October 3, 2024
The Statistical Institute of Jamaica (STATIN) reported a 0.2% increase in Jamaica’s total value added at constant prices in the second quarter of 2024 compared to the same quarter of 2023. The performance of the economy was primarily driven by a 1.5% increase in the Goods Producing Industries, however, slightly tempered by a 0.2% decline in the Services Industries.
Services Industries
The decline in the Services Industries was driven by contractions in several sectors: Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (-0.5%), Producers of Government Services (-1.9%), and Real Estate, Renting & Business Activities (-1.5%). However, there was growth in Hotels & Restaurants (1.0%), Finance & Insurance Services (2.4%), Transport, Storage & Communication (0.7%), Electricity & Water Supply (2.3%), and Other Services (0.1%).
Goods Producing Industries
The expansion of the Goods Producing Industries was mainly propelled by higher output in Agriculture, Forestry & Fishing (3.4%), Mining & Quarrying (4.0%) and Manufacturing (1.8%). However, Output fell in the Construction sector (1.9%).
In the second quarter of 2024, the economy contracted by 0.7% compared to the first quarter of 2024. This downturn was driven by declines in both the Services Industries (0.8%) and the Goods Producing Industries (0.3%).
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
