Jamaica’s economic activity contracted by 3.5 per cent in the third quarter (July-September) of 2024 compared to the same period in 2023 due to the passage of Hurricane Beryl on July 3, 2024.

According to the Statistical Institute of Jamaica (STATIN), output from both the services sector and goods-producing industries declined by 2.2 per cent and 7.2 per cent, respectively. In the goods-producing segment, the Agriculture, Forestry & Fishing sector and the Mining & Quarrying sector were particularly affected.

“Hurricane Beryl in July 2024 adversely impacted the performance of the economy….The passage of heavy rains and wind damaged mature crops, hindered harvesting, delayed planting, and caused significant damage to one of the major alumina-producing plants,” STATIN outlined.

Additionally, the tropical storm also caused significant damage to the Jamaica Public Service Company LTD (JPS) infrastructure, resulting in delays in power restoration across several parishes and reduced electricity and water consumption.

“This adversely affected the performance of both the Electricity and Water Supply and Other Services industries,” the agency continued.

Real value added declined across all the goods-producing industries: Agriculture, Forestry, & Fishing (12.5 per cent), Mining & Quarrying (17.4 per cent), Manufacturing (4.0 per cent), and Construction (3.3 per cent).

In the services sector, all industries declined except Finance & Insurance Services, which grew by 0.8 per cent, and Transport, Storage & Communication, which increased by 2.5 per cent.

Real value added for the Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment fell by 3.0 per cent, Hotels & Restaurants by 6.2 per cent, Real Estate, Renting, & Business Activities by 3.2 per cent, Producers of Government Services by 0.5 per cent, and Other Services (6.5 per cent).

Compared to the previous quarter (April – June 2024), Jamaica’s economy shrunk by 1.8 per cent, reflecting declines in both the goods-producing (4.5%) and services (0.8%) sectors.