April 9, 2024
The Statistical Institute of Jamaica (STATIN) reported a 1.7% increase in Jamaica’s total value added at constant prices in the fourth quarter of 2023 compared to the same quarter of 2022. This resulted from growth in both the Services and Goods Producing Industries. The Services Industries grew by 2.0%, while the Goods Producing Industries grew by 0.8%.
Services Industries
With the exception of Government Services producers, which experienced a 0.4% decline, all industries within the Services Industries witnessed growth. Notable improvements were observed in Hotels & Restaurants (8.3%), Transport, Storage & Communication (2.1%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (1.0%), Other Services (1.1%), Finance & Insurance Services (3.6%), Real Estate, Renting & Business Activities (1.3%), and Electricity & Water Supply (5.2%).
Goods Producing Industries
Increased output in the Goods Producing Industries was attributed to growth in Agriculture, Forestry & Fishing (2.6%), Manufacturing (0.3%), and Mining & Quarrying (21.5%). Conversely, the Construction industry experienced a decline of 3.8% primarily due to decreased activity in building construction.
In the fourth quarter of 2023, there was a slight uptick of 0.1% in the total value added at constant prices compared to the preceding quarter. Preliminary figures for 2023 suggested that the Jamaican economy’s total value added at constant prices grew by 2.6%, driven by enhanced performances in both the Services and Goods Producing Industries, which expanded by 3.0% and 1.6%, respectively.
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