Jamaican economy was able to eke out 0.2 per cent growth in 2013 compared to the previous year, preliminary estimate from the Statistical Institute of Jamaica (STATIN) shows. The moderate growth rate, which could be revised later, emanated from growth of 1.8 per cent in the fourth quarter of 2013 compared to the similar quarter of 2012. The fourth quarter growth rate is the strongest for some time but it represents recovery from a period in 2012 when economic activity was negatively affected by Hurricane Sandy.
The economy recorded a growth of 0.5 per cent in the third quarter of 2013 compared 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 not enjoyed much growth from 1999 has is shown by the table below.
Growth in the 2013 final quarter resulted from increased output levels in both the Goods Producing industries and Services industries, Statin said.
Statin stated that “the performance in the Goods Producing industries reflects increased activities in Agriculture, Forestry & Fishing (13.1 per cent), benefited from favourable weather conditions, Mining & Quarrying (12.1 per cent) resulting from increased capacity utilization at the bauxite and alumina plants and Construction (2.6 percent) due to an increase in residential housing projects and continued expansion in hotels. Manufacture industry declined by 0.8 per cent”.
All industries within the Services industries recorded increased levels of output with the exception of the Producers of Government Services which declined by 0.2 per cent and the Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment, which remained relatively unchanged for the period. Higher output levels were recorded for: Hotels & Restaurants (5.5 per cent), Transport, Storage & Communication and Other Services (1.1 per cent), Electricity & Water Supply (1.0 per cent), Finance & Insurance Services (0.4 per cent), Real Estate, Renting & Business Activities (0.3 per cent).
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