Jamaica’s GDP

Jamaica’s growth crawls along at 1.8% PA

December 28, 2018 by IC Insider.com

Construction secrtor contributed to increased growth in Q3.

Economic growth in the Jamaican grew 1.8 percent in the third quarter of 2018 over the similar quarter of 2017. The performance result in gains in the Goods Producing and the Services Industries.
The goods producing sector grew by a strong 5.1 percent but the services sector was up just 0.7 percent over the similar period in 2017, the report from the Statistical Institute of Jamaica (Statin) stated in their release on the performance on the local economy for the third quarter of the year.
According to Statin, all industries within the Services Industries recorded higher levels of output with the exception of Electricity & Water Supply which declined by 0.1 percent and the Producers of Government Services which remained unchanged for the period. Increases were recorded for: Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (0.8 percent ), Hotels & Restaurants (2.1 percent ), Transport, Storage & Communication (1.4 percent ), Finance & Insurance Services (0.7 percent ), Real Estate, Renting & Business Activities (0.5 percent ) and Other Services (1.2 percent ).

Mining was the biggest contributer to GDP gains in Q3.

Hotels & other short-stay accommodation benefited from a 3.8 percent increase in foreign national arrivals, the report stated. The Goods Producing Industries grew due to increased output in Mining & Quarrying, up 51 percent due mainly to the reopening of Alpart refinery and Construction up by 3.7 percent due to increased activities in the civil engineering sub-group. The major contributor to this growth was work associated with the continued expansion of road infrastructure. However, Manufacturing declined by 0.3 percent due mainly to lower production levels, in petroleum refining and non-metallic minerals. Agriculture, Forestry & Fishing remained unchanged. The growth for the third quarter brings real growth for the year to September to 1.8 percent over 2017. Gross domestic product for the calendar year, grew 0.9 percent in 2015, 1.4 percent in 2016 and 1 percent in 2017.

Filed Under: Breaking News, Economy, Feature Stories Tagged With: GDP growth for Jamaica in 2018, Jamaica's GDP, Statin

Jamaican economy grew 2.2% in Q2

September 29, 2018 by IC Insider.com

The Jamaican economy grew by 2.2 percent during the period April to June 2018, when compared to the similar quarter of 2017. This increase was attributed to improved performances in both the Goods Producing industries by 7.2 percent and the Services industries by 0.6 percent.
The growth in the second quarter brings to 1.8 percent growth for the calendar year to date with growth of 1.4 percent in the first quarter.
According to Statistical Institute of Jamaica, “the positive performance of the Goods Producing Industries was due to Agriculture, Forestry and Fishing that grew by 12.5 percent, Mining and Quarrying increasing by 31.6 percent, Construction by 2.9 percent and Manufacturing by 0.2 percent. The Agriculture, Forestry and Fishing industry’s performance was attributed to favourable weather conditions and assistance to farmers by the Ministry of Agriculture.

The mining sector boost GDP growth in 2018.

Growth in the Mining and Quarrying industry was due mainly to the resumption of production at the Alpart refinery and demand for crude bauxite from overseas refineries. Increased output of 2.5 percent from the Food, Beverages and Tobacco sub-industry was the main contributor to the growth in the manufacturing industry, due mainly to increases in meat and meat products, processing of fruits and vegetables, bakery products, beverages, sugar and molasses.
The Construction industry’s performance reflected increased activities in the building construction, civil engineering and building installation groups. All industries within the Services industries recorded higher levels of output with the exception of Producers of Government Services which remained relatively unchanged. Electricity and Water Supply grew 1 percent, Wholesale and Retail Trade; Repairs; Installation of Machinery and Equipment by 0.6 percent, Hotels and Restaurants by 0.4 percent, Transport, Storage and Communication by 1.6 percent, Finance and Insurance Services by 1.1 percent, Real Estate, Renting and Business Activities by 0.6 percent and Other Services by 0.3 percent. The economy grew by 1.6 per cent in the second quarter of 2018 when compared to the previous quarter. This was the result of a 2.7 per cent increase in the Goods Producing Industries and a 1.2 per cent increase in the Services Industries.
The results are preliminary and will be revised in the future when more information is obtained.

Filed Under: Economy Tagged With: Alpart, Emerging market, Jamaica's GDP

IMF predicts 1.7% growth for Jamaica

June 25, 2016 by IC Insider.com

Growth is projected to increase over the medium term, the International Monetary Funds (IMF) is projecting for Jamaica.
According to the Fund in their review of Jamaica performance under the IMF agreement “Growth for Financial year 2016/17 is revised down to 1.7 percent, largely reflecting the slower-than-expected increase in investment. Agricultural recovery is expected to contribute to a third of the real growth for the fiscal year, in addition to a recovery in manufacturing and sustained growth in BPO, tourism, and trade. Over the medium term, growth is projected to gradually rise to around 2¾ percent, as large transportation and energy infrastructure projects come to fruition and planned structural reforms raise private investor confidence and investment.”