KINGSTON, Jamaica, CMC – The Statistical Institute of Jamaica (STATIN) has reported that the Jamaican economy grew by 0.2% during the second quarter of this year, compared to the second quarter of 2023.
This was largely attributed to a 1.5% increase in the goods-producing industries.
The performance of the economy was, however, tempered by a 0.2% decline in the services industries, the first since the first quarter of 2021.
STATIN said that within the goods-producing industries, the value added for the agriculture, forestry, and fishing industries grew by 3.4%, mining and quarrying grew by 4.0%, and the manufacturing industry increased by 1.8%.
However, output in the construction industry fell by 1.9%.
STATIN noted that the decline in the services industries was influenced by contractions in wholesale and retail trade, repairs, installation of machinery and equipment, producers of government services, and real estate, renting, and business activities, which fell by 0.5%, 1.9%, and 1.5% respectively.
However, there was growth in industries such as hotels and restaurants, finance and insurance services, transport, storage and communication, electricity and water supply, and other services.
STATIN added that the economy declined by 0.7% in the second quarter compared to the first quarter of 2024, resulting from declines of 0.8% in the services industries and 0.3% in the goods-producing industries.
About The Author
More Stories
VAR replaced with local review system
Kings advance to CPL final
Tonight’s weather forecast: Thursday, October 3, 2024