January 2, 2024
The Statistical Institute of Jamaica (STATIN) reported a 2.1% increase in Jamaica’s total value added at constant prices in the third quarter of 2023 compared to the same quarter of 2022. The Services and Goods Producing Industries each grew 2.1%. Total value added, seasonally unadjusted, was $195.86 billion.
Services Industries
The performance of the Services Industries showed overall growth, except for the Producers of Government Services which declined by 0.9%. Growth was recorded in various sectors, including Transport, Storage & Communication (6.0%), Hotels & Restaurants (6.7%), Other Services (4.5%), Finance & Insurance Services (1.5%), Electricity & Water Supply (6.7%), Real Estate, Renting & Business Activities (0.9%), and Wholesale & Retail Trade; Repairs: Installation of Machinery & Equipment (0.3%).
Goods Producing Industries
The growth in Goods Producing Industries was driven by increased output in Mining & Quarrying (103.1%), Manufacturing (2.1%), and Construction (0.7%). However, the Agriculture, Forestry & Fishing industry experienced a 9.3% decline in value added due to adverse effects of dry conditions.
In comparison to the second quarter of 2023, the total value added at constant prices increased by 1.2%. This growth was influenced by the performance of both Services and Goods Producing Industries. The Services Industries experienced 0.7% growth, while the Goods Producing Industries showed a higher growth rate of 2.6%.
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