Business

GDP declines 0.2 per cent

Shamille Scott

Wednesday, October 03, 2012    

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THE total value of goods and services produced in the economy declined in the quarter, says the Statistical Institute of Jamaica (STATIN).

Gross domestic product (GDP) declined by 0.2 per cent from April to June this year compared to the same quarter in 2011.

This performance reflected declines in the goods-producing and services industries, which fell by 0.1 per cent and 0.2 per cent respectively.

With the exception of agriculture, forestry and fishing, which grew by 9.5 per cent, all the goods- producing industries recorded lower levels of output.

Mining and quarrying declined by 10.2 per cent, manufacture fell by 1.9 per cent and construction declined by 3.4 per cent, STATIN said.

In the services sector, transport, storage and communication went down 4.1 per cent. Real estate, renting and business activities declined 0.2 per cent, as did producers of government services.

Finance and insurance services remained relatively unchanged, said STATIN.

But, the hotels and restaurants, wholesale and retail trade and electricity and water supplies were among the sectors that improved.

When compared to the first quarter, the value added to the economy improved by 0.4 per cent, STATIN added.

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