The Business Report – July 2, 2025
Kingston, Jamaica – Denise Williams presented the top headlines in the July 2, 2025 edition of the Business Report, highlighting key developments within the Jamaican economy. The report focused on the robust tourism sector, fluctuations in the foreign exchange market, and activity in the equities market.
Tourism Sector Navigates Challenges and Opportunities
A central theme of the report revolved around the tourism industry, a critical pillar of Jamaica’s economy. Christopher Jared, the newly appointed president of the Jamaica Hotel and Tourist Association (JHTA), announced that the association would be intensifying its efforts to address taxation concerns with the Jamaican government. The JHTA aims to advocate for policies that support the industry’s sustained growth and competitiveness.
Despite the challenges, Jared expressed optimism about the sector’s outlook. He emphasized the significant role tourism plays in the national economy, currently accounting for one-third of Jamaica’s gross domestic product (GDP). This substantial contribution underscores the industry’s importance and its potential for further expansion. The growth trajectory is anticipated to continue, fueled by the addition of new hotel rooms and increased tourist arrivals.
Last year, the tourism sector demonstrated its strength by generating net foreign exchange earnings of US$1.76 billion. This figure represents a vital injection of capital into the Jamaican economy, supporting various sectors and contributing to overall economic stability. The robust earnings highlight the tourism industry’s resilience and its capacity to recover from external shocks and global economic downturns.
Investment and Financial Landscape
Further bolstering the financial sector’s strength is the involvement of NCB Insurance Agency and Fund Managers Limited (NCBIA). NCBIA has been selected as one of the investment managers for the Tourism Workers Pension Scheme (TWWPs). Under a three-year contract that commenced on June 30, 2025, NCBIA will manage a portion of the fund, handling approximately $3.7 billion. This strategic partnership aims to enhance the financial security of tourism workers and underscores the importance of long-term financial planning.
Equity Market Activity
Activity in the equities market provided insight into investor sentiment and the performance of key companies. The most actively traded stocks during the period included RA Williams Distributors Limited, Trans Jamaica Highway Limited, and Stationery and Office Supplies Limited. The specific trading volumes and price movements of these stocks were not detailed in the report, however, their prominence indicates significant investor interest and market activity.
Foreign Exchange Market Overview
The foreign exchange market also exhibited considerable movement. On July 1, 2025, the Bank of Jamaica reported earnings for forex traders. The US dollar experienced notable fluctuations, with traders earning $124 per dollar, resulting from selling the US dollar at $160.10 and buying at $158.60. The Canadian dollar also provided trading opportunities, with traders netting $4.91 per transaction. The British pound yielded a more substantial profit, with forex traders realizing a $29 profit per transaction. These figures indicate the dynamic nature of the forex market and the potential for both gains and losses for participants. The market’s volatility reflects the influence of global economic factors, investor sentiment, and currency exchange rates, and the impact of these factors on the local economy.