The Jamaican economy has slightly outperformed projections for the April to June quarter.
However, growth remains relatively flat. It grew by a meagre 0.2% for the quarter compared to the similar period for 2023.
That’s according to the latest data provided by the Statistical Institute of Jamaica, STATIN.
Chevon Campbell has that story.
Previously, the Planning Institute of Jamaica, PIOJ, estimated that the Jamaican economy would grow by 0.1% for the April to June quarter of 2024.
But the final figure from STATIN suggests the economic picture was not as bleak.
Average growth in the Jamaican economy was actually 0.2% for the period.
This was driven primarily by previously underestimated improvements in the Goods Producing Sectors. It grew by 1.5%.
That’s more than double the PIOJ’s estimates.
All industries in the Goods Producing Sector improved with the exception of Construction.
However, the contraction in the construction sector was not as severe as expected, moving from negative 2.4% from the PIOJ’s estimates to only negative 1.9% according to STATIN.
Similarly, Manufacturing which the PIOJ estimated to be flat for the period, actually registered a 1.8% improvement.
Agriculture also outperformed its previous estimate. Mining and Quarrying came in lower than expected.
However, the contraction in the services sector was slightly more pronounced than anticipated.
That sector contracted by 0.2%, rather than the zero-point-one percent growth projected by the PIOJ.
Four of the seven industries under this heading registered marginal improvements of between 2.4% and 0.1%.
Wholesale and retail trade, real estate renting and business activities, and producers of government services all declined.
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