Jamaica Recorded 1.4% GDP Growth in the 1st Quarter of 2024

  • During the first quarter of 2024, total value added at constant prices for the Jamaican economy grew by 1.4% when compared to Q1 2023, representing twelve consecutive quarters of growth. This growth was driven by an increase of 1.3% in the Services Industries and 1.9% in the Goods Producing Industries.
  • Within the Goods Producing Industries, there were higher output levels in Agriculture, Forestry & Fishing (7.4%) and Mining & Quarrying (18.7%). However, there were declines in Manufacturing (0.8%), and Construction (3.7%).
  • Improved performances were recorded for Hotels & Restaurants (6.9%), Transport, Storage & Communication (3.5%), Finance & Insurance Services (2.2%), Other Services (2.6%), Electricity & Water Supply (6.5%) and Real Estate, Renting & Business Activities (0.3%). However, the Services Industry’s outturn was tempered by a decline in Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment and Producers of Government Services, which was down by 2.2% and 0.5% respectively.
  • When compared to the fourth quarter of 2023, the economy grew by 0.3%. This was due to growth in the Services and Goods Producing Industries of 0.1% and 0.8% respectively. The economy grew by 1.9% for the fiscal year 2023/2024 compared to the fiscal year 2022/2023.
  • The 1.4% growth over the quarter was 0.5% lower than the Planning Institute of Jamaica’s (PIOJ) estimate of real value added of 1.9%. However, PIOJ noted that the performance of the local economy is expected to be generally positive for the April to June quarter, projecting that the economy should grow within the range of 1.5% to 2.5%.
  • Growth during this period was largely driven by the continued strengthening of the Mining & Quarrying industry due to higher capacity utilisation at alumina refineries, increased domestic demand due to relatively high levels of employment, and continued strengthening in the global economy, which augurs well for external demand for Jamaica’s goods and services. The growth projection for FY2024/25 is within the range of 1.0% to 3.0%.

(Sources: STATIN and PIOJ)