Jamaica’s gdp growth

Jamaican economy grew 5.2% in 2022

April 2, 2023 by IC Insider.com

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.

Filed Under: Economy Tagged With: GDP, GDP growth for Jamaica in 2022, Jamaica's gdp growth, Jamalco

GDP growth underestimated by Jamaica government

August 9, 2021 by IC Insider.com

The economy’s recovery was highly underestimated by GOJ, with taxes on imports rising 22 percent faster than original estimates; nowhere was the forecast understated than in the tourism sector that has thrown up revenues over 100 percent in the first three months of the current fiscal year.

Faster tourism recovery in 2021 than expected

Up to June data on revenues collected shows that the sector is bouncing back by more than twice what was estimated with Travel Tax the best indicator as to visitor arrivals jumping 137 percent above estimate and accommodation Tax rising 90 percent above forecast to $367 million from a forecast of $194 million. The absolute numbers may not be meaningful in the overall fiscal income, but the percentage change tells a significant recovery story.
Travel Tax was projected to bring in $1.22 billion, actual collection ballooned to $2.9 billion in the three months to June this year, up 137 percent over forecast and is 175 percent higher than the inflows for the three months to June Last year, when just over $1.14 billion was collected with $1.6 collected in April. Elsewhere GCT on imported items surged 27 percent, resulting in $4.9 billion being collected above the forecast of $18.2 billion.
Total tax revenues are up 22 percent ahead of the $107 billion collected to June last year, with GCT on local goods and services up 16 percent and contractors levy up 38 percent, which is in line with increased cement sales for the quarter over that of 2020.
The implications of the sharp increase in the above revenue segment are that the economy is growing faster than the government agencies forecasted for the current fiscal year and, in particular, the extent of the recovery in the tourism sector.

Filed Under: Breaking News, Economy Tagged With: GCT, Jamaica's gdp growth, Tourism earnings, Travel tax

1.4% GDP growth for Jamaica in 2016

April 4, 2017 by IC Insider.com

The Jamaican economy grew 1.4 percent for 2016, preliminary estimates by the Statistical Institute of Jamaica, (STATIN) the government body charged with gathering and reporting on economic data shows.
The Jamaican economy grew by 1 percent in 2015, recent data from STATIN shows. Since 2004, the closest economic growth came close to the 2016 pace, is in 2007 with 1.45 percent and 2011 with 1.7 percent.
Growth was 1.1 percent for the fourth quarter of 2016 compared to the corresponding period in 2015, representing eighth consecutive quarters of economic growth. “Increased output levels of 0.5 percent in the Services and 3.1 percent in the Goods Producing Industries contributed to the overall growth,” STATIN stated.
Growth was achieved in seven of the eight Services Industries: Electricity & Water (2.0 percent); Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (0.2 percent); Hotels & Restaurants (2.5 percent); Transport, Storage & Communication (0.5 percent); Finance & Insurance Services (1.0 percent); Real Estate, Renting & Business Activities (0.3 percent) and Other Services (0.7 percent).
Agriculture, Forestry & Fishing, increased by a strong 17.1 percent and Construction by just 0.6 percent. STATIN said “the Agriculture, Forestry & Fishing industry was positively impacted by favourable weather conditions which resulted in higher crop yields, while the Construction industry benefitted from hotel expansion and renovation as well as the construction of office spaces to facilitate the expansion of Business Process Outsourcing activities.
Decreased output was recorded in Manufacturing by 0.2 percent and Mining & Quarrying by 11.9 percent. Manufacturing decline was influenced by a 5.3 percent fall in Other Manufacturing, due largely to lower output levels in petroleum refining. The effect of the decline was tempered by a 4.9 percent rise in Food, Beverages & Tobacco sub – industry. Mining & Quarrying industry continued to be negatively affected by reduced demand for bauxite from the overseas refineries.”

Filed Under: Economy, Feature Stories Tagged With: Jamaica's gdp growth, Statin, Statistical Institute of Jamaica

1% growth in 2015 for Jamaica

January 1, 2016 by IC Insider.com

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Manufacturing grew sharply

The Jamaican economy should record growth of about 1 percent for 2015 based on an increase of 1.5 percent in the September quarter last year over the similar quarter in 2014. The performance albeit small, would be an improvement over 2014 when the Jamaican economy eked out growth of 0.4 percent compared to the previous year.
In the first half of 2014, the Jamaican economy enjoyed growth 1.75 percent with negative growth in the latter half. Growth in 2015 will be the third year of increased output for the economy with very moderate growth for 2013 around 0.2 percent. Importantly, the latest data may be indicating that growth may be picking up pace and could be above 1.5 percent from now onwards, from very low levels, for the past three years.
Preliminary data from the Statistical Institute of Jamaica (STATIN) shows the 2015 performance in the latest quarter contrasting with an increase of just 0.6 percent in the second quarter, over the similar quarter of 2014 in real terms. Statin had earlier in the year reported that the Jamaican economy grew by 0.4 percent in the first quarter compared to the similar quarter of 2014.
The 2015 September’s quarter performance “was due to 3.9 percent increase in the
Goods Producing industries and 0.7 percent in the Services industries. All industries within the Goods Producing industries recorded increased output except Mining & Quarrying which declined by 0.9 percent,” Statin stated.

