Jamaica's current account deficit on the rise

The Bank of  Jamaica has announced that the country's current account deficit increased by US$76 million in the April to June period.  

    
The Central Bank reported that the country spent US$296 million more on foreign goods and services than was spent on Jamaican goods and services in the three months. The increase was due to more being spent on imported raw materials and consumer goods.  

Higher sums spent on insurance payments and construction services with foreign based entities also contributed to the higher leakage of foreign exchange in the period.

At the same time, less money came in from overseas mainly due to lower earnings from alumina and sugar exports. That was partially offset by earnings from the tourism sector.