Real value added at constant prices for the Jamaican economy declined by 0.8 per cent from October to December last year when compared to the corresponding period of 2023.

This resulted from a 4.3 per cent decline in the goods-producing industries.

In a statement yesterday, the Statistical Institute of Jamaica (STATIN) said real value added declined in all the goods-producing industries.

It said agriculture, forestry & fishing saw a decline of 10.6 per cent, mining & quarrying 2.3 per cent and manufacturing 0.5 per cent.

Additionally, the construction industry saw a decline of 2.7 per cent.

On the other hand, STATIN said the services industries grew by 0.4 per cent.

It said this growth was primarily attributed to increases in the industries, producers of government services, wholesale & retail trade, repairs, installation of machinery & equipment, and transport, storage & communication.

However, STATIN said some service industries saw declines.

These include electricity & water supply, real estate, renting & business activities, and hotels & restaurants.

STATIN said that compared to the third quarter of 2024, the seasonally adjusted value added indicated that the economy grew by 1.4 per cent.

It said preliminary estimates for the calendar year 2024 indicated that total value added at constant prices fell by 0.7 per cent compared to 2023.

STATIN stated that the contraction in the economy represented the second quarterly decline for 2024.

It said this reflected the impact of Tropical Storm Rafael in November 2024 and the lingering effects of
Hurricane Beryl from July 2024, which were most evident in the agriculture, forestry & fishing industries.

The economy’s performance was also impacted by the declines in the electricity & water supply and hotels & restaurants industries.

The institute said electricity consumption decreased due to significant damage to the Jamaica Public Service company infrastructure in quarter 3, and this impact spilt over in quarter 4.

STATIN said this was influenced by the fall in residential and commercial consumption due to electricity outages resulting from the passage of Hurricane Beryl.

As for the decline in the hotels & restaurants industry STATIN attributed this to the reduction in foreign national visitor arrivals from the United States.