KINGSTON, Jamaica — The Statistical Institute of Jamaica (STATIN), has revealed that the Jamaican economy grew by 1.4 per cent during the first quarter of 2024 when compared to the similar quarter in 2023.

STATIN, in a news release on Friday, said the growth was driven by an increase of 1.3 per cent in the services industries and 1.9 per cent in the goods producing industries. The institute said growth in the goods producing industries was primarily driven by increased output in agriculture, forestry & fishing (7.4 per cent) and mining & quarrying (18.7 per cent).

There were declines in manufacturing (0.8 per cent) and construction (3.7 per cent).

According to STATIN, the increase in the services industries was influenced by improved performance in hotels & restaurants (6.9 per cent), transport, storage & communication (3.5 per cent), finance & insurance services (2.2 per cent), other services (2.6 per cent), electricity & water supply (6.5 per cent) and real estate, renting & business activities (0.3 per cent).

However, wholesale & retail trade; repairs; installation of machinery & equipment and the producers of government services industries fell by 2.2 per cent and 0.5 per cent respectively.

When compared to the fourth quarter of 2023, the economy grew by 0.3 per cent. This was due to growth in the services and goods producing industries of 0.1 per cent and 0.8 per cent respectively. The economy grew by 1.9 per cent for the fiscal year 2023/2024 compared to the fiscal year 2022/2023.

Finance Minister Dr Nigel Clarke responded to the information, posting on social media that it represented good news for Jamaica.

Writing on social media platform X, Clarke highlighted that this represents 12 consecutive quarters of growth for the Jamaican economy.