Jamaica’s Economy Grew by 1.4% in 1st Quarter of 2024

The Statistical Institute of Jamaica, STATIN, says the Jamaican economy grew by 1.4 per cent in the first quarter of the fiscal year.

The information is contained in the Institute’s quarterly review of the country’s gross domestic product.

George Davis has more in this report.

STATIN says the goods producing industries grew by 1.9 per cent, while the services industries grew by 1.3 per cent.

STATIN says growth in the goods producing industries was mainly driven by increased output in agriculture, forestry and fisheries, which recorded growth of 7.4 per cent.

Mining and quarrying also boosted the performance of the goods producing industries, recording robust growth of 18.7 per cent.

Manufacturing grew by 0,8 per cent while construction grew by 3.7 per cent respectively.

The increase in the services industries was driven by improved performance in hotels and restaurants, which grew by 6.9 per cent, transport, storage and communication, which grew by 3.5 per cent, while finance and insurance services saw growth of 2.2 per cent.

Growth in the services industry was also driven by a 2.6 per cent increase in the category other services, 6.5 per cent growth in electricity and water supply and 0.3 per cent growth in real estate, renting and business activities.

Wholesale and retail, repairs, installation of machinery and equipment fell by 2.2 per cent, while the producers of government services industries fell by 0.5 per cent respectively. Construction grew by 3.7 per cent respectively.

The increase in the services industries was driven by improved performance in hotels and restaurants, which grew by 6.9 per cent, transport, storage and communication, which grew by 3.5 per cent, while finance and insurance services saw growth of 2.2 per cent.

Meanwhile, STATIN says overall the economy recorded 0.3 per cent growth in the first quarter of 2024 when compared to the fourth quarter of 2023.

It says the Jamaican economy grew by 1.9 per cent for the 2023-24 fiscal year, when compared to 2022-23 fiscal year.