Price increases slowed in July

August 22, 2016 by

Price fallWith more than half of the calendar year gone, overall price movements in Jamaica remained slightly negative at minus 0.1 percent, but inflation for the last twelve months amounts to 2.1 percent, while inflation since April is up 1.2 percent.
The rise in the Inflation Rate since April 2016, emanated mainly from 0.5 percent rise in prices in July 2016, according to the latest figures released by the Statistical Institute of Jamaica and a 0.9 percent movement in June.
July’s prices were mainly impacted by Electricity, Gas and Other Fuels rising 4.6 percent and Water Supply and Miscellaneous Services Related to the dwelling climbing 2.8 percent.

Increased fuel prices added to inflation.

Increased fuel prices added to inflation.


Food and Non-Alcoholic Beverages increased by a mere 0.3 percent due mainly to increased prices for vegetables and starchy foods. Price movements elsewhere for July were mild.
The decline in the price of oil on the world market in recent weeks should have a moderating effect on prices overall in August and September. Regardless, if inflation were to remain at the 0.5 percent per month as occurred in July the country is likely to enjoy one of the lowest year of inflation for some time and Jamaica seems set to report an inflation rate that is below 2 percent for 2016.

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Prices up during May in Jamaica

June 19, 2016 by

Rising PricesPrices mostly rose in May resulting in Jamaica experiencing an inflation rate of 0.2 percent for the month over April this year with the calendar year to date figure still showing no signs of higher prices overall, with negative inflation of 1.4 percent, data from the Statistical Institute of Jamaica (STATIN) reveal.
According to STATIN, the main contributors to overall upward movement in May, were Food and Non-Alcoholic Beverages up by 0.1 percent, Housing, Water, Electricity, Gas and Other Fuels up by 0.6 percent and the Transport division advancing by 0.8 percent. The point-to-point movement, that is, inflation for the past year, is 2.1 percent.
“Mainly impacting the index for the division Food and Non-Alcoholic Beverages are increases of 0.1 percent and 0.3 percent in the index for the groups, Food and Non-Alcoholic Beverages respectively.

Petrol added to inflation in May

Petrol added to inflation in May

Within the division Housing, Water, Electricity, Gas and Other Fuels, the advance in the index for the group Electricity, Gas and Other Fuels of 1.6 percent was moderated by the fall of 1.4 percent in the index for the group Water Supply and Miscellaneous Services Related to Dwelling”, the Statin report stated. The increase in the Transport division was mainly as a result of higher petrol prices.
Other areas of price increase are, Alcoholic Beverages and Tobacco 0.1 percent, Clothing and Footwear 0.3 percent, Furnishings, Household Equipment and Routine Household Maintenance 0.3 percent, Health, 0.1 percent, Recreation and Culture 0.1 percent and Miscellaneous Goods and Services 0.2 percent. There were no increases for Education, Communication, Restaurants and Accommodation Services.

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Deflation continues to April

May 16, 2016 by

Price fallJamaica is currently passing through a period of deflation according to data released by the Statistical Institute of Jamaica. According to the state entity responsible for gathering economic data, the consumer price index declined for the 4th consecutive month to April compared with the prior months, with the rare falling 0.40 percent in April compared to March 2016.
For the year to date there has been negative inflation of 1.7 percent.
The data was released today by the Statistical Institute of Jamaica (STATIN). According to STATIN “impacting the movement were the divisions Food and Non-Alcoholic Beverages recording a negative 0.5 percent and Housing, Water, Electricity, Gas and Other Fuels declining by 2.2 percent”. The fall recorded for the division Food and Non-BananasAlcoholic Beverages was due primarily fall in the prices of the group of Vegetables and Starchy Foods, falling by 2.6 percent. Housing, Water, Electricity, Gas and Other Fuels decrease, was due to lower electricity and water rates. Increased prices were seen Transport, due mainly to higher prices for petrol, Clothing and Footwear, Furnishings, Household Equipment and Routine Household Maintenance, Health, Recreation and Culture, Restaurants and Accommodation Services and Miscellaneous Goods and Services.

