The EPOC met on February 24, 2023 to review the Fiscal and Monetary Quantitative Performance indicators under the Government of Jamaica’s Economic Reform Programme. The following were key highlights noted by EPOC:

  • Inflation rate continues to trend downwards, ending February 2023 at 7.8% relative to 8.1% at January 2023
  • Tax Revenues outperformed the Third Supplemental budget
  • Wages and Salaries to GDP continue to breach the 9% fiscal rule and is projected to close the year at 11.4%
  • EPOC recommends a review of the GOJ Wages to GDP 9% fiscal rule as it continues to be breached
  • Net International Reserve of US$3.9B as at February 2023 remain strong
  • Real GDP growth of 3.4% was estimated for the October-December 2022 quarter, an indication that Real GDP has returned to pre-COVID levels and projected to close the Fiscal year at 5.1%
  • GOJ projects 1.6% GDP growth rate for 2023/24
  • Debt to GDP is projected to close the fiscal year at below 80% as Primary and Fiscal balances exceed targets
  • Debt to GDP is projected to fall to 74.2% in 2023/24