Economy Grew by Estimated 1.9% During March 2024 Quarter

• The Planning Institute of Jamaica (PIOJ) reports that the economy grew by an estimated 1.9% from January to March 2024. Speaking during the PIOJ’s quarterly briefing on Tuesday (May 28), Senior Director of the Economic Planning and Research Division, James Stewart, said the outturn represents the 12th consecutive quarter of growth.
• The performance for the review period largely reflected increased external demand, higher levels of business and consumer confidence, increased agricultural output, and continued expansion in capacity utilisation at alumina refineries.
• Stewart indicated that a contraction in the construction industry tempered further economic growth. Regarding real-sector developments, the goods-producing industry grew by an estimated 3.0%, driven by improved performances in three of the four industries – agriculture, forestry and fishing, mining and quarrying, and manufacturing.
• He highlighted that the output of the agriculture, forestry and fishing industry was estimated to have increased by 7.7%. The industry’s performance reflected favourable weather conditions, facilitated by higher production levels, relative to the corresponding quarter of 2023 when drought conditions impacted the industry.
• The mining and quarrying sector was estimated to have grown by 24.8% due to increased alumina and crude bauxite output. Regarding manufacturing, Mr. Stewart advised that the industry grew by 2.0%, due to estimated growth in the ‘Food, Beverages and Tobacco’ and ‘Other Manufacturing’ sub-industries.
• Meanwhile, real value added for the construction industry fell by 4.5%, reflecting a downturn in the ‘Building Construction’ component, which outweighed an estimated growth in the ‘Other Construction’ component.