STATIN: Jamaica records 1.4 per cent growth for first quarter of year
Published:Monday | July 15, 2024 | 5:45 PM
The Statistical Institute of Jamaica (STATIN) is reporting that the domestic economy grew by 1.4 per cent during the January to March 2024 quarter, relative to the corresponding period last year.
According to STATIN's quarterly Gross Domestic Product (GDP) Report, released today, the out-turn for the review period was spurred by 1.9 per cent growth in the Goods Producing Industry and a 1.3 percentage point expansion in the Services Industry.
The document indicates that growth in the Goods Producing Industry was primarily driven by increased output recorded for Mining and Quarrying, up 18.7 per cent, and Agriculture, Forestry and Fishing, up 7.4 per cent.
However, the other two subsectors comprising that group declined, with Construction contracting by 3.7 per cent, and Manufacturing by 0.8 per cent.
Meanwhile, the Services Industry's out-turn was influenced by positive performances in six of the group's subsectors.
Hotels and restaurants led the way with 6.9 per cent, followed by electricity and water supply, up 6.5 per cent; transport, storage and communication, up 3.5 per cent; other services, up 2.6 per cent; finance and insurance services, up 2.2 per cent; and real estate, renting and business activities, up 0.3 per cent.
However, the Wholesale & Retail Trade, Repairs, Installation of Machinery and Equipment; and the Producers of Government Services subsectors fell by 2.2 per cent and 0.5 per cent, respectively.
A comparison of the economy's performance between the first quarter of 2024 and the fourth quarter of 2023 (October to December) showed a 0.3 percentage point increase in total value added.
This, STATIN indicated, resulted from growth of 0.1 per cent in the Services Industry and 0.8 per cent for the Goods Producing Industry.
Consequently, the Institute added, Jamaica recorded 2023/24 fiscal year growth of 1.9 per cent, compared to 2022/23.
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