KINGSTON, Jamaica, CMC – The Statistical Institute of Jamaica (STATIN) has reported that the Jamaican financial system grew by 0.2% in the course of the second quarter of this yr in comparison with the second quarter of 2023.
This was primarily attributed to a 1.5% improve within the goods-producing industries.
Nonetheless, the financial system’s efficiency was tempered by a 0.2% decline within the providers industries, the primary for the reason that first quarter of 2021.
STATIN stated that inside the goods-producing industries, the worth added for agriculture, forestry, and fishing grew by 3.4%, mining and quarrying grew by 4.0%, and the manufacturing business elevated by 1.8%.
Nonetheless, output within the building business fell by 1.9%.
STATIN famous that the decline within the providers industries was influenced by contractions in wholesale and retail commerce, repairs, set up of equipment and tools, producers of presidency providers, and actual property, renting, and enterprise actions, which fell by 0.5%, 1.9%, and 1.5% respectively.
Nonetheless, progress was seen in industries akin to motels and eating places, finance and insurance coverage providers, transport, storage and communication, electrical energy and water provide, and different providers.
STATIN added that the financial system declined by 0.7% within the second quarter in comparison with the primary quarter of 2024, ensuing from 0.8% within the providers and 0.3% within the goods-producing industries.
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