July 17, 2024
The Statistical Institute of Jamaica (STATIN) reported a 1.4% increase in Jamaica’s total value added at constant prices in the first quarter of 2024 compared to the same quarter of 2023. This resulted from growth in both the Services and Goods Producing Industries. The Services Industries grew by 1.3%, while the Goods Producing Industries grew by 1.9%.
Services Industries
The growth in the Services Industries was driven by better performance in several sectors: Hotels & Restaurants (6.9%), Transport, Storage & Communication (3.5%), Finance & Insurance Services (2.2%), Other Services (2.6%), Electricity & Water Supply (6.5%), and Real Estate, Renting & Business Activities (0.3%). However, the Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment sector and the Producers of Government Services sector declined by 2.2% and 0.5%, respectively.
Goods Producing Industries
The expansion of the Goods Producing Industries was mainly propelled by higher output in Agriculture, Forestry & Fishing (7.4%) and Mining & Quarrying (18.7%). Nonetheless, there were decreases in the Manufacturing (0.8%) and Construction (3.7%) sectors.
Comparing the economy’s performance between the first quarter of 2024 and the fourth quarter of 2023 reveals a 0.3% increase in total value added at constant prices. This was driven by growth in both the Services (0.1%) and Goods Producing Industries (0.8%).
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