Quarterly Gross Domestic Product (GDP) First Quarter 2021
By: , June 30, 2021
Photo: Contributed
The Statistical Institute of Jamaica (STATIN) logoThe Full Story
Total value added for the Jamaican economy declined by 6.7 per cent in the first quarter of 2021 when compared to the similar quarter of 2020. The performance of the economy was a reflection of the continued impact of the novel Coronavirus (COVID-19) and the measures adopted to contain its spread. The impact was predominantly felt in the Services Industries which fell by 9.9 per cent The Goods Producing Industries, however, grew by 2.6 per cent.
All industries within the Services Industries declined, with the exception of the Producers of Government Services which remained relatively unchanged. Declines were recorded for: Hotels & Restaurants (55.9%), Other Services (21.9%), Transport, Storage & Communication (7.8%), Electricity & Water Supply (6.9%), Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment (5.1%), Real Estate, Renting & Business Activities (1.9%) and Finance & Insurance Services (1.2%).
The growth in the Goods Producing Industries was largely due to higher output levels in Construction (10.5%) and Mining & Quarrying (7.1%). However, there were declines in Agriculture, Forestry & Fishing (2.0%) and Manufacturing (1.1%).
When compared to the fourth quarter of 2020, total value added for the economy grew by 0.6 per cent. The economy declined by 11.0 per cent for the fiscal year 2020/2021 compared to fiscal year 2019/2020, reflecting the impact of COVID-19.
The first Quarter 2021 GDP report provides additional information and is available on the Statistical Institute of Jamaica’s website: www.statinja.gov.jm or at the Institute‘s Library at (876) 630-1619. Visit the Institute’s Facebook and Instagram pages at @STATINJA for the first quarter 2021 GDP Infographic.