Jamaican economy grew 5.2% in 2022

The Jamaican economy grew 5.2 percent in 2022, preliminary data released by the Statistical Institute of Jamaica (Statin) states, with GDP marginally surpassing the previous highest fourth quarter performance in 2019. The latest results reflect an increase of 6.3 percent in Services and 2.1 percent in the Production of goods, the release states.
During the fourth quarter of last year, the total value added at constant prices for the Jamaican economy grew by 3.8 percent, compared to the fourth quarter of 2021 and resulted from growth in the Services and Goods Producing Industries of 3.6 percent and 4.7 percent, respectively.
According to Statin, all industries within the Services Industries grew, except the Producers of Government Services, which fell by 0.8 per cent. The main area for growth was increased activities in Hotels & Restaurants 21.6 percent, Other Services 10.4 percent, Transport, Storage & Communication 5.9 percent.

Tourism is Jamaica’s largest earner of foreign exchange.

The growth in Hotels & Restaurants was mainly influenced by a 36.5 percent increase in foreign national arrivals during the period. The increase in the Goods Producing Industries was primarily due to higher output levels in Agriculture, Forestry & Fishing 5.9 percent, Manufacturing 5.4 percent and Mining & Quarrying, 99 percent due to the resumption of operations at the JAMALCO plant, impacted the performance of the Mining & Quarrying industry. The Construction industry that has been buoyant in the past few years, declined 4.8 percent in the December quarter.

Barbados slow Q1 growth

Image courtesy of arztsamui/FreeDigitalPhotos.net

Image courtesy of arztsamui/FreeDigitalPhotos.net

Barbados economy grew by 0.6 percent in the March 2015 quarter over the similar 2014 period, the growth was unable to recover the 0.8 percent decline the country suffered in the March 2014 quarter, data from the country’s Central Bank show.
In 2014 the country enjoyed growth of a mere 0.02 percent, slightly better than the negative growth of 0.01 percent suffered in 2013. The country has been struggling since the global economic collapse in 2008 with a 4 percent contraction in the economy in 2009. Economic growth is yet to get the economy back close to that level in 2008 with moderate growth of 1.4 percent from 2010 to 2012 and just 1.5 percent to 2014.
Barbados growth is being stunted by rising government debt with large fiscal deficit despite adjustments make in reducing wage cost and subsidies to state entities.

Economy probably contracted 2.5% in Q2

Data out of Jamaica Public Service Company (JPS) suggest the economy probably contracted by as much as 2.5 percent in the June quarter compared to the same period last year. According to JPS in its June 2013 quarterly report, the amount of electricity sales net of energy costs fell by 16 percent compared with the same quarter last year. Over the same time the exchange rate for the Jamaican dollar fell by 13.6 percent. JPS reports their accounts in US dollars but bill in Jamaica dollars with the main energy cost tied directly to US dollars.

The consumption of electricity is not a fool proof determinant of Gross Domestic Product (GDP) performance but since electricity is used in generating most economic activity, it’s a good guide of what may be happening in the wider economy. Earlier this year, STATIN reported the GDP data that showed a decline of 1.3 percent in the first quarter.

JPS reported in its June quarter profit statement a decline in revenues of 8.5 percent and gross income fared even worse with a 16 percent fall, compared to the similar period in 2012. By contrast, the year-to-date revenues are down a little under 8 percent and gross profit off just 6 percent. The gross profit would be a better indicator than gross revenues as the latter removes the impact of price movement of fuel on the computation.

power-lines150x150pxJPS grossed US$267 million in the June quarter versus $291.5 million in June 2012 and US$536 million compared to $581.7 million in the six months to June 2012. Gross profit came out at US$62 million for the June quarter this year, while the gross profit in 2012 was US$73.8 for the June quarter and for the six months to June US$130 million and US$137.9 for the six months to June 2012.

Expenses | JPS was able to cut operating expenses by US$6.7 million in the quarter and just over US$8 million for the six month period compared to 2012. No doubt the change in the value of the Jamaican dollar versus the US dollar reduced much of the local input cost when converted to US dollars. But the cost of money went up US$2.3 million to nearly US$15 million for the June quarter and nearly US$9 million to reach US$32.6 million for the six months.

Profit | JPS ended up with profit of only US$1.1 million in the latest quarter and only US$315,000 for the six month period. In 2012, profit for the quarter was US$5.887 million and year to date US$7 million. The problem is that these returns are well off the rate of return that JPS is allowed to make under their licensing regime, which is about a 16 percent return on equity.

The poor profit performance has impacted the finances of the company. While equity is at US$445 million, debt is running closely behind at US$379 million. Cash collection is an issue with receivables equalling the full quarter’s revenues when it should not exceed 45 to 60 days. But cash, which was at US$26.5 million at the end of 2012, is now only US$4.3 million at the end of June — what would be called a fast evaporation of funds.

Related posts | Mining & Agriculture dent GDP badly | BOJ: Little or no growth to June | BOJ estimates GDP decline in Q1

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