Statistical Institute Of Jamaica Reporting Jamaican Economy Grew By 2.0% During Q4 2018
The Statistical Institute of Jamaica (STATIN) is reporting that the Jamaican economy grew by 2.0 per cent during the fourth quarter of 2018 when compared to the corresponding quarter of 2017.
This growth was attributed to increases in both the Services Industries and the Goods Producing Industries of 1.0 per cent and 4.9 per cent respectively.
Preliminary estimates for the calendar year 2018 indicated a growth of 1.9 per cent.
Growth was achieved in all the Goods Producing Industries: Agriculture, Forestry & Fishing (3.1%), Mining & Quarrying (25.0%), Manufacturing (2.0 %) and Construction (3.7%).
The Agriculture, Forestry & Fishing industry was impacted by favourable weather conditions which resulted in higher crop yields.
The reopening of Jiuquan Iron and Steel Company (JISCO) Alpart refinery was the main contributor to the growth in the Mining & Quarrying industry.
Higher output in the Manufacturing industry was due largely to increases in both sub-industries: Food, Beverages & Tobacco 2.0 per cent and Other Manufacturing 2.0 per cent.
The improvement in the Construction industry was due mainly to higher levels of activities recorded in building construction, civil engineering and building installation. Civil engineering activities were impacted by the continued expansion of road infrastructure.
The Services Industries showed improved performance with the exception of Electricity & Water Supply which declined by 0.3 per cent.
Increased value added was recorded for: Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (1.6 per cent); Hotels & Restaurants (2.8 per cent), Transport, Storage & Communication (1.9 per cent), Finance & Insurance Services (0.8 per cent), Real Estate, Renting & Business Activities (0.7 per cent), Producers of Government Services (0.1%) and Other Services (0.8 per cent).
Preliminary estimates for the calendar year 2018 showed a 1.9 per cent growth in the Jamaican economy, due to a 5.0 per cent growth in the Goods Producing Industries and a 0.8 per cent increase in the Services Industries.