Jamaica's Economy Grew 1.7% in Fourth Quarter Of 2023

• Real GDP for the Jamaican economy increased by an estimated 1.7% during the fourth quarter of 2023 compared to the fourth quarter of 2022. This resulted from growth in both the Services and Goods Producing Industries of 2.0% and 8%, respectively.

• All the industries within the Services Industries grew, except for the Producers of Government Services, which declined by 0.4%. There were improved performances in Hotels & Restaurants (8.3%), Transport, Storage & Communication (2.1%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (1.0%), Other Services (1.1%), Finance & Insurance Services (3.6%), Real Estate, Renting & Business Activities (1.3%) and Electricity & Water Supply (5.2%).
• Growth in the Goods Producing Industries was influenced by higher output levels in the following industries: Agriculture, Forestry & Fishing (2.6%), Manufacturing (0.3%) and Mining & Quarrying (21.5%). The Construction industry, however, declined by 3.8% due to reduced activities in building construction and civil engineering. Lower expenditure on the South Coast Highway Improvement Project was the main contributor to the fall in the civil engineering group.

• Preliminary estimates for 2023 indicate that the Jamaican economy expanded by 2.6% in real terms reflecting growth in both the Services and Goods Producing Industries of 3.0% and 1.6%, respectively. Notably, this estimate is 0.6% higher than the 0% projection from the IMF in October.

(Sources: STATIN)