October 3, 2024

The Statistical Institute of Jamaica (STATIN) reported a 0.2% increase in Jamaica’s total value added at constant prices in the second quarter of 2024 compared to the same quarter of 2023. The performance of the economy was primarily driven by a 1.5% increase in the Goods Producing Industries, however, slightly tempered by a 0.2% decline in the Services Industries.

Services Industries

The decline in the Services Industries was driven by contractions in several sectors: Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (-0.5%), Producers of Government Services (-1.9%), and Real Estate, Renting & Business Activities (-1.5%). However, there was growth in Hotels & Restaurants (1.0%), Finance & Insurance Services (2.4%), Transport, Storage & Communication (0.7%), Electricity & Water Supply (2.3%), and Other Services (0.1%).

Goods Producing Industries

The expansion of the Goods Producing Industries was mainly propelled by higher output in Agriculture, Forestry & Fishing (3.4%), Mining & Quarrying (4.0%) and Manufacturing (1.8%). However, Output fell in the Construction sector (1.9%).

In the second quarter of 2024, the economy contracted by 0.7% compared to the first quarter of 2024. This downturn was driven by declines in both the Services Industries (0.8%) and the Goods Producing Industries (0.3%).

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