Jamaica Statistical Institute (STATIN) logo
June 30, 2024
KINGSTON, Jamaica — The Jamaican economy grew by 1.4 per cent in the first quarter of 2024 compared to the same quarter in 2023, the Statistical Institute of Jamaica (STATIN) has revealed.
STATIN said in a news release on Friday that the growth was driven by a 1.3 percent increase in the services industry and a 1.9 percent increase in the goods-producing industry. The institute said the growth in goods-producing industries was mainly driven by increased production in agriculture, forestry and fishing (7.4 percent) and mining and quarrying (18.7 percent).
Declines were seen in manufacturing (0.8%) and construction (3.7%).
According to STATIN, the growth in the services sector was driven by improved performance in hotels and restaurants (6.9%), transport, warehousing and communications (3.5%), financial and insurance services (2.2%), other services (2.6%), electricity and water (6.5%) and real estate, rental and business activities (0.3%).
However, producers in wholesale and retail trade, repairs, machinery and equipment installation, and government services declined by 2.2 percent and 0.5 percent, respectively.
Compared to the fourth quarter of 2023, the economy grew by 0.3%. This was due to the service and goods-producing industries growing by 0.1% and 0.8%, respectively. The economy grew by 1.9% in the 2023/2024 fiscal year compared to the 2022/2023 fiscal year.
Finance Minister Nigel Clarke responded to the information, posting on social media that this is good news for Jamaica.
Writing on social media platform X, Clarke stressed that this represents 12 consecutive quarters of growth for the Jamaican economy.
