Quarterly Gross Domestic Product (GDP) for the First Quarter of 2015
By: , July 9, 2015The Key Point:
The Facts
- All industries within the services industries recorded increased levels of output with the exception of Electricity & Water Supply and Producers of Government Services.
- Contributing to the growth in the Hotels and Restaurants industry was increased activities in hotel & short-stay accommodation.
The Full Story
During the first quarter of 2015, the Jamaican economy grew by 0.4 per cent when compared to the similar quarter of 2014. This growth was due mainly to a 0.6 per cent increase in the Services industries.
All industries within the services industries recorded increased levels of output with the exception of Electricity & Water Supply and Producers of Government Services which fell by 2.8 per cent and 0.1 per cent respectively. Increased output was recorded for: Hotels & Restaurants (4.0 per cent), Other Services (1.5 per cent), Transport, Storage & Communication (0.9 per cent), Real Estate, Renting & Business Activities (0.4 per cent), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (0.3 per cent), and Finance & Insurance Services (0.2 per cent).
Contributing to the growth in the Hotels and Restaurants industry was increased activities in hotel & short-stay accommodation, which was positively impacted by increased foreign national arrivals during the quarter.
Output of the Goods Producing industries declined by 0.4 per cent due largely to a 0.6 per cent reduction in Agriculture, Forestry & Fishing and a 2.0 per cent decline in Manufacturing. The performance of the Agriculture, Forestry & Fishing industry was largely attributed to the severe drought conditions which continued to affect the island. Construction and Mining & Quarrying, however, grew by 1.3 per cent and 0.6 per cent respectively. The performance of the Construction industry reflected increased activities in building construction and civil engineering.
When compared with the fourth quarter of 2014, the economy grew by 0.2 per cent. This was largely the result of a 4.1 per cent increase in the Goods Producing industries. The Services industries, however, fell by 1.0 per cent.
The Gross Domestic Product first Quarter 2015 is available at the Statistical Institute of Jamaica’s Distribution Centre located at 7 Cecelio Avenue, Kingston 10. The GDP data is also published on the STATIN website at www.statinja.gov.jm