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PAAC reviewing first supplementary estimates for 2024-25 fiscal year

 
Parliament's Public Administration and Appropriations Committee (PAAC) is reviewing the First Supplementary Estimates of Expenditure for the 2024-2025 fiscal year.
 
The estimates were tabled in the House of Representatives on Tuesday by Finance Minister Dr. Nigel Clarke.
 
During his presentation, Dr. Clarke revealed that Jamaican economy is expected to contract by 0.2 per cent for the current fiscal year, owing in part to low tourism growth arising from a travel advisory from the United States in the first quarter of the 2024 calendar year as well as the impact of Hurricane Beryl in July.
 
Jamaica's economy was initially projected to expand by 1.8 per cent for the 2024-2025 financial year.
 
The Finance Minister said the economy had real gross domestic product growth of 1.2 per cent during the first quarter of this calendar year.
 
This, Dr. Clarke said, was followed by positive real growth of 0.2 per cent in the second quarter of the current calendar year, which was lower than projected.
 
But, he says the economy is expected to register a 2.1 per cent decline in the third quarter of the calendar year as a result of the economic dislocation caused by the hurricane.
 
The finance minister indicated that the impact of Beryl and the altered macroeconomic profile have led to an increase in total expenditure and payments by $40.7 billion, reflected in the First Supplementary Estimates.
 
The increased expenditure is due in part to wages and salaries, the SPARK road programme and interest payments.
 
Dr. Clarke highlighted that the additional total expenditure and payments would be financed primarily through estimated increased revenue and grant inflows of $40.2 billion, arising primarily from additional non-tax revenue flows of $33.2 billion and tax revenue flows of $5.8 billion.
 


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