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Manufacturing Needs A Saviour

Data from the Planning Institute of Jamaica, spanning 1982 to 2010, shows that real growth of gross domestic product (GDP) averaged less than two per cent per year.

The Jamaican economy became more service-oriented with robust expansion in financial services and transportation.

Contribution of the manufacturing sector fell precipitously from over 17 per cent to just eight per cent of total GDP.

High rates of interest, onerous taxation, high electricity cost, low capacity utilisation, low value-added, high labour costs, excessive waste, uncompetitive technology and weak export activities are often cited among reasons for the decline.

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