Economy fared better in March than previous estimates
THE Jamaican economy fared better in the March 2010 quarter than initially estimated, according to the Statistical Institute of Jamaica (Statin).
The official statistics released yesterday by the state-run agency revealed that real GDP declined by one per cent in the review period, when compared to the corresponding three months in 2009, 0.4 percentage points lower than estimates made by the Planning Institute of Jamaica (PIOJ).
The better result reflected lower decline in the goods producing sector.
The PIOJ had estimated that the goods producing sector declined by 5.7 per cent while services remained flat, while Statin’s estimate placed the decline in output levels at four per cent.
Both agencies held that output levels of services industries remained flat on a whole.
“There were some positive performances in the services industries as transport, storage and communication and hotels and restaurants recorded growth of 1.5 per cent and 7.1 per cent”, said Statin’s release.
PIOJ had transport, storage and communication remaining flat on the comparative period in 2009 and hotels and restaurants experiencing six per cent growth in the review period.
The March 2010 quarter represents the tenth consecutive quarter of economic decline in Jamaica.
“This performance reflected in part the lagged effects of the global economic crisis on the (domestic) economy and is a continuation of the trend evident since the fourth quarter of 2007,” Statin added.
