
- Net International Reserves of US$3.8B as at June 2022 remain robust
- Real GDP growth of 8.2% was recorded for FY2021/22 and 6.4% for the January to March 2022 quarter