Agriculture, Forestry & Fishing grew by 4.2 percent, Manufacturing grew by 7.9 percent resulting from higher output levels in the Food, Beverages & Tobacco by 3.3 percent and Other Manufacturing 14.8 percent, due to an 82 percent increase in petroleum refining. This reflected a return to normal productive activity at the petroleum refinery during this quarter, as the plant was closed for operational maintenance in August and September 2014.
Construction increased by 0.7 percent, due mainly Statin said “to increased output from non-residential projects, which includes the continued expansion in hotels as activities in civil engineering works declined for the period”. Output from the Mining & quarrying industry was constrained by mechanical problems at one of the plants as well as the quality of bauxite mined, the report stated.
Improved performance in the Services industries resulted from increased output in all industries except the producers of Government services which declined by 0.1 percent. Increased value added was recorded for: Electricity & Water Supply up by 3.1 percent, Hotels & Restaurants 1.3 percent, Transport, Storage & Communication 1.5 percent, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 0.5 percent, Finance & Insurance Services 0.6 percent, Real Estate, Renting & Business Activities and Other Services 0.5 percent.
The Hotels & Restaurants industry continues to benefit from higher tourist arrivals from two of the main markets; the United States of America (USA) and Europe.

Filed Under: Economy Tagged With: Jamaica's gdp growth, Statin, Statistical Institute of Jamaica

Growth of possible 1% in Q1

May 20, 2015 by IC Insider.com

Real growth in the Jamaican economy (GDP) is estimated to have increased in the March 2015 quarter between 0.0 to 1.0 percent, following two consecutive quarters of contraction, Bank of Jamaica’s governor, Brian Wynter disclosed at the bank’s quarterly press briefing today.
The estimated outturn for the quarter mainly reflected increases in tourism activity, domestic agriculture and Transport, Storage & Communication.
For Fiscal year 2015/16, real GDP is forecasted to expand between 1.0 to 2.0 percent. Agriculture, Forestry & Fishing, Hotels & Restaurants and Transport,

Agriculture is projected to contribute to growth in the quarter

Agriculture is expected to contribute in Jamaica’s growth in the second quarter

Storage & Communication are expected to be the main drivers for growth, the governor said. Wynter further stated that “it is expected that growth in the economy will be strengthened as local and international investors seize the opportunities afforded by the general improvement in confidence, low and stable inflation as well as increased external competitiveness in the context an expanding global economy. The strengthening in growth should also be supported by the continued timely implementation of critical structural reforms over the course of the Programme”.

Filed Under: Breaking News, Economy Tagged With: BOJ, Brian Wynter, Jamaica's gdp growth

Jamaica’s Economy grows 1.8% in Q2

October 1, 2014 by IC Insider.com

Agriculture was the star performer in Jamaica’s growth in the second quarter

The Jamaican economy grew by 1.8 percent in the second quarter of 2014, compared to the similar quarter of 2013, the Statistical Institute of Jamaica (Statin) reported. The second quarter growth rate, is slightly better than the 1.6 percent growth in this year’s first quarter.
The Statin report goes on to state, this performance reflects an improvement of 6.3 percent in the Goods Producing industries and a 0.5 percent increase in the Services industries.In the June quarter, Agriculture, Forestry & Fishing grew 16.6 percent, Manufacture 4.1 percent and Construction 1.2 percent. Mining & Quarrying industry declined by 0.4 percent.
Manufacture benefited from a 111.9 percent increase in the production of sugar and a 26.1 percent growth in petroleum refining. Higher output levels in Construction resulted mainly from an increase in expenditure on road work activities, including the continued work on the North-South leg of Highway 2000. Lower production levels in the Mining &Quarrying industry was due to a fall in alumina production, resulting from the stoppage of activities at one of the alumina refining plant. However, crude bauxite production increased by 13.3 percent.
Increased output was recorded for all industries within the Services industries with the exception of the Producers of Government Services, down 0.2 percent and Electricity & Water Supply, down 1.6 percent. Higher output levels were recorded for; Hotels & Restaurants 2.3 percent, Other Services 1.1 percent, Transport, Storage & Communication 1 percent, Real Estate, Renting & Business Activities 0.6 percent. The sharp jump in sugar production in the second which is not in line with increased production with the overall 2014 sugar crop, meant that growth in the first quarter would have been negatively affected by a late take off of the cane crop in 2014 which benefited the second quarter.