Jamaica's economy grows by 2.2 percent

Jamaica’s economy grows by 2.2 percent

The Jamaican economy grew by 2.2 percent during the period April to June 2018, when compared to the similar quarter of 2017, the Statistical Institute of Jamaica (STATIN) reported today, September 28.

It said the increase was attributed to improved performances in both the Goods Producing industries (7.2 percent), and the Services industries (0.6 percent).

STATIN added that the positive performance of the Goods Producing Industries was due to increased output in:

– Agriculture, Forestry and Fishing (12.5 percent)

– Mining and Quarrying (31.6 percent)

– Construction (2.9 percent)

– and Manufacturing (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, STATIN said.

Growth in the Mining and Quarrying industry was due mainly to the resumption of production at the Jiuquan Iron and Steel Company (JISCO) Alpart refinery, and demand for crude bauxite from overseas refineries.

STATIN further stated that 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.

The growth in the Food, Beverages and Tobacco sub-industry, the agency reported, was due mainly to increases in meat and meat products, processing of fruits and vegetables, bakery products, beverages, and sugar and molasses.

STATIN reported that 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, STATIN said.

It, in the meantime, stated that increases in value added were recorded for:

– Electricity and Water Supply (1.0 percent)

– Wholesale and Retail Trade; Repairs; Installation of Machinery and Equipment (0.6 percent)

– Hotels and Restaurants (0.4 percent)

– Transport, Storage and Communication (1.6 percent)

– Finance and Insurance Services (1.1 percent)

– Real Estate, Renting and Business Activities (0.6 percent)

– and Other Services (0.3 percent).

STATIN, in the meantime, noted that the country’s economy grew by 1.6 per cent in the second quarter of 2018 (April to June) when compared to the previous quarter (January to March).

That was the result of a 2.7 percent increase in the Goods Producing Industries and a 1.2 percent increase in the Services Industries, the statistical agency further said.

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