EPOC Chairman Keith Duncan
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Keith Duncan
Jamaica achieved a current account surplus for the first time in several years.
Keith Duncan, Chairman of the Economic Programme Oversight Committee (EPOC), says for the 2022/2023 fiscal year, the surplus was valued at US$352.4 million.
"This surplus marks a milestone achievement, representing the first time in decades that Jamaica has not reported a current account deficit. This has been driven by the robust recovery in tourism and travel, increased exports and continued strong inflows from remittances," Mr. Duncan reported.
The performance continued into the current fiscal year which started in April.
For the first quarter, Jamaica's current account surplus was US$241 million.
Mr. Duncan said this is a positive sign for the country, but EPOC remains cautiously optimistic as the Bank of Jamaica may project a slight deficit for this financial year.
Still, he believes the country can maintain its current account surplus if it continues to see strong performance in tourism and travel, as well as in remittances and increased exports.
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