Jamaica’s GDP Decreases

Planning Institute of Jamaica

According to the Planning Institute of Jamaica (PIOJ), Jamaica’s Gross Domestic Product (GDP) has declined for the first quarter of this year.

There has also been a decline in the goods producing industry while the services industry remains unchanged.

Director General of the PIOJ Colin Bullock, says the country recorded a contraction of 0.7 % compared to the same quarter of last year.

Mr. Bullock states that all the goods producing industries declined, except manufacturing, which was up by 0.5% and construction which was also up by 2%.

Other industries such as agriculture, forestry and fishing along with mining and quarrying, suffered declines due to the global economic crisis, a loss in business and consumer confidence as well weather conditions experienced in the last quarter of 2012.

Mr. Bullock says the services industry showed limited growth with industries like finance and insurance services, hotels and restaurants showing minimal growth.

It was also noted that the electricity and water industries collectively fell by 0.3%.

He says water production fell by 2.2% as a result of drought conditions,  while electricity generation  declined by 1% due to an increase in the production of electricity from non JPS sources and theft.

Mr. Bullock spoke at a press conference on the review of economic performance of the first quarter of 2013 held at the PIOJ office today (May 22).

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