Jamaica's business confidence hits record high

Jamaica's business confidence reached a record high in the first quarter of 2016, and consumer confidence remained strong for the second consecutive quarter, according to survey results released on Tuesday.

Don Anderson, managing director of the Market Research Service Ltd. which conducted the survey, said the results of the latest survey were "straight forward and positive."

Jamaica's business confidence index reached 144.6 points in the first quarter, the highest in the fifteen years of the survey's history, while consumer confidence index hit 147.9 points, up from 124.4 for the fourth quarter of last year.

"This means the economy is in a good place and both businesses and consumers are confident about what is taking place and they expect the economy to continue to grow in the short to medium term," Anderson said.

The market analyst attributed the booming business confidence to factors such as a bullish stock market, benefits from low oil prices, and the pro-business environment in the country.

Anderson said an "election euphoria" also helped market confidence.

"We've shown over the period of the surveys that there are significant peaks which tend to build up towards an election," he said.

However, the analyst also warned that such an effect "tends to taper off within three to six months after an election."

Jamaica held a general election in February. The Jamaica Labor Party led by Andrew Holness won the election with a mandate to improve the business environment by cutting tax and creating meaningful jobs. Endi