Jamaica’s economy grew by 2.1 per cent in this year’s 3rd quarter
Jamaica’s economy grew by 2.1 per cent in the third quarter of this year when compared to the same quarter in 2022.
According to the Statistical Institute of Jamaica, STATIN, this was as a result of 2.1 percentage growth in both the services and goods producing industries.
STATIN said improved performances were recorded for all services industries, with the exception of producers of government services which declined by 0.9 per cent.
STATIN says growth was recorded for Transport, Storage and Communication at 6 per cent , Hotels and Restaurants 6.7 per cent, Finance and Insurance Services at 1.5 per cent, Electricity and Water Supply at 6.7 per cent, Real Estate, Renting and Business Activities at 0.9 per cent, wholesale & Retail Trade; Repairs: Installation of Machinery & Equipment at 0.3 per cent and other services at 4.5 per cent.
Growth in the Goods Producing Industries was influenced by higher output levels in Mining and Quarrying at 103.1 per cent, Manufacturing at 2.1 per cent and Construction at 0.7 per cent.
However, the Agriculture, Forestry and Fishing Industry continued to be impacted by dry conditions resulting in a 9.3 per cent decline in its value added.
Total value added at constant prices grew by 1.2 per cent when compared to the second quarter of 2023.
This was also impacted by the performance of both the services industries which grew by 0.7 per cent and goods producing industries, which grew by 2.6 per cent.