Jamaican economy fell 1.4% in Q3

The Jamaican economy declined by 1.4 percent in the third quarter of 2014 compared to the similar quarter of 2013, the Statistical Institute of Jamaica is reporting (Statin). For the year to September the economy contracted by 0.8 percent.
Statin sated that the performance for the September quarter was negatively impacted by a 7.8 percent fall in the Goods Producing industries but the Service industries improved by 0.7 percent. When compared to the second quarter of 2014, output in the economy fell by 1.8 percent.
All industries within the Goods Producing industries, with the exception of Construction experienced lower levels of output. Reduced output was recorded in: Agriculture, Forestry & Fishing 22.8 percent, Manufacturing 5.6 percent and Mining & Quarrying 2 percent. The Construction industry grew by 1.6 percent.
“The weak performance in the Agriculture, Forestry & Fishing industry resulted from drought conditions experienced throughout the island. The decline in Manufacturing was mainly attributed to a 51.6 percent decline in petroleum refining. There was no production of petroleum products for two months of the review quarter as the refinery was closed for operational maintenance in August and September. Lower production in the Mining & Quarrying industry was due largely to a 3.2 percent fall in alumina production. However, crude bauxite production increased by 2.2 percent resulting from improved efficiency at the bauxite plant,” Statin said.
Increased output was recorded for all industries within the Services industries with the exception of Government Services, down 0.2 percent and Electricity & Water Supply, down 1.1 percent. Higher output levels were recorded for; Hotels & Restaurants 4.1 percent, Other Services 1.6 percent. Transport, Storage & Communication 1.1 percent, Real Estate, Renting & Business Activities 0.4 percent, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 0.3 percent and Finance & Insurance Services 0.2 percent.