Economy Contacted By Nearly 2% In 4th Quarter of 2024

The Jamaican economy has contracted by an estimated 1.8 percent for the final quarter of 2024.

That’s according to data presented by the Planning Institute of Jamaica, PIOJ, at a media briefing on Wednesday.

However, PIOJ, Director General, Dr. Wayne Henry anticipates the country will recover in the new year.

Chevon Campbell tells us more.

According to Dr. Wayne Henry, the country continued to suffer from the lingering effects of adverse weather as 2024 came to an end.

Both the Goods Producing and Services Industries declined in the fourth quarter by 4-point-7 percent and zero-point-seven, respectively.

On the goods producing side, Agriculture suffered severely.

It fell by 12 percent.

This was followed by Mining and Quarrying which declined by 3-point-2 percent.

Construction and Manufacturing also fell by 2.1 percent and 0.7 percent, respectively.

The Services Industries had mixed results.

Tourism as measured by Hotels and Restaurants, declined by 2.1 percent.

Five of the eight sectors recorded declines between one and 3.5 percent.

Of the remaining three, two improved marginally by one percent and one remained flat.

This, the PIOJ Director General says, translated to an overall calendar year contraction for 2024 of 0.9 percent.

But, despite the downturn, Dr. Henry is projecting the economy to recover in the short and medium term as the country begins a new year.