Business

THE ECONOMY GROWS

Jamaica's economy value added increases by 1.7% in January quarter

Sunday, June 30, 2019

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Total value added at constant prices for the Jamaican economy increased by 1.7 per cent in the first quarter of 2019 when compared to the similar quarter of 2018.

The Statistical Institute of Jamaica (STATIN) in releasing the figures for the first quarter of the year revealed that the increase of 1/7 per cent was due to growth in both the services industries and the goods producing Industries of 1.8 per cent and 1.7 per cent, respectively.

All industries within the goods producing industries recorded higher levels of output with the exception of the manufacturing industry which decreased by 1.4 per cent.

According to the STATIN quarterly report, increased outputs were recorded for agriculture, forestry and fishing (0.3%), mining and quarrying (11.1%) and construction (3.4 %).

The STATIN report showed that the growth in the agriculture, forestry and fishing industry was largely due to higher output levels recorded in the other agriculture crops sub-industry, which includes animal farming, forestry and fishing of 2.1 per cent.

The performance of the mining and quarrying industry was due to increased production of alumina which grew by 12.7 %. Lower output in the manufacturing industry was due largely to a decline in the other manufacturing sub-industry of 3.4 per cent. The food, beverages and tobacco sub-industry, however, grew by 0.1 per cent.

STATIN stated that the improvement in the construction industry was due mainly to higher levels of activities recorded in building construction, civil engineering and building installation.

Growth was achieved in all eight of the services industries: electricity and water supply (1.9 %) wholesale and retail trade; repairs; installation of machinery and equipment (1.3 %); hotels and restaurants (7.3 %), transport, storage and communication (1.2 %), finance and insurance services (2.5 %), real estate, renting and business activities (1.0 %), Producers of government services (0.2%) and other services (1.8 %).

Relative to the fourth quarter of 2018, the economy declined by 0.4 %. This decrease was due to lower output levels in the goods producing industries (0.9 %) and the services industries (0.2 %).

STATIN closed its quarterly statement by reporting that the economy grew by 1.9 per cent in the fiscal year 2018/2019 when compared to fiscal year 2017/2018.


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