Jamaica ekes out 0.6% growth in Q2

Jamaica’s economy increased by 0.6 percent in the second quarter this year, over the similar quarter of 2014 in real terms an represents an improvement over the performance in the first quarter over that of 2014.
This growth in the June quarter was attributed to improved performance in both the Goods Producing industries and Services industries of 0.8 percent and 0.5 percent respectively, the Statistical Institute of Jamaica (STATIN) said in its report on the economy release at the end of September.
“During the first quarter this year, the Jamaican economy grew by 0.4 percent when compared to the similar quarter of 2014. This growth was due mainly to a 0.6 percent increase in the Services industries” Statin said when they released the first quarter numbers in July. The reports are preliminary as Statin will revise them when more data becomes available.
According to Statin “all industries within the Goods Producing industries recorded higher levels of output: Agriculture, Forestry and Fishing (0.3 percent), Mining and Quarrying (4.1 percent) Manufacturing (0.2 percent) and Construction (0.9 percent). The performance of the Agriculture, Forestry and Fishing industry was constrained by drought conditions which continued to affect the island. The Mining and Quarrying industry benefited from higher production levels at the alumina plants. Increased output from the Manufacturing industry was due largely to higher production levels from the Food, Beverages and Tobacco group. Growth in the Construction industry was due mainly to increased activities in civil engineering”.
“The Services industries recorded higher levels of output with the exception of the Producers of Government Services industry which declined by 0.2 percent. Increased output was recorded for: Electricity & Water Supply (0.7 percent), Hotels and Restaurants (1.4 percent), Transport, Storage and Communication (1.4 percent), Wholesale and Retail Trade; Repairs; Installation of Machinery and Equipment (0.3 percent), Finance and Insurance Services (0.4 percent), Real Estate, Renting and Business Activities (0.5 percent) and Other Services (0.5 percent).The Hotels & Restaurants industry was positively impacted by higher tourist arrivals from two of the main markets; the United States of America (USA) and Europe. Growth in Electricity & Water Supply was tempered by drought conditions which affected water production during the review period. Compared with the first quarter of 2015, the economy grew by 1.5 percent. This was largely attributed to an increase in the Goods Producing industries (2.8 percent) and the Services industries (1.1 percent)” the report stated.