Jamaica’s economy grew by 2.3 per cent in second quarter
Published:Wednesday | October 18, 2023 | 3:38 PM
Jamaica's economy grew by 2.3 per cent during the second quarter of the current calendar year, when compared to the corresponding period in 2022.
During the Statistical Institute of Jamaica's (STATIN) virtual quarterly press briefing on Wednesday, Director General, Carol Coy, indicated that the growth was reflected in the services and goods producing industries, which grew by 2.2 and 2.6 per cent, respectively.
She outlined that the value added of all service industries increased, except for 'Wholesale and Retail Trade', 'Repairs, Installation of Machinery and Equipment' and 'Producers of Government Services'.
The higher levels of economic activity recorded by the other service industries included: 'Transportation, Storage and Communication', which grew by 5.6 per cent; 'Hotels and Restaurants', up 7.8 per cent; 'Electricity and Water Supply', up 6.2 per cent; 'Other Services', up 2.2 per cent; 'Finance and Insurance Services', up 2.1 per cent; and 'Real Estate, Renting and Business Activities', up 1.8 per cent.
There was a 0.1 per cent decline in both 'Wholesale and Retail Trade' and 'Producers of Government Services'.
In terms of the goods producing industries, 'Mining and Quarrying' led the way with growth of 164.2 per cent.
Coy said this outturn “resulted from higher alumina output, as there was increased production at the JAMALCO plant which was closed in the similar period of 2022.'Manufacturing' also grew, up 3.2 per cent.
However, value added for 'Agriculture, Forestry and Fishing' and 'Construction' declined by 8.1 and 0.7 per cent, respectively.
“Compared to the first quarter of 2023, total value added at constant prices grew by 0.2 per cent. This resulted from a 0.8 per cent increase in the goods producing industries, while the services industries declined by 0.1 per cent,” Ms. Coy added.
The director general pointed out that the economy's performance demonstrates “continued recovery.”
- JIS News
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