Jamaica Recorded 2.1% GDP Growth in the 3rd Quarter of 2023

• During the third quarter of 2023, total value added at constant prices for the Jamaican economy grew by 2.1% when compared to Q3 2022. This reflected growth in both the Services and Goods Producing Industries of 2.1%.
• Improved performances were recorded for Transport, Storage & Communication (6.0%), Hotels & Restaurants (6.7%), Other Services (4.5%), Finance & Insurance Services (1.5%), Electricity & Water Supply (6.7%), Real Estate, Renting & Business Activities (0.9%) and Wholesale & Retail Trade; Repairs: Installation of Machinery & Equipment (0.3%). However, the Services Industry’s outturn was tempered by a decline in Producers of Government Services, which was down by 0.9%.
• Within the Goods Producing Industries, there was higher output levels in Mining & Quarrying (103.1%), Manufacturing (2.1%), and Construction (0.7%). However, the Agriculture, Forestry & Fishing industry continued to be impacted by dry conditions during most of that quarter, which result in a 9.3% decline in its value added.
• Total value added at constant prices grew by 1.2% compared to the second quarter of 2023. This was also impacted by the performance of both the Services and Goods Producing Industries. The Services Industries grew by 0.7% and the Goods Producing Industries by 2.6%.
• The 2.1% growth over the quarter was 0.2% higher than the Planning Institute of Jamaica’s (PIOJ) estimate of real value added of 1.9%, released a few weeks ago. Furthermore, PIOJ noted that the performance of the local economy is expected to be generally positive for the October to December quarter, with key sectors, including tourism, leading the outturn.
• For October to December 2023, the economy is projected to grow within the range of 1.0% to 2.0%, resulting in calendar year growth (January to December 2023) within the range of 2.0% to 3.0%. For Fiscal Year 2023/24, the projection is for growth within the range of 1.0% to 2.0%.

 (Sources: STATIN & PIOJ)