The Statistical Institute of Jamaica (STATIN) is reporting that the Jamaican economy recorded a mild decline in the second quarter of this year, a big improvement over the decline suffered in the first quarter and down on the estimates put out by Bank of Jamaica and the Planning Institute of Jamaica earlier.
Total value added at constant prices for the Jamaican economy declined by 0.1 per cent in the second quarter of 2013 when compared to the similar quarter of 2012. This resulted from a 0.6 per cent decrease in output of the Goods Producing industries as the Services industries remained relatively unchanged. Total value added at constant prices for the Jamaican economy declined by 1.3 per cent in the first quarter of 2013 when compared to the similar quarter of 2012.
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Within the Goods Producing Industries, the 9.4 per cent increase in the output of Mining & Quarrying and 1.9 per cent increase in Construction output were not sufficient to offset the decline in Agriculture, Forestry & Fishery of 6.6 per cent and Manufacture of 0.1 per cent.
Within the Services industries, increased output was recorded for Hotels & Restaurants (0.6 per cent), Finance & Insurance Services (0.7 per cent) and Real Estate, Renting & Business Activities (0.2 per cent). Industries that experienced lower levels of output were: Electricity & Water Supply (-2.0 per cent); while Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment, Transport, Storage & Communication and Producers of Government Services all declined by 0.2 per cent. However, Other Services remained relatively unchanged during the period.
When compared with the first quarter of 2013 the economy improved by 1.5 per cent. Both the Goods Producing and Services industries recorded higher levels of output. The Goods Producing industries increased by 1.7 per cent while the Services industries increased by 1.5 per cent.
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[…] to the similar quarter of 2012. Earlier in the year, Statin reported that the Jamaican economy declined by 0.1 per cent in the second quarter and declined by 1.3 per cent in the first quarter of 2013. The country has […]