Date: July 11, 2018
Gross Domestic Product (GDP) – First Quarter 2018
The latest data from the Statistical Institute of Jamaica indicates, “The Jamaican economy grew by 1.4% in the first quarter of 2018 when compared to the similar quarter of 2017”. This was due mainly to the improved performances in both the Services industries (0.9 %) and the Goods Producing industries (2.8%).
All eight Services industries recorded growth: Electricity & Water (1.0 %); Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (0.5 %); Hotels & Restaurants (1.9 %); Transport, Storage & Communication (1.4 %); Finance & Insurance Services (1.2 % ); Real Estate, Renting & Business Activities (0.8 %); the Producers of Government Services (0.1 %) and Other Services (1.3 %), whilst the increase in the Goods Producing Industries was largely due to a 0.6% increase in Agriculture, Forestry & Fishing, 25.9% increase in Mining & Quarrying, 0.8% in Manufacturing and a 1.1% increase in Construction.STATIN reports, “Growth in the Mining & Quarrying industry was due mainly to the resumption of production at the Jiuquan Iron and Steel Company (JISCO) Alpart refinery in the last quarter of 2017 and increased demand from overseas markets for crude bauxite.”
The increased performance within Manufacturing industry was influenced by the 4.0% upward movement in ‘Other Manufacturing’. According to STATIN, “This was due largely to higher output levels in petroleum refining, non-metallic mineral products and chemicals & chemical products.”
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