1.4% GDP growth for Jamaica in 2016

The Jamaican economy grew 1.4 percent for 2016, preliminary estimates by the Statistical Institute of Jamaica, (STATIN) the government body charged with gathering and reporting on economic data shows.
The Jamaican economy grew by 1 percent in 2015, recent data from STATIN shows. Since 2004, the closest economic growth came close to the 2016 pace, is in 2007 with 1.45 percent and 2011 with 1.7 percent.
Growth was 1.1 percent for the fourth quarter of 2016 compared to the corresponding period in 2015, representing eighth consecutive quarters of economic growth. “Increased output levels of 0.5 percent in the Services and 3.1 percent in the Goods Producing Industries contributed to the overall growth,” STATIN stated.
Growth was achieved in seven of the eight Services Industries: Electricity & Water (2.0 percent); Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (0.2 percent); Hotels & Restaurants (2.5 percent); Transport, Storage & Communication (0.5 percent); Finance & Insurance Services (1.0 percent); Real Estate, Renting & Business Activities (0.3 percent) and Other Services (0.7 percent).
Agriculture, Forestry & Fishing, increased by a strong 17.1 percent and Construction by just 0.6 percent. STATIN said “the Agriculture, Forestry & Fishing industry was positively impacted by favourable weather conditions which resulted in higher crop yields, while the Construction industry benefitted from hotel expansion and renovation as well as the construction of office spaces to facilitate the expansion of Business Process Outsourcing activities.
Decreased output was recorded in Manufacturing by 0.2 percent and Mining & Quarrying by 11.9 percent. Manufacturing decline was influenced by a 5.3 percent fall in Other Manufacturing, due largely to lower output levels in petroleum refining. The effect of the decline was tempered by a 4.9 percent rise in Food, Beverages & Tobacco sub – industry. Mining & Quarrying industry continued to be negatively affected by reduced demand for bauxite from the overseas refineries.”