Jamaica’s Economy jumps 21% year on year

LBC
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The Jamaican economy is growing at a faster pace in 2019 than it did in the 2018 first quarter, data released by the Statistical Institute of Jamaica (STATIN) shows. 


In the first quarter of 2017, growth was just 0.3 percent and for 2016 helped by election spending, it was up 0.9 percent.

According to Statin the economy grew 21 percent faster than it did in the similar quarter of 2018, moving from a growth rate of just 1.4 percent to 1.7 percent in the 2019 March quarter. The stronger growth came about even as Statin reported that production in the Manufacturing sector declined.


The increase was positively impact by an 11.1 percent Mining and Quarrying and Hotels & Restaurants sector rising a strong 7.3 percent, the fastest pace since it grew 9 percent in the first quarter of 2008.


“This increase was due to growth in both the Services Industries and the Goods Producing Industries of 1.8 percent and 1.7 percent respectively,” Statin reported.

“All industries within the Goods Producing industries recorded higher levels of output with the exception of the Manufacturing industry which decreased by 1.4 percent,” Statin went on to say. “Increased outputs were recorded for Agriculture,

Mining and Quarrying jumps big

The mining sector boost GDP growth strongly in Q1 2019.Forestry & Fishing (0.3 percent), and Construction (3.4 percent). Growth in the Agriculture, Forestry and Fishing industry was largely due to higher output levels recorded in the Other Agricultural Crops sub-industry, which includes Animal Farming, Forestry and Fishing of 2.1 percent.


Growth was achieved in all eight (8) of the Services Industries: Electricity & Water Supply (1.9 percent) Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (1.3 percent),Transport, Storage & Communication (1.2 percent), Finance & Insurance Services (2.5 percent), Real Estate, Renting & Business Activities 1.0 percent), Producers of Government Services (0.2 percent) and Other Services (1.8 percent).

Staff Reporter

News@lbcnewsjm.com

Additional reporting by Icinsider.com


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