Growth was flat for the fourth quarter — STATIN

Growth was flat for the fourth quarter — STATIN

Services grew, but mining plummeted

Friday, April 03, 2020

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Total value added for the Jamaican economy was $197,013 million for the fourth quarter of 2019. This remained relatively unchanged when compared to $197,086 million for the similar quarter of 2018. The services industries grew by 1.2 per cent, while the goods producing industries declined by 3.7 per cent.

All industries within the services industries grew: electricity & water supply (2.8 per cent), wholesale & retail trade; repairs; installation of machinery & equipment (0.7 per cent), hotels & restaurants (3.7 per cent), transport, storage & communication (0.5 per cent), finance & insurance services (3.3 per cent), real estate, renting & business activities (0.7 per cent), producers of government services (0.2 per cent) and other services (1.4 per cent).

Within the goods producing industries, the mining & quarrying and construction industries declined by 40.4 per cent and 1.9 per cent, respectively. Higher levels of output were however achieved in agriculture, forestry & fishing (3.9 per cent) and manufacturing (0.4 per cent).

The decline in the mining & quarrying industry was due to lower production of alumina and bauxite resulting from the closure of the Jiquan Iron and Steel Company Limited (JISCO)/Alpart refinery.

The decrease in output for the construction industry was mainly due to a reduction in the civil engineering subgroup.

The performance of the agriculture, forestry & fishing industry was impacted by favourable weather conditions. The growth in manufacturing was due to an increase in the food, beverages & tobacco sub-industry of 1.8 per cent, largely due to increased production of grain mill products, dairy products, bakery products, sugar & molasses, and beverages.

However, the other manufacturing sub-industry declined by 1.2 per cent influenced mainly by lower production levels of petroleum products and non-metallic minerals.

Preliminary estimates for the calendar year 2019 showed a 0.9 per cent growth in the Jamaican economy. This was due to a 1.4 per cent growth in the services industries. The goods producing industries declined by 0.6 per cent.

The GDP Fourth Quarter 2019 provides additional information and is available on the Statistical Institute of Jamaica's website: www.statinja.gov.jm or at the institute's library: 7 Cecelio Avenue, Kingston. Visit the institute's Facebook page at Facebook.com/STATINJA for the forth quarter 2019 GDP infographic.


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