Macroeconomic Forecast Jamaica

Remittances rose in August to US$174mn, up from US$171mn in July, posting 11% y-o-y growth. This brings the year-to-date total remittances up to US$1.3bn, a significant improvement from 2010's US$1.2bn. We forecast growth in remittances to remain reasonably strong through the end of 2011 on the back of the approaching holiday season which usually sees strong remittances growth, as well as Q311 GDP growth of 2.5%q-o-q annualized from the US, which, while still low, is much stronger than previous quarters.

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