Home Businessuite News24 STATIN Reporting Jamaican Economy Grew By 1.4% In Q1 Of 2018
STATIN Reporting Jamaican Economy Grew By 1.4% In Q1 Of 2018

STATIN Reporting Jamaican Economy Grew By 1.4% In Q1 Of 2018

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The Statistical Institute of Jamaica is reporting that the Jamaican economy grew by 1.4 percent in the first quarter of 2018 when compared to the similar quarter of 2017.

This the report said was the result of improved performance in both the Goods Producing and the Services Industries, which grew by 2.8 and 0.9 percent respectively.

Growth of 25.9 percent in the Mining and Quarrying industry was due to the resumption of production at Jiiuquan Iron and Steel Company Alpart refinery in the last quarter of 2017 and increased demand from overseas markets for crude bauxite.

The Manufacturing industry’s performance of 0.8 percent was influenced by a 4 percent increase in other manufacturing.

This was due largely to higher output levels in petroleum refining, non-metallic mineral products, chemical & chemical products.

The construction industry’s performance of 1.1 percent reflected increased activities in the building construction and civil engineering groups.

All eight measured services industries recorded growth, with the increase in visitor arrivals positively impacting both the hotels & restaurant 1.9 percent, and other services industries 1.3 percent.

Relative to the fourth quarter of 2017, the economy declined by 0.4 percent.

This decrease the report said was due mainly to lower output levels in the services industries. The goods producing industries however, grew by 0.3 percent.

The economy grew by 0.9 per cent in the fiscal year 2017/2018 compared to the fiscal year 2016/2017 the report concluded.

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