/Jamaica grows 1.8 per cent for July quarter

Jamaica grows 1.8 per cent for July quarter

Jamaica’s economy grew by 1.8 per cent for the period July to September 2018 when compared to the similar quarter of 2017, according to latest data from the Statistical Institute of Jamaica (STATIN).

The growth was attributable to improved performances in both the goods producing industries, up 5.1 per cent; and the services industries, up 0.7 per cent.

According to STATIN, the positive performance of the goods producing industries were due to increased output in mining and quarrying, 51 per cent and construction, 3.7 per cent. However, manufacturing declined by 0.3 per cent, while agriculture, forestry and fishing remained unchanged.

“Growth in the mining and quarrying industry was due mainly to the reopening of Jiuquan Iron and Steel Company (JISCO) Alpart refinery. The construction industry’s performance reflected increased activities in the civil engineering subgroup, the major contributor to this growth was work associated with the continued expansion of road infrastructure,” Statin said.

It added that the fall in manufacturing was due to lower output levels within the other manufacturing subindustry, largely due to lower production levels in petroleum refining and non-metallic minerals.

All industries within the services industries recorded higher levels of output with the exception of electricity and water supply which declined by 0.1 per cent and the producers of Government services which remained unchanged for the review period.

Increases in value added were also recorded for wholesale and retail trade; repairs; installation of machinery and equipment (0.8 per cent), hotels and restaurants (2.1 per cent), transport, storage and communication (1.4 per cent), finance and insurance services (0.7 per cent), real estate, renting and business activities (0.5 per cent) and other services (1.2 per cent).

http://www.jamaicaobserver.com/business-observer/economy-grows-1-8-for-july-quarter_153307

By |2019-01-10T12:01:50+00:00January 10th, 2019|news|0 Comments

Leave A Comment

three × 4 =

Photo Gallery