Thursday 22 August, 2019

Jamaican economy grew 2 per cent in 4th quarter of 2018 - STATIN

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.

STATIN said the 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. It said preliminary estimates for the calendar year 2018 indicated growth of 1.9 per cent.

According to STATIN, growth was achieved in all the goods-producing industries: agriculture, forestry and fishing (3.1%), mining and quarrying (25.0%), manufacturing (2.0 %) and construction (3.7%). It noted that  the agriculture, forestry and fishing industry was impacted by favourable weather conditions which resulted in higher crop yields

And STATIN pointed out that the reopening of the Jiuquan Iron and Steel Company (JISCO) Alpart refinery was the main contributor to the growth in the mining and quarrying industry.

STATIN also said higher output in the manufacturing industry was due largely to increases in both sub-industries: food, beverages and tobacco at 2.0 per cent and the category ‘other’ manufacturing at 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,” said STATIN.

Meanwhile, the services industries showed improved performance with the exception of electricity and water supply which declined by 0.3 per cent.

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