Jamaica’s goods-producing and services sectors grew strongly in the first quarter of 2024, resulting in the local economy posting a creditably 1.4% rise.
The Goods Producing Industries grew by 1.9% while the services industries rose 1.3 per cent. The growth in the Goods Producing Industries was primarily driven by increased output in Agriculture, Forestry & Fishing (7.4%) and Mining & Quarrying (18.7%).
However, there were declines in Manufacturing (0.8%) and Construction (3.7%). The increase in the Services Industries was influenced by improved performance in Hotels & Restaurants (6.9%), Transport, Storage & Communication (3.5%), Finance & Insurance Services (2.2%), Other Services (2.6%), Electricity & Water Supply (6.5%) and Real Estate, Renting & Business Activities (0.3%).
Conversely, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment and the Producers of Government Services industries fell by 2.2 per cent and 0.5 per cent respectively. When compared to the fourth quarter of 2023, the economy grew by 0.3 per cent.
This was due to growth in the Services and Goods Producing Industries of 0.1 per cent and 0.8 per cent respectively. The economy grew by 1.9 per cent for the fiscal year 2023/2024 compared to the fiscal year 2022/2023.
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