Jamaican economy grows by 0.2% in April – June 2024
/ Our Today
administrator
Increased output from the goods-producing industry propped up Jamaica’s economic growth with gross domestic product for the April – June 2024 quarter up by 0.2 per cent relative to the same period in 2023.
According to data from the Statistical Institute of Jamaica, the goods-producing industries increased output by 1.5 per cent overall during the period under review as value added for the agriculture, forestry and fishing; mining and quarrying; and manufacturing industries grew by 3.4 per cent, 4.0 per cent and 1.8 per cent respectively. However, output in the construction industry contracted by 1.9 per cent.
The economy’s performance was further tempered by a 0.2 per cent decline in the services Industries, the first since quarter one of 2021. This dip in output from the services industries was due to contractions in wholesale & retail trade; repairs; installation of machinery and equipment, the producers of government services; and real estate, renting and business activities industries.
There was, however, growth in hotels and restaurants (1.0 per cent); finance and insurance services (2.4 per cent); transport, storage and communication (0.7 per cent); electricity and water supply (2.3 per cent); and other services (0.1 per cent).
When compared to the January to March 2024 quarter, GDP declined by 0.7 per cent in April to June 2024. This was due to a 0.8 per cent dip in the services industries and 0.3 per cent reduction in the goods-producing industries.
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