Jamaica's economy grew 2% in 2023/24 fiscal year

 

Jamaica's economy grew by an estimated two per cent for the 2023/2024 fiscal year.

 

James Stewart, Senior Director in charge of Economic Planning and Research at the Planning Institute of Jamaica (PIOJ), says for the 12-month period, April 1, 2023 to March 31, 2024, most industries registered growth, except for agriculture, construction and producers of government services. 

 

"Growth largely stemmed from mining and quarrying, which grew by an estimated 60.9 per cent, due mainly to increased capacity utilisation; hotels and restaurants, up 7.6 per cent, reflecting the increase in demand for Jamaican tourism services; and three, electricity and water supply, up 6.2 per cent, due to increased electricity demand associated with the general expansion in economic activities," he reported. 

 

Meanwhile, output in the construction industry declined by an estimated 4.5 per cent.

 

Mr. Stewart said this was mainly due to a decline in the building construction component. 

 

"The performance of the building construction component was constrained by a 56.5 per cent contraction in housing starts by the NHT. Preliminary sales data revealed a 10.9 per cent decline in the real sales of construction inputs. In particular, retail sales of hardware, paint and glass declined by 12 per cent." 

 

However, he said the "Other Construction" component saw growth. 

 

This was due to increased capital expenditure on civil engineering activities by the National Road Operating and Construction Company (NROCC), up 609.2 per cent to 5.1 billion, which was attributed largely to expenditure on the Montego Bay Perimeter Road and the Jamaica Public Service Company, up 38.7 per cent to 1.6 billion, due to construction and installation activities related to the transmission and distribution of electricity.    

 

Mr. Stewart was speaking at a press briefing this week.