April 1, 2025
The Statistical Institute of Jamaica (STATIN) reported a 0.8% decline in Jamaica’s total value added in the fourth quarter of 2024 compared to the same quarter of 2023. The performance of the economy was primarily attributed a 4.3% fall in the goods producing industries, while the Services Industries grew by 0.4%.
The economy experienced its second quarterly decline in 2024, largely due to Tropical Storm Rafael in November and Hurricane Beryl in July. These weather events severely impacted the Agriculture, Forestry & Fishing industry. Additionally, the Electricity & Water Supply industry saw a 1.4% decrease, influenced by damages to the Jamaica Public Service Company Ltd. infrastructure and subsequent electricity outages. The Hotels & Restaurants industry also declined by 0.3%, partly due to reduced visitor arrivals from the USA.
Goods Producing Industries
Real value added declined in all the Goods Producing Industries: Agriculture, Forestry, & Fishing (10.6%), Mining & Quarrying (2.3%), Manufacturing (0.5%), and Construction (2.7%).
Services Industries
The Services Industries experienced growth mainly due to increases in the following industries: Producers of Government Services (0.8%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (0.2%), Transport, Storage & Communication (1.8%), Other Services (0.2%), Finance & Insurance Services (0.5%). However, declines were noted in Electricity & Water Supply (1.4%), Real Estate, Renting & Business Activities (0.3%), Hotels & Restaurants (0.3%), Other Services (0.2%) and Finance & Insurance Services (0.5%).
The seasonally adjusted value added for the economy showed a 1.4% growth in the fourth quarter of 2024 compared to the third quarter. However, preliminary estimates for the entire year of 2024 indicated a 0.7% decline in total value added at constant prices compared to 2023.
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