“A worker at Arc Manufacturing, a building materials company in Jamaica’s goods producing industry, which was one of the main drivers of growth in Q1 2024.”
The Statistical Institute of Jamaica (STATIN) is reporting that the Jamaican economy grew by 1.4 per cent during the first quarter of 2024 when compared to the similar quarter of 2023.
Finance Minister Dr Nigel Clarke, in responding to the information, noted that it was good news for Jamaica.
Writing on social media platform X, Clarke noted that this represents the 12th consecutive quarter of growth for the Jamaican economy.
The institute said on Friday that the growth was driven by an increase of 1.3 per cent in the Services Industries and 1.9 per cent in the Goods Producing Industries.
Growth in the Goods Producing Industries was primarily driven by increased output in Agriculture, Forestry & Fishing (7.4 per cent) and Mining & Quarrying (18.7 per cent).
There were declines in Manufacturing (0.8 per cent) and Construction (3.7 per cent).
The increase in the Services Industries was influenced by improved performance in Hotels & Restaurants (6.9 per cent), Transport, Storage & Communication (3.5 per cent), Finance & Insurance Services (2.2 per cent), Other Services (2.6 per cent), Electricity & Water Supply (6.5 per cent) and Real Estate, Renting & Business Activities (0.3 per cent).
However, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment and the Producers of Government Services industries fell by 2.2 per cent and 0.5 per cent respectively.
When compared to the fourth quarter of 2023, the economy grew by 0.3 per cent. This was due to growth in the Services and Goods Producing Industries of 0.1 per cent and 0.8 per cent respectively. The economy grew by 1.9 per cent for the fiscal year 2023/2024 compared to the fiscal year 2022/2023.