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Services employed more Jamaicans

May 2, 2016 by

Antigua market interior

Jamaica’s unemployment rate declined in December last year, compared with the same period in 2014, as 31,400 persons more persons obtained employment than in 2014, according to data recently released by the Statistical Institute of Jamaica (STATIN).
Persons gaining employment went mostly in the Occupational group ‘Service Workers, Shops and Market Sales Workers’ with an increase of 15.9 percent or 34,700 persons, from 218,300 in December 2014 to 253,000 in December 2015, STATIN stated in their latest report on employment in Jamaica. The group ‘Elementary Occupations’ increased by 20.6 percent from 137,100 persons in December 2014 to 165,300 persons at the end of 2015.

Construction sector employed more in late 2015.

Construction sector employed more in late 2015.

The grouping ‘Clerks’ experienced a decline of 29.4 percent or 32,400 persons for the period, moving from 110,400 to 78,000.
The largest increase in the number of employed persons by Industry occurred in the groups ‘Wholesale & Retail, Repair of Motor Vehicle & Equipment’ and ‘Construction’ with an increase of 14,200 persons or 6 percent, while the group ‘Construction’ increased by 9,800 persons (12.9 percent).
Employment in the industry group ‘Agriculture, Hunting, Forestry & Fishing’ declined for the period moving from 199,600 in December 2014 to 194,000. Manufacturing suffered a decline of 5,200 persons (6.6 percent).

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1% growth in 2015 for Jamaica

January 1, 2016 by

Manufacturing grew sharply

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.
FuelAgriculture, 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.

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Jamaica’s Unemployed down slightly in June

November 7, 2015 by

theGoodNewsJamaica’s unemployment rate for June 2015 saw an improvement over the similar period of 2014. According to the Statistical Institute of Jamaica (STATIN), 13.1 percent of the labour force were out of work when their Labour Force Survey was carried out, a reduction from the 13.8 percent level in the 2014 period.
Over the period, “the unemployment rate for males declined from 9.9 percent to 9.3 percent and for females from a very high 18.4 percent to 17.7 percent”, STATIN stated.
The number of unemployed persons decreased by 6,300 or 3.5 percent, moving from 179,300 persons in June 2014 to 173,000 in June this year. A total of 1,147,500 persons were employed at the time of the survey, 23,200 more than the 1,124,300 in June 2014. The Labour Force increased by 16,800 or 1.3 percent over the 1,303,700 recorded in June 2014, to 1,320,500 in 2015.In June 2015, the number of persons who were classified as being Outside the Labour Force fell by 12,700 or1.6 percent to 765,400 from 778,100 in June 2014.
Employment_jobsThe Occupation group, Clerks, saw 9,400 more persons or 9.1 percent being employment, raising the numbers employed from 103,000 in June 2014 to 112,400 at the middle of this year. Increases in employment were also observed in Craft and Related Trades Workers with an increase of 3.4 percent from 136,200 persons in June 2014 to 140,900. Employment in the group, Real Estate, Renting & Business Activities increased by 14,400 persons or 22.4 percent while the group Hotels and Restaurants Services increased by 8.8 percent or 7,300 persons.

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Inflation moderates in September

October 18, 2015 by

Price fallPrices in Jamaica rose 0.4 percent on average in September compared to August 2015, the Statistical Institute of Jamaica (STATIN), reported. Inflation in August recorded an increase of 0.8 percent. According to the Statin report. The All Jamaica ‘All Divisions’ Consumer Price Index increased, with the index moving from 229 to 230.
The calendar year-to-date movement was 2.6 percent, while for the last 12 months, year over year inflation stood at 1.8 percent.
Increases in cost in the Education category, amounted to 5.3 percent due to the increase in tuition fees, the second highest movement was for the division Food and Non-Alcoholic Beverages which moved up by 1.1 percent. Two divisions recorded declines which moderated the overall movement in inflation with Housing Water, Electricity, Gas and other fuels fell by 1.2 percent and the Transport division is down by 1 percent.
The other divisions that recorded increases are: Alcoholic Beverages and Tobacco 0.1 percent, Clothing and Footwear 0.6 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance 0.1 percent, Health 0.2 percent, Recreation and Culture 0.5 percent and Miscellaneous Goods and Services 0.2 percent while the divisions of Restaurants and Accommodation Services and Communication each recorded negligible movements.

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Jamaica economy crawls slowly

August 26, 2015 by

BOJ 3Real GDP is assessed to have expanded within the range of 0.5 percent to 1.5 percent for the June 2015 quarter by Bank of Jamaica, Governor of the bank, Bryan Wynter, said today.
The bank said the estimated outturn for the review quarter, “mainly reflects continued expansion in Mining & Quarrying, Hotels & Restaurants, Transport, Storage & Communication, Construction and Wholesale & Retail Trade”. There were estimated declines in Agriculture, Forestry & Fishing reflecting the impact of the intensification of dry conditions which started in the March 2015 quarter.
Given the anticipated impact of drought conditions, for FY2015/16 real GDP is forecasted to expand within the range of 1.0 per cent to 2.0 per cent. This projection is contingent on recovery in the mining and manufacturing sectors, assuming there is no recurrence of the production disruptions which occurred in the previous fiscal year. In addition, the economy is projected to continue to benefit from improvements in the business environment, consumer and business confidence as well as continued gains in external competitiveness.

New units being built at Montego Freeport in Montego Bay this year.

New units being built at Montego Freeport in Montego Bay this year.

The Jamaican economy squeezed out a small increase of 0.4 percent in the March quarter over the similar quarter of 2014, according to the Statistical Institute of Jamaica (STATIN), the official body tasked with the responsibility of collating such data. STATIN said then “growth was due mainly to a 0.6 percent increase in the Services industries” with all industries within the Services industries recording increased levels of output with the exception of Electricity & Water Supply and Producers of Government Services which fell by 2.8 percent and 0.1 percent respectively.

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Jamaican economy grew 0.4% in 2014

April 1, 2015 by

Building under construction in Montego Bay contributed to economic growth in 2014

Building under construction in Montego Bay contributed to economic growth in 2014

The Jamaican economy eked out growth of 0.4 percent in 2014 compared to the previous year, according to preliminary data released by the Statistical Institute of Jamaica (Statin). Growth of 1.75 percent took place in the first half of the year with negative growth in the latter half.
For the year Statin said that there was a 0.6 percent increase in the output of the Services industries while the Goods Producing industries declined by 0.1 percent. Growth last year was the second year of increased output for the economy with very moderate growth for 2013 around 0.2 percent. The figures will undergo at least two sets of revision before they are final as such the figures could be increased or reduced based on new data that may become available.
The Jamaican economy, grew by 1.6 percent in the first quarter of 2014, over the similar period in 2013. In the second quarter, growth accelerated to 1.9 percent, but a combination of drought conditions and negative impact of Chick v illness as well as closure of the oil refinery severely affected growth in the second half of the year, but more so in the third quarter. The economy declined by 1.4 percent in the third quarter of 2014 compared to the similar quarter of 2013 and growth in “the final quarter of the year resulted in 0.4 percent negative growth compared with the same period in 2013,” Statin said.
For the final quarter of 2014 the reduction in output was due mainly to a 3.9 per cent decline in the Goods Producing industries. The Services industries however, recorded an increase of 0.8 per cent, Statin stated.

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5 months of deflation for Jamaica

March 16, 2015 by

Price fallJamaica is enjoying a respite in upward price movements since October last year with the price of oil on the world market having collapsed from US$100 per barrel to hover around US$50. The country had a 0.1 percent inflation in October, but declined in each of the following months, with the latest data showing February 2015 with a 0.7 percent decline in the All Jamaica ‘All Divisions’ Consumer Price Index. This followed the fall of 0.5 percent in January. Year-to-date inflation to February 2015, is -1.1 percent and since November last year the decline is 2 percent.
The Statistical Institute of Jamaica (Statin) indicated that the “main contributor to the decline, was a 3.6 percent decrease in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels’ resulting from lower rates for electricity and water. The reduction was tempered by an upward movement in the wages for carpenters, masons, plumbers, painters and electricians during the month. Also contributing to the decline was a 0.6 percent fall in ‘Food and Non-Alcoholic Beverages’, the heaviest weighted division. All other divisions recorded movements of below 0.5 percent.”
Increase were experienced by certain categories with ‘Alcoholic Beverages and Tobacco’ increasing by 0.3 percent, ‘Clothing and Footwear’ 0.2 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.3 percent ‘Health’ 0.4 percent, ‘Transport’ 0.1 percent, ‘Recreation and Culture’ 0.3 percent and ‘Miscellaneous Goods and Services’ 0.2 percent. ‘Communication’, ‘Education’ and ‘Restaurants and Accommodation Services’ recorded negligible movement for the period under review, Statin stated.

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