The Statistical Institute of Jamaica (STATIN) is reporting that the economy contracted by 3.5 per cent in the July-September quarter, reflecting declines in both the goods-producing (7.2 per cent) and services (2.2 per cent) industries.

STATIN said the passage of Hurricane Beryl in July last year adversely impacted the performance of the economy.

Said STATIN: “The agriculture, forestry & fishing and the mining & quarrying industries were particularly affected. Heavy rains and wind damaged mature crops, hindered harvesting, delayed planting, and caused significant damage to one of the major alumina-producing plants”.

The institute also said significant damage to the Jamaica Public Service Company infrastructure caused delays in power restoration across several parishes, resulting in reduced electricity and water consumption. This adversely affected the performance of both the electricity and water supply and other services industries.

STATIN highlighted that third quarter GDP declined in all the goods-producing industries with agriculture, forestry and fishing down 12.5 per cent, mining & quarrying down 17.4 per cent, manufacturing, four per cent, and construction 3.3 per cent. In the services industry, all sectors declined except finance & insurance services which grew by 0.8 per cent, and transport, storage & communication, which increased by 2.5 per cent.

Real value added for the wholesale & retail trade; repairs; installation of machinery & equipment fell by three per cent), hotels & restaurants down 6.2 per cent, real estate, renting, & business activities 3.2 per cent, producers of government services 0.5 per cent and other services 6.5 per cent.