Jamaica’s growth rates excelerates under the JLP.

LBC
Read Time1 Minute, 36 Second

THE Statistical Institute of Jamaica (Statin) yesterday reported that the country grew 2.0 per cent for the third quarter of 2016, in comparison to the same period a year earlier.

Statin, which is the final arbiter on national output, says the increase was attributable to improved performances in both the country’s goods-producing industries, which saw growth of 6.4 per cent, and an increase of 0.6 per cent in the performance of services industries

The economic growth now brings to seven consecutive quarters of positive output for the country. It’s also an improvement of 0.9 per cent when compared with the second quarter of 2016.

According to Statin, all goods-producing industries, with the exception of the construction industry, recorded higher levels of output for the quarter under review.

Agriculture, forestry and fishing saw growth of 29.1 per cent, while mining and quarrying increased 2.0 per cent and manufacturing went up 0.1 per cent.

“Agriculture, forestry and fishing continued to benefit from the favourable weather conditions,” Statin said in a news release yesterday.

The increased output from the manufacturing industry was due largely to higher production levels from the food, beverages and tobacco sub-industry.

Statin added that growth in the mining and quarrying industry was mainly the result of increased production of alumina.

Jamaica’s construction industry, however, decreased by 0.7 per cent which Statin said was attributable to “a reduction in civil engineering activities and rehabilitation works, resulting from the completion of a major project, the North-South leg of Highway 2000 in March 2016”.

All services industries recorded higher levels of output, except producers of government services. The hotels and restaurants and other services industries continued to benefit from increased visitor arrivals. However, a decline in the number of cruise passengers visiting the island tempered the overall growth of the other services industry.

The top-performing services were electricity and water supply, up 2.5 per cent; hotels and restaurants, up 2.2 per cent; transport, storage and communication, up 0.5 per cent; and wholesale and retail trade.

0 0

About Post Author

LBC

LBC NEWS your one stop for everything News.
Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleppy
Sleppy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %

Leave a Reply

Next Post

New crime fighting measures for 2017 says PM Holness

Prime Minister Andrew Holness, in his New Year’s message, has announced that the Jamaican Government will be restructuring how the security forces operate in Western Jamaica to enable them to deal more effectively with crime. The operational area for the police in western parishes will be split into two and […]
%d bloggers like this: