Second Quarter 2023 Quarterly Gross Domestic Product (GDP)

The Jamaican economy grew by 2.3 per cent during the second quarter of 2023 when compared to the second quarter of 2022.

This resulted from growth in the Services and Goods Producing Industries of 2.2 per cent and 2.6 per cent, respectively.

This performance reflected the continued recovery of the economy from the COVID-19 pandemic.

All industries within the Services Industries grew, with the exception of Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment and Producers of Government Services which both declined by 0.1 per cent.

Higher levels of activity were recorded for Transport, Storage & Communication (5.6%), Hotels & Restaurants (7.8%), Electricity & Water Supply (6.2%), Other Services (2.2%), Finance & Insurance Services (2.1%) and Real Estate, Renting & Business Activities (1.8%).

The Transport, Storage & Communication industry increased by 5.6 per cent as a result of growth in the post & telecommunications and transport sub-industries.

The increase in the Goods Producing Industries was due to growth in Mining & Quarrying (164.2%) and Manufacturing (3.1%).

However, value added for the Agriculture, Forestry & Fishing and Construction industries declined by 8.1 per cent and 0.7 per cent respectively.

The growth in the Mining & Quarrying industry was largely due to higher output of alumina due to increased production at the JAMALCO plant which was closed in the similar period of 2022.

When compared to the first quarter of 2023, total value added at constant prices grew by 0.2 per cent.

This was the result of a 0.8 per cent increase in the Goods Producing Industries as the Services Industries declined by 0.1 per cent.