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Preliminary estimate by the Statistical Institute of Jamaica (Statin) puts growth in the Jamaican economy at 0.5 percent for 2017, after it grew by 1.1 per cent in the fourth quarter compared to the similar 2016 quarter, data just released by Statin shows.
The result will be subject to revision when additional data is obtained. Growth in the final quarter, Statin stated “resulted from improved performances in both the Services Industries up by 1.1 percent and the Goods Producing Industries 1.2 percent.”
“All industries within the Services Industries recorded gains: Electricity & Water Supply, 0.4 percent, Hotels & Restaurants 5.8 percent, Transport, Storage & Communication 0.7 percent, Real Estate, Renting & Business Activities 0.8 percent, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 0.5 percent,
Growth in tourism was strong in 2017
Finance & Insurance Services 0.8 percent, Producers of Government Services 0.2 percent and Other Services 1.4 percent.”
The main contributors to growth in the Goods Producing Industries were Mining & Quarrying 14.7 percent, Manufacturing 0.3 percent and Construction 0.7 percent. The Mining & Quarrying industry benefitted from higher production levels at the alumina plants. The Manufacturing industry’s performance was attributed to increased output from both the Food, Beverages & Tobacco and Other Manufacturing sub-industries, due largely to the increase in beverages, bakery products and grain mill products.
However, Agriculture, Forestry & Fishing declined by 1.1 per cent. The performance of the Agriculture, Forestry & Fishing industry was impacted by heavy rainfall, the Statin report stated.